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7<br />
Traditional Asset Allocation Framework in Accumulation<br />
Financial Capital<br />
8<br />
Expected Return<br />
Financial<br />
Wealth<br />
Asset<br />
Allocation<br />
Risk Tolerance<br />
Time Horizon<br />
Liquidity<br />
Taxes<br />
However, a significant asset was missing…<br />
Human Capital<br />
Human Capital<br />
MVO Efficient Frontier<br />
Individual Assets<br />
Standard Deviation<br />
Select portfolio on the efficient frontier<br />
× Human capital is the actuarial PV of future labor income<br />
× Directly affects one’s capacity to take on risk with one’s<br />
financial capital<br />
× Human capital is used to fund:<br />
× Current expenses<br />
× Retirement savings<br />
Direct contributions to portfolio<br />
Defined contribution (match)<br />
Defined benefit<br />
Social Security<br />
7<br />
8
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