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Hi, and welcome to the Longview, a podcast from Morningstar. I'm Christine Benz, Director of Personal Finance for Morningstar, Inc.

And I'm Jeff Battack, Global Director of Manager Research for Morningstar Research Services.

Our guest on the podcast today is financial planner Harold Avensky, who Morningstar Managing Director,

Don Phillips, has often called the Dean of Financial Planning.

Harold is chairman of Evansky and Katz Folds Financial,

and he's a retired professor of personal financial planning at Texas Tech University.

Harold has been extremely active in the planning community during his career. He's the past

chair of the International CFP Council, the CFP Board of Governors, the Board of Examiners, and the Board of Appeals.

Harold is a frequent public speaker and has authored several books, including the New Wealth Management.

We're thrilled to have him here today.

Harold, welcome to the Longview.

Well, thanks for inviting me.

Harold, let's start by talking about your advisory practice.

It's one of the most established financial planning practices in the U.S.

Let's talk about the business model that you employ here,

where you charge clients percentage of their assets under management on an ongoing basis. One thing that we've been seeing

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