Meet Shaun Davies | TDF Expert

We had the good fortune of connecting with Shaun Davies and we’ve shared our conversation below.

Hi Shaun, what was your thought process behind starting your own business?
My decision to start a business was inspired from my academic work and passion for financial markets. I trained as a financial economist at UCLA, where I earned my PhD in Finance, and much of my career has focused on studying inefficiencies and frictions in financial markets. During the COVID-19 pandemic in 2020, my long-time coauthor, David C. Brown (University of Arizona), and I turned our attention to the Target-Date Fund (TDF) industry.

TDFs are investment vehicles commonly used in retirement plans like 401(k)s. They follow a “fund of funds” structure, meaning each TDF invests in a mix of underlying mutual funds or ETFs that gradually shift from higher-risk assets (like equities) to more conservative ones (like bonds) as the target retirement date approaches. They’re designed for hands-off investors and have become the default option in many retirement plans – managing trillions of dollars on behalf of millions of Americans.

We wrote a working paper that revealed many TDFs were underperforming relative to low-cost alternatives with identical risk profiles. We replicated the asset allocation of each fund using low-cost ETFs and found that, for many investors, this underperformance could significantly erode long-term retirement savings – especially over 30-year horizons, where even a 1% annual gap can compound into substantial losses.

Because of the implications for household financial security, David and I co-founded Glidepath Financial alongside other partners. We consult with the company to provide in-depth, data-driven analysis of TDF performance, exposing inefficiencies that go well beyond what we documented in our initial paper. Importantly, we also identify TDFs that are doing a great job – those delivering strong performance at a fair price. Our analytics empower retirement plan sponsors, RIAs, consultants, and individual investors to make more informed decisions and hold TDF providers accountable. Ultimately, our mission is to help households maximize their retirement outcomes.

Let’s talk shop? Tell us more about your career, what can you share with our community?
I feel incredibly fortunate to be a tenured professor at the University of Colorado Boulder, where I have the opportunity to teach, research, and engage with students and colleagues every day. What sets my career apart-and what I’m most proud of – is the chance to invest in undergraduate students during a critical time in their lives. They come in bright-eyed and full of ambition, and I view it as a privilege to walk alongside them, not just to teach finance, but to speak truth into their lives. I remind them that their worth isn’t defined by a job title, a salary, or a house. Instead, I encourage them to ask deeper questions: “What is my purpose beyond material success?” and “How can I steward what I’ve been given to help others?”

My path to becoming a finance professor wasn’t straightforward. In high school, I thought I wanted to be a lawyer. Then in college, I started out in engineering before switching my majors to Applied Mathematics and Economics. As graduation approached, I was genuinely unsure what to do next-whether to pursue ministry work or go to grad school for sports management. But by chance, I connected with a hedge fund in North Carolina that hired me because I could code and do math – even though I knew nothing about finance at the time. Thanks to the mentorship I received there, I discovered that financial markets are a fascinating, ever-changing laboratory for understanding human behavior. With the help of colleagues and former professors, I applied to and was accepted into the PhD program at UCLA.

Earning my PhD and navigating the tenure track were some of the most challenging seasons of my life. The expectations were intense, and the pressure to perform was constant. I’ve failed more times than I can count, but I learned that success doesn’t come from being the smartest person in the room – it comes from showing up every day, working hard, and treating everyone with kindness and respect. Whether someone is the CEO or just starting out, relationships and humility matter more than job titles.

That said, the most meaningful and difficult part of my journey isn’t academic or professional-it’s personal. I’m blessed with a wonderful wife, Kjerstin, and six amazing kids. At the end of the day, work is what I do, but being present and loving my family is who I am. That’s my real purpose, and it shapes everything else.

If there’s one thing I want people to know about me and the work I do, it’s this: I care deeply about helping others make the most of what they have, both financially and personally. That’s what drives me-whether in the classroom, in research, or in business.

Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
If a good friend was visiting Colorado in early June, we’d make it a trip to remember-packed with iconic Colorado experiences, great food, and a mix of city energy and mountain serenity.

We’d kick things off in Denver with back-to-back playoff games-an Avalanche game one night and a Nuggets game the next. There’s nothing quite like the energy of Ball Arena during the playoffs! Before the games, we’d grab dinner at a classic spot in LoDo for some green chili smothered burritos.

After a couple of exciting nights in the city, we’d head northwest for a scenic road trip into the mountains. Our destination? Grand County – one of the most underrated gems in the state. We’d spend time in Winter Park, Granby, and Grand Lake-taking in the fresh alpine air, doing some hiking, maybe golfing, and eating at some great local spots like Tabernash Tavern. We’d make sure to drive through Rocky Mountain National Park on the way back – an unforgettable experience with sweeping views, wildlife sightings, and that iconic Trail Ridge Road.

After those peaceful days in the mountains, we’d return to Boulder and play a couple of rounds at some of the amazing golf courses nearby-maybe Boulder Country Club or Colorado National. Evenings would be spent hopping between local breweries like Avery, Upslope, and Sanitas, while continuing our quest for the best green chili in the state. (Hint: Santiago’s and Efrain’s would both be on the list.)

This mix of playoff sports, mountain adventure, small-town charm, and front-range flavor would give anyone a true taste of Colorado-and probably leave them wanting to come back every June.

Who else deserves some credit and recognition?
Absolutely – there are so many people and communities that deserve recognition in my story. I’m a proud product of the Jefferson County public school system in Colorado. I attended Standley Lake High School, where I had a truly formative experience that helped open the door for me to attend the University of Colorado Boulder on scholarship. I would never be where I am today without the incredible teachers, coaches, and neighbors who supported me throughout my K-12 years.

Most importantly, I owe everything to my parents. They both worked hard to provide for my sister and me, and their example of dedication, perseverance, and love has shaped who I am and what I value.

When I think about the mission behind the company we built, it really comes back to these people – my community. As Coloradans work hard to build a secure retirement, I want to do my part to make sure they get to keep as much of that wealth as possible. It’s about helping people retire with dignity, maintain their lifestyle, and feel secure-and that’s something I carry with me every day.

Website: https://www.shaunwdavies.com/

Linkedin: https://www.linkedin.com/in/shaun-william-davies-phd-cfa-20854425/