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Join us on September 24, 2025 for our IMPACT Series Event! Our IMPACT Series event will  cover broad topics with industry leaders sharing their perspectives on the latest in institutional markets, macroeconomics, policy, asset management, capital trends, technology and others relevant to finance professionals. Why Attend? A dynamic, 4-hour experience designed to bring powerful insights and meaningful connections to your professional development. Expert Insights:  Hear from top finance industry leaders, including executives from the Texas Stock Exchange, T. Rowe Price, Diamond Hill, Grayscale Investments. Networking Opportunities:  Enjoy ...

How to Optimize a Goal-Based Portfolio by Franklin Parker Traditional portfolio optimization (often called modern portfolio theory, or mean-variance optimization) balances expected portfolio return with expected portfolio variance. You input how opposed you are to portfolio variance (your risk tolerance), then you build a portfolio that gives you the best return given your risk tolerance. Goals-based investing, by contrast, defines “risk” as the probability of not achieving your goal. We assume you want to minimize that risk, so that is the only portfolio objective of a goals-based investor. As you will see, variance and returns are inputs into that ...