This study analyzes the responses to a representative survey of wealth advisors on private wealth management practices, and compares the advisors' views to academic research in household finance. This study demonstrates that many wealth managers do not apply novel insights proposed by financial...

Given any set of exogenously provided efficient portfolios, we develop a dynamic programming algorithm that constructs an optimal portfolio trading strategy to maximize the probability of attaining an investor's specified goal wealth at the end of a designated timeframe. Our algorithm can also...

We introduce a novel framework for goals-based wealth management (GBWM), where risk is understood as the probability of investors not attaining their goals, not just the standard deviation of investors' portfolios. Our framework is based on a foundation of developments in behavioral economics...

Financial provision for old age is a serious issue. This paper therefore begins by outlining the pension situation in Germany, arriving at the conclusion that, as matters stand at present, none of the three "pillars" of pension provision - state and occupational pensions and private pension...