All individuals and institutions face asset/liability management problems on a continuous basis. In this Research Foundation monograph, the author presents an easily readable, up-to-date treatment of asset and wealth management in the presence of liabilities and other portfolio complexities. The approach discussed and recommended is discrete-time, multiperiod stochastic programming. For most practical purposes, such models provide a superior alternative to other approaches, such as mean-variance, simulation, control theory, and continuous-time finance.