If the trustee’s management of non-financial assets of family trust is more about making use of institutional advantages to effectively hold the assets，then the management of financial assets and the execution of distribution arrangements for beneficiaries，as an investment portfolio，involve the long-term allocation of assets with liabilities. Although asset allocation plays an important role in portfolio management，in the practice of family trust，several key issues，such as long term，liability constraint and appropriate model，need to be considered. At present，there is no unified standard on how to do a good job in asset allocation in family trusts. We would like to share our thoughts with you and explore the reasonable answers together.