Since the first models published the field of asset allocation has been in a flux for the last 60 years. For example, there is currently a movement in high net worth wealth management firms to take a more holistic approach to asset allocation.
They have a good point, what is the use of transferring your capital markets portfolio if your kids are not equipped to face life?
As an example, this is an article by Raymond James on this topic:
Here is an idea, instead of writing an ethical will on paper, you could also use your Facebook page to the same effect. The way you live and relate your life to others can also be a great way to foster talent and know how acquisition as well as transfer your values, beliefs, wisdom and most importantly to establish who your family and friends were.
Facebook as a social network being focused on the instantaneous connection of people was probably not meant for this type of endeavor, but there are many uses to technology. You can use Facebook to write a specific message for a specific audience. That audience being those who care about you and those you care about now and in the future.
At Razorbill Advisors, we believe that asset allocation from the biggest sovereign wealth funds to the smallest family fortunes should include a transfer of values as well as a transfer of capital.
We are currently writing a research paper on asset allocation. Admittedly, our paper will mostly be focused on the technical aspects and strengths/ weaknesses of more popular asset allocation models.
However, we find it worthwhile to write that asset allocation is not just about optimal investment techniques and a sound investment thesis. It is foremost concerned with the long term appreciation of wealth. Wealth should not be solely measured in asset levels and bank account balances.
Sic transit gloria mundy. The glory of the world is transient.
We are not owners but guardians of this world.