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Goals-Based Portfolio Theory
Franklin J. Parker, CFA
DESCRIPTIONAn in-depth overview of investing in the real world
In Goals-Based Portfolio Theory, award-winning Chartered Financial Analyst® Franklin J. Parker delivers an insightful and eye-opening discussion of how real people can navigate the financial jungle and achieve their financial goals. The book accepts the reality that the typical investor has specific funding requirements within specified periods of time and a limited amount of wealth to dedicate to those objectives. It then works within those limits to show you how to build an investment portfolio that maximizes the possibility you’ll achieve your goals, as well as how to manage the tradeoffs between your goals.
In the book, you’ll find:
- Strategies for incorporating taxation and rebalancing into a goals-based portfolio
- A discussion of the major non-financial risks faced by people engaged in private wealth management
- An incisive prediction of what the future of wealth management and investment management may look like
An indispensable exploration of investing as it actually works in the real world for real people, Goals-Based Portfolio Theory belongs in the library of all investors and their advisors who want to maximize the chances of meeting financial goals.
ABOUT THE AUTHOR
FRANKLIN J. PARKER, CFA, is the award-winning author of dozens of peer-reviewed articles and trade publications. He is a CFA charterholder, international speaker, founder of a Texas-based RIA, and a strategic advisor to journals, funds, and wealthy families.
TABLE OF CONTENTS
Forward, by Jean LP Brunel CFA 4
Preface: Goals-Based Investors and the Need for Better Theory 9
1. The Story of the Idea: How Goals-Based Portfolio Theory Came to Be 19
2. A Theoretical Foundation 28
3. Allocating Wealth Across Goals and Across Investments 44
4. Allocating Wealth Through Time 55
5. Real Markets, Real Risk, Real Portfolios 71
6. Insurance Through a Goals-Based Lens 89
7. Impact Investing 98
8. Taxes and Rebalancing 107
9. Goals-Based Reporting 121
10. Fragility Analysis of Goals-Based Inputs 131
11. Human Risks 140
12. Prudent Investing with High-Variance Assets: An Experimental Chapter 151
13. As a Bridge Between Normative and Behavioral Finance 161
14. The Future Structure of Wealth Management Firms 182
Endnote: Some Final Thoughts 191
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