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Total Wealth Allocation: Liquidity, Longevity, and Legacy

Michael Crook and Matt Baredes
The Journal of Wealth Management Winter 2015, 18 (3) 18-26; DOI: https://doi.org/10.3905/jwm.2015.18.3.018
Michael Crook
is head of investment planning and an executive director at UBS Wealth Management in New York, NY.
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  • For correspondence: michael.crook@ubs.com
Matt Baredes
is currently an MBA candidate at Columbia University and was previously a strategist at UBS Wealth Management in New York, NY.
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  • For correspondence: matthewbaredes@gmail.com
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Abstract

In general, households use old technology for asset allocation decisions. Target-risk portfolio models are pervasive across the industry, and risk-profile questionnaires continue to form the foundation for strategic asset allocation decision-making. Better technology would utilize liability relative optimization and a holistic balance sheet and incorporate behavioral finance considerations. However, these concepts have not been integrated into most practitioners’ businesses, even though the core work on each was completed 20–30 years ago. The authors propose a scalable, total wealth model for integrating liability relative optimization into households’ portfolios. The basis for the model is an asset segmentation approach that refl ects the nuances of a households’ balance sheet and future objectives and enables liability relative optimization and total wealth considerations to be applied appropriately.

TOPICS: Portfolio theory, wealth management, in portfolio management, performance measurement

  • © 2015 Pageant Media Ltd
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The Journal of Wealth Management: 18 (3)
The Journal of Wealth Management
Vol. 18, Issue 3
Winter 2015
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Total Wealth Allocation: Liquidity, Longevity, and Legacy
Michael Crook, Matt Baredes
The Journal of Wealth Management Oct 2015, 18 (3) 18-26; DOI: 10.3905/jwm.2015.18.3.018

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Total Wealth Allocation: Liquidity, Longevity, and Legacy
Michael Crook, Matt Baredes
The Journal of Wealth Management Oct 2015, 18 (3) 18-26; DOI: 10.3905/jwm.2015.18.3.018
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  • Article
    • Abstract
    • HOLISTIC BALANCE SHEET AND TOTAL WEALTH
    • LIABILITY-RELATIVE OPTIMIZATION
    • THE FRAMEWORK
    • BENEFITS OF THE APPROACH
    • CLOSING COMMENTS
    • References
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