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The Journal of Wealth Management

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Article

Creating a Goal-Based Wealth Allocation Process

Ashvin B Chhabra, Ravindra Koneru and Lex Zaharoff
The Journal of Wealth Management Winter 2008, 11 (3) 48-55; DOI: https://doi.org/10.3905/jwm.2008.11.3.048
Ashvin B Chhabra
is chief investment officer at the Institute for Advanced Study in Princeton, NJ.
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  • For correspondence: achhabra@ias.edu
Ravindra Koneru
is head of Risk Analytics at the Institute for Advanced Study in Princeton, NJ.
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  • For correspondence: rkoneru@ias.edu
Lex Zaharoff
is an independent adviser in Weston, CT.
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  • For correspondence: lexzaharoff@gmail.com
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Abstract

The fundamental principle of creating a meaningful wealth strategy for an individual is that it is about achieving their financial goals regardless of the future performance of financial markets. The article offers a process to create such a strategy based on the lessons learned by the authors over the past two decades—what matters are taxes, cash flows, asset location, setting a minimum wealth level, understanding multiple risks, keeping it simple, and factoring in emotions. The integrated framework presented encompasses three objectives: 1) Protect one’s minimum wealth level, 2) Maximize the probability of maintaining one’s standard of living, and 3) Provide an opportunity to reach for “aspirational” goals. The authors conclude with a seven-step process for creating a comprehensive, goal-based wealth allocation designed to balance all three objectives based on an individual’s priorities, assets, and liabilities.

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The Journal of Wealth Management
Vol. 11, Issue 3
Winter 2008
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Creating a Goal-Based Wealth Allocation Process
Ashvin B Chhabra, Ravindra Koneru, Lex Zaharoff
The Journal of Wealth Management Oct 2008, 11 (3) 48-55; DOI: 10.3905/jwm.2008.11.3.048

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Creating a Goal-Based Wealth Allocation Process
Ashvin B Chhabra, Ravindra Koneru, Lex Zaharoff
The Journal of Wealth Management Oct 2008, 11 (3) 48-55; DOI: 10.3905/jwm.2008.11.3.048
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  • Article
    • Abstract
    • FROM MARKOWITZ TO MONTE CARLO4
    • IMPLEMENTATION: CREATING YOUR OWN WEALTH ALLOCATION FRAMEWORK AND EVALUATING ITS ADVICE
    • CONCLUSION
    • ENDNOTES
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  • Well-Being Advisers
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