The authors thank Envestnet® | Yodlee® for providing the data. The authors are grateful to Editor Eric So, the anonymous Associate Editor, and the two anonymous reviewers for their valuable feedback and guidance, which greatly improved the quality of this paper. The authors are also thankful for valuable comments and suggestions from Jennifer Glenn (discussant), Nathan Goldman (discussant), Steven Savoy (discussant), Mary Vernon (discussant), Lisa DeSimone, Yuhai Xuan, workshop participants at the University of California, Irvine, and conference participants at EIASM 2022, AAA 2022, CFEA 2022, and ATA 2023.