... Associates Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance Lifetime Financial Advice12 ©2007, The Research Foundation of CFA Institutethe asset allocation decision and ... Milevsky, and Kevin X. Zhu. 2006. Human Capital, Asset Allocation, and Life Insurance. ” Financial Analysts Journal,vol. 62, no. 1 (January/February):97–109.Davidoff, Thomas, Jeffrey R. Brown, and ... for this and othercases in this chapter and Chapter 3. Figures 2.2 and 2.3 illustrate the relationships of financial capital, human capital, and total wealth (defined as the sum of financial...