English: Goals-based optimization results in investment portfolios that may or may not lie on the mean-variance efficient frontier. When a goal is valued highly enough it receives a capital allocation sufficient to keep it on the frontier (A and B in the picture). However, when the goal is more aspirational (and valued less) the portfolio departs from the frontier in favor of high-variance investments. In this example, portfolio C is fully funded and therefore allocated to the risk-free asset. Though not necessarily mean-variance efficient, goals-based portfolios will generate portfolios with higher probabilities of goal achievement than mean-variance portfolios.