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The Journal of Wealth Management

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Life Cycle Investing: From Target-Date
to Goal-Based Investing

Ronald Janssen, Bert Kramer and Guus Boender
The Journal of Wealth Management Summer 2013, 16 (1) 23-32; DOI: https://doi.org/10.3905/jwm.2013.16.1.023
Ronald Janssen
is head of the Private Wealth Management Department at Ortec Finance in Rotterdam, The Netherlands.
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  • For correspondence: ronald.janssen@ortec-finance.com
Bert Kramer
is team manager of the Ortec Finance Research Center in Rotterdam, The Netherlands.
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  • For correspondence: bert.kramer@ortec-finance.com
Guus Boender
is a board member of Ortec Finance and professor of asset liability management at VU University Amsterdam in Amsterdam, The Netherlands.
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  • For correspondence: guus.boender@ortec-finance.com
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Abstract

The authors propose the use of goal based investing—or private ALM, as they prefer to call it—to tailor a dynamic investment strategy to the needs of individual clients. They argue that this approach is superior to the “one-size-fits-all,” target-date-oriented static allocation path used in most current life cycle funds. They present the two pillars of their approach: the methodology for obtaining financial and economic scenarios, and the methodology of the goal-oriented dynamic allocation strategy. This approach reduces the risks and improves the feasibility of meeting the clients’ goals.

TOPICS: Retirement, portfolio construction, simulations

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The Journal of Wealth Management: 16 (1)
The Journal of Wealth Management
Vol. 16, Issue 1
Summer 2013
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Life Cycle Investing: From Target-Date
to Goal-Based Investing
Ronald Janssen, Bert Kramer, Guus Boender
The Journal of Wealth Management Apr 2013, 16 (1) 23-32; DOI: 10.3905/jwm.2013.16.1.023

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Life Cycle Investing: From Target-Date
to Goal-Based Investing
Ronald Janssen, Bert Kramer, Guus Boender
The Journal of Wealth Management Apr 2013, 16 (1) 23-32; DOI: 10.3905/jwm.2013.16.1.023
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  • Article
    • Abstract
    • CLIENT OBJECTIVES, GOAL-BASED INVESTING, AND PRIVATE ALM
    • PLAUSIBLE SCENARIOS FOR RISK AND RETURN
    • A GOAL-ORIENTED DYNAMIC ALLOCATION STRATEGY
    • RESULTS OF A GOAL-ORIENTED DYNAMIC ALLOCATION STRATEGY
    • CONCLUSIONS
    • REFERENCES
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