The management of assets within liability space requires a different way of modelling and managing the relationship between assets and liabilities over time. Conventional asset liability modelling and management and the assumptions which underpin them are inappropriate for the management of personal financial wealth over time. The relationship between assets and liabilities also changes the way in which risk is assessed and the way in which risk aversion affects portfolio structure. The short/long structure which optimises the allocation of assets over time to liabilities over time also requires a focus on both relative valuation and absolute valuation risks which drive the management of excess risk and return at the margin of short and long term risk. The integration of the management of assets and the management of liabilities over time is a solution to the portfolio problem. Once the portfolio problem is solved, asset management services will naturally progress into the management of lifetime financial needs. As stated, portfolio management used to stop at the level of complexity it could handle within its resources and the time constraints of managing personalised portfolios. With these constraints lifted, the portfolio problem can be solved, optimised and enhanced. 
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