There is a sharp divide between those who invest in dividend-paying stocks and those who don’t. Underpinning this is the question of whether dividends are relevant to the evaluation of shares. Today we answer this question by digging into the data and parsing the maths before exploring what the future of financial planning looks like. But first, we open our episode with news from the Rational Reminder community — including the fact that we just passed one million podcast downloads. We then touch on lessons from Seth Godin’s new inspiring book, along with the latest from the financial world. Following this, we dive into a discussion on dividend stocks. We begin by unpacking the assumptions behind Miller and Modigliani’s theory of dividend irrelevance. Host Benjamin Felix presents a case study and applies the Fama-French Model to explain differences in returns on dividend portfolios and if dividends truly affect share valuation. After sharing our practical takeaways from Benjamin’s analysis, we move onto our financial planning topic for the week. From technology to retirement decumulation and demographics, we discuss the five key areas which will most impact the future of financial planning. We then wrap up another informative episode with the bad financial advice for the week. Tune in for more insights into the role of dividend stocks and the future of financial planning. Books From Today’s Episode: Practice: Shipping Creative Work on Amazon — https://www.amazon.com/Practice-Shipping-Creative-Work/dp/0593328973 Purple Cow on Amazon — https://www.amazon.com/Purple-Cow-New-Transform-Remarkable/dp/1591843170 Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Benjamin Felix on YouTube — https://www.youtube.com/channel/UCDXTQ8nWmx_EhZ2v-kp7QxA Episode with Ted Seides — https://rationalreminder.ca/podcast/61 Capital Allocators Podcast — https://capitalallocatorspodcast.com/ Farnham Street Blog — https://fs.blog/ The Knowledge Project Podcast — https://fs.blog/knowledge-project/ Seth Godin — https://seths.blog/about/ Episode with Dr. David Blitzer — https://rationalreminder.ca/podcast/54 ‘Settling the Size Matter’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3686583 Miller and Modigliani | ‘Dividend Policy, Growth, and the Valuation Of Shares’ — https://www.researchgate.net/publication/24102112_Dividend_Policy_Growth_and_the_Valuation_Of_Shares ‘Financial planning: A research agenda for the next decade’ — https://onlinelibrary.wiley.com/doi/full/10.1002/cfp2.1094 Financial Planning Chart — https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1094 2020 Academic Research Colloquium — https://www.cfp.net/events/2020/02/2020-academic-research-colloquium Episode with Michael Kitces — https://rationalreminder.ca/podcast/112 Episode with Josh Brown and Dr. Brian Portnoy — https://rationalreminder.ca/podcast/126 ‘In Defence of Active Management’ — https://www.moneymarketing.co.uk/analysis/it-pays-to-be-active-not-passive/ Adriana Robertson — https://www.rotman.utoronto.ca/FacultyAndResearch/Faculty/FacultyBios/RobertsonAdriana