Journal of Asset Management

, Volume 13, Issue 2, pp 102–114 | Cite as

Target-oriented investment advice

  • Philippe J S De BrouwerEmail author
Original Article


This article puts investments in the perceptive of the investor: investments are no goal in itself, but serve a purpose. Using this perspective, it aims to present concrete recommendations to individual investors and investment advisers about which portfolios should be held by private persons and how to construct these portfolios. Starting from the theoretical foundations that are based on the ‘Hierarchy of Human Needs’ (as proposed by A.H. Maslow in 1943), this article suggests to segregate portfolios into multiple sub-portfolios that each cater for a specific need. This postulation is then integrated with other key observations into a comprehensive, positive and normative portfolio theory. The result is a complete framework for personal financial decision making that is natural and helpful for both advisers and investors, and it integrates financial investments in an optimization of overall well-being.


portfolio choice portfolio selection personal financial decision making portfolio theory Maslowian portfolio theory 


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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Ltd 2011

Authors and Affiliations

  1. 1.Vrije Universiteit BrusselElseneBelgium

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