Strategic Asset Allocation for High-Net-Worth Individual

Jane Smith is a high-net-worth individual who has accumulated a portfolio valued at $5 million. She is 45 years old, plans to retire at age 65, and has a moderate risk tolerance. Jane's primary investment goal is to ensure wealth preservation while seeking steady growth to support her lifestyle during retirement. Currently, her portfolio is heavily weighted towards equities, comprising 75% of the total value.

Given Jane's profile, her long-term goals, and current asset allocation, discuss the key considerations for developing a Strategic Asset Allocation (SAA) plan. In your response, evaluate her risk tolerance, investment time horizon, and retirement funding needs, and recommend an appropriate SAA with a rationale. Provide specific asset class targets and explain how these targets align with her investment objectives.