This book covers one of the most important and at the same time most complex problems that individuals have to face: the management of their assets in a way that they can make sure that all their liabilities can be covered and their financial goals can be achieved. The main focus of this book is the asset and liability management (ALM) problem of individual investors as a part of the financial planning process. The book gives an introduction to financial planning and shows how an investor can benefit from an integrated approach for the strategic asset allocation considering an uncertain...