\[sec:FinancialMarketModel\] introduces the financial market and the portfolio problem of interest, Section \[sec:SeparationTechnique\] shows the separation approach and the solution to the problem. A fit of the analytic strategy to suitable consumption and investment curves is conducted in Section \[sec:NCS\], followed by an investigation of the optimal controls and corresponding wealth process. Section \[sec:Conclusion\] concludes. \[app:Proofs\] summarizes all proofs of the claimed statements: the proofs for Section \[sec:ConsumptionProblem:y\] on the consumption problem can be found in \[app:ProofsConsumptionProblem\], the proofs related to Section \[sec:TerminalWealthProblem\] on the terminal wealth problem in \[app:ProofsTerminalWealthProblem\], and for the proofs associated with Section \[sec:OptimalMerging\] on merging both individual solutions, see \[app:ProofsOptimalMerging\].

The financial market model and consumption-investment problem {#sec:FinancialMarketModel}
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We consider a frictionless financial market $M$ which consists of $N+1$ continuously traded assets, one risk-free asset and $N$ risky assets. Let $[0,T]$ represent the fixed and finite investment horizon. Uncertainty in the continuous-time financial market is modeled by a complete, filtered probability space $(\Omega, \CMcal{F}, \left(\CMcal{F}_{t}\right)_{t \in [0,T]}, {\mathbb{P}})$, where $\Omega$ is the sample space, ${\mathbb{P}}$ the real-world probability measure, $\CMcal{F}_{t}$ is the natural filtration generated by $W(s)$, ${0 \le s \le t}$, augmented by all the null sets, and ${W = \left(W(t)\right)_{t \in [0,T]}}$, 