The Comprehensive Wealth Management Doctrine

Jahnke, William
September 2000
Journal of Financial Planning;Sep2000, Vol. 13 Issue 9, p50
Academic Journal
This article discusses the Comprehensive Wealth Management Doctrine, a technique used by financial advisors and planners in investment management and financial planning. It is intended to replace the popular Asset Allocation Policy Doctrine (AAP Doctrine), which supports passive asset allocation and disconnects investment management and financial planning. The AAP Doctrine was easily adopted by financial advisors. It is simple, deceptively easy to explain and easy to implement. Active asset allocation, on the other hand, is difficult and disruptive. It is difficult because the forces that govern asset class returns include unpredictable economic developments and unpredictable shifts in market psychology. Support for the AAP Doctrine initially came largely from the consulting community, which is responsible for spawning the now widely held belief that stocks are unconditionally less risky than bonds in the long run. Many financial advisors erroneously were led to believe that modern portfolio theory supports the AAP Doctrine.


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