Optimality of financial planning clients' strategic asset allocation

Paper


Santacruz, Lujer and Phillips, Peter J.. 2007. "Optimality of financial planning clients' strategic asset allocation." Moshirian, Fariborz (ed.) 20th Annual Australasian Finance and Banking Conference (AFBC 2007). Sydney, Australia 12 - 14 Dec 2007 Sydney, Australia.
Paper/Presentation Title

Optimality of financial planning clients' strategic asset allocation

Presentation TypePaper
AuthorsSantacruz, Lujer (Author) and Phillips, Peter J. (Author)
EditorsMoshirian, Fariborz
Journal or Proceedings TitleProceedings of the 20th Australasian Finance and Banking Conference (AFBC 2007)
Number of Pages21
Year2007
Place of PublicationSydney, Australia
ISBN9780980476507
Web Address (URL) of Paperhttp://www.banking.unsw.edu.au/afbc
Conference/Event20th Annual Australasian Finance and Banking Conference (AFBC 2007)
Event Details
20th Annual Australasian Finance and Banking Conference (AFBC 2007)
Event Date
12 to end of 14 Dec 2007
Event Location
Sydney, Australia
Abstract

In this paper, the optimality of Australian financial planning clients’ asset allocations are analysed using the mean-variance formulation of the Modern Portfolio Theory. The asset allocations recommended by financial planning groups are examined. The mean-variance characteristics of the various asset classes are derived from historical indices, using last 21 years data and last 5 years data. The return-risk values of the recommended portfolios are determined and a simple method of iso-risk maximum return calculation using the Excel Solver command is utilised to determine the corresponding optimal portfolios. The recommended portfolios were found to have expected returns that are around 8% and 32% below optimal returns based on last 21 years data and last 5 years data, respectively.

Keywordsasset allocation; investments; portfolio management; modern portfolio theory; capital markets; managed funds; mutual funds; funds management; financial planning
ANZSRC Field of Research 2020350208. Investment and risk management
380205. Time-series analysis
380107. Financial economics
Public Notes

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Byline AffiliationsSchool of Accounting, Economics and Finance
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