Goal-based Investing:Theory and Practice

Romain Deguest, Lionel Martellini and Vincent Milhau
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Romain Deguest: EDHEC Risk Institute, France
Lionel Martellini: EDHEC Risk Institute, France
Vincent Milhau: EDHEC Risk Institute, France

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: Goal-based investing is a new paradigm that is expected to have a profound and long-lasting impact on the wealth management industry. This book presents the concept in detail and introduces a general operational framework that can be used by financial advisors to help individual investors optimally allocate their wealth by identifying performance-seeking assets and hedging assets. Grounded in the principles of asset pricing and portfolio optimisation, the goal-based investing approach leads to the design of investment solutions that truly respond to investors' problems, which can most often be summarized as follows: secure essential goals with the highest confidence level and maximize the chances to reach aspirational goals.

Keywords: Goal-Based Investing; Hedging; Diversification; Insurance; Goals; Liabilities; Wealth Management; Investment; Asset Allocation; Risk Allocation; Risk Management; Asset-Liability Management; Liability-Driven Investing; Portfolio Optimization; Asset Pricing (search for similar items in EconPapers)
JEL-codes: G1 G11 G12 (search for similar items in EconPapers)
Date: 2021
ISBN: 9789811240942
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