A New Approach to Goals-Based Wealth Management

@inproceedings{Das2018ANA,
  title={A New Approach to Goals-Based Wealth Management},
  author={S. Das and Daniel N. Ostrov and Anand Radhakrishnan and Deep Srivastav},
  year={2018}
}
We introduce a novel framework for goals-based wealth management (GBWM), where risk is understood as the probability of investors not attaining their goals, not just the standard deviation of investors' portfolios. Our framework is based on a foundation of developments in behavioral economics and finance and is consistent with modern portfolio theory. Using a simple geometric analysis, we determine a specifi c portfolio that matches each individual investor's stated goals. Our approach requires… Expand
15 Citations
Pi Portfolio Management: Reaching Goals While Avoiding Drawdowns
  • 1
A Novel Approach to Asset Pricing: Pair-Wise (or Janus) Equilibrium
Targeting Retirement Security with a Dynamic Asset Allocation Strategy
  • 1
Robo-advising: Learning Investors' Risk Preferences via Portfolio Choices
  • 2
  • PDF
...
1
2
...

References

SHOWING 1-10 OF 16 REFERENCES
Portfolio Optimization with Mental Accounts
  • 195
  • PDF
Behavioral Portfolio Theory
  • 774
  • PDF
Goals-Based Wealth Management: An Integrated and Practical Approach to Changing the Structure of Wealth Advisory Practices
  • G. Gregoriou
  • Political Science
  • The Journal of Wealth Management
  • 2015
  • 15
  • Highly Influential
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions
  • 14
Beyond greed and fear : understanding behavioral finance and the psychology of investing
  • 879
  • PDF
Mental accounting matters
  • 2,517
  • PDF
Between Hope and Fear: The Psychology of Risk
  • 1,051
Mental Accounting and Consumer Choice
  • R. Thaler
  • Computer Science, Economics
  • Mark. Sci.
  • 2008
  • 3,662
  • PDF
Prospect Theory : An Analysis of Decision under Risk
  • 24,623
  • Highly Influential
Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors
  • 48
  • Highly Influential
...
1
2
...