Asset Location

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Full program - Pfiat diΛV ¿? 17:37, 4th Feb. 2013 ( CET )

Asset location is in financial planning the distribution of investments in investment products.

It is carried out according to the asset allocation and should not be confused with this: While the asset allocation makes a suitable division of the liquid capital to asset classes in order to achieve the maximum return for a given risk, following the Asset Location goal, this division as map in investment products that the greatest tax efficiency. It utilizes the fact that the tax implications of the same plant (stocks, bonds ) differ depending on what kind of financial product (eg direct investment funds, private capital insurance, Riester pension, Rürup pension, foundation) they is maintained. The main insight is that tax-advantaged investment products should primarily accommodate the plants that have a high tax base have resulted in direct investment, namely fixed-rate bonds and REITs.

Behavioral economics has observed that investors do not act rationally, but tend to achieve with any investment product, the same asset allocation, rather than to optimize holistically, or investment products even target specific use ( "Mental accounting ", eg Riester contract for retirement ). Along with, inter alia, by Paul A. Samuelson and Zvi Bodie repeatedly criticized popular misconception shares are safe for long-term investment horizon, which often leads to tax- inefficient behavior because then happy to be chosen for retirement products shares and for direct investment fixed income, or from the perspective of Asset location the shares in tax-deferred retirement savings products and fixed-income investments are placed in the direct investment.

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• Financial Strategy