We develop a dynamic programming methodology that seeks to maximize investor
outcomes over multiple, potentially competing goals (such as upgrading a home, paying …

We report a dynamic programming algorithm which, given a set of efficient (or even
inefficient) portfolios, constructs an optimal portfolio trading strategy that maximizes the …

In this paper, we propose a goal-based investment model that is suitable for personalized
wealth management. The model only requires a few intuitive inputs such as size of wealth …

This paper presents a time-continuous portfolio selection model with loss averse investors,
who possess multiple investment goals at different time horizons. The model assumes …

Individual investors' investment problems can be broadly summarised as a combination of
various wealth and/or consumption goals, subject to a set of dollar budgets, defined in terms …

This paper considers investors who are looking to maximize their probability of remaining
solvent throughout their lifetime by using an algorithm that aims to optimize their investment …

In goals-based wealth management (GBWM), an investor looks to maximize the probabilities
of attaining each of n goals over time. Because the goals are in competition for potentially …

The high-profile debate on spending in retirement often misses a crucial point: No single
spending rate suits all retirees. This article develops guidance on spending rates for retirees …

We develop a facile methodology using dynamic programming for goals-based wealth
management over long horizons where rebalancing uses the standard securities and also …

Although financial advisors and institutions are increasingly urged to adopt objectives or
goals-based investment strategies, there is a need to more clearly define what is meant by …