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Goal-based Investing:Theory and Practice

Author

Listed:
  • Romain Deguest

    (EDHEC Risk Institute, France)

  • Lionel Martellini

    (EDHEC Risk Institute, France)

  • Vincent Milhau

    (EDHEC Risk Institute, France)

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.

Suggested Citation

  • Romain Deguest & Lionel Martellini & Vincent Milhau, 2021. "Goal-based Investing:Theory and Practice," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 12386.
    • Handle: RePEc:wsi:wsbook:12386
    as

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    File URL: https://www.worldscientific.com/worldscibooks/10.1142/12386
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G1 - Financial Economics - - General Financial Markets

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