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The Journal of Wealth Management

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Primary Article

The Extended Portfolio in Private Wealth Management

William W. Jennings and William R Reichenstein
The Journal of Wealth Management Summer 2008, 11 (1) 36-45; DOI: https://doi.org/10.3905/jwm.2008.706271
William W. Jennings
Professor of Finance and Investments the U.S. Air Force Academy, Colorado Springs, CO.
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  • For correspondence: wj@williamjennings.com
William R Reichenstein
Holds the Pat and Thomas R. Powers Chair in Investment Management at Baylor University in Waco, TX.
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  • For correspondence: bill_reichenstein@baylor.edu
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Abstract

The authors assert that a private wealth manager should manage an individual's extended portfolio that contains financial assets like stocks and bonds along with non-financial assets such as human capital and future benefits from Social Security and defined-benefit pension plans. The optimal allocation of an individual's financial portfolio must recognize that it is but one part of an extended portfolio. If human capital is bond-like then, when human capital is substantially larger than financial assets, an individual's financial portfolio should be heavily allocated to stocks. Similarly, benefits from a defined-benefit pension plan or a fixed payout annuity are essentially “bonds” in an extended portfolio. Everything else the same, individuals with such bond-like extended portfolio assets should allocate a larger portion of their financial portfolios to stocks. The article examines these and other investment implications of this extended portfolio framework.

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The Journal of Wealth Management
Vol. 11, Issue 1
Summer 2008
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The Extended Portfolio in Private Wealth Management
William W. Jennings, William R Reichenstein
The Journal of Wealth Management Apr 2008, 11 (1) 36-45; DOI: 10.3905/jwm.2008.706271

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The Extended Portfolio in Private Wealth Management
William W. Jennings, William R Reichenstein
The Journal of Wealth Management Apr 2008, 11 (1) 36-45; DOI: 10.3905/jwm.2008.706271
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