CFA三级基础：私有财富管理_打印版.docx

PrivateWealthManagementCFA出:票口笺亩1-252箸<.IreneIreneAiS®-»婿僧深笺S.果到J7lft7>7'§8厚图舞感"精B吟日出%口口外籍弱外I椅境&)$9覆DZ躁则S'靓aHfsir v10匚I藤蔑口外胡a7-71亩撩果I亩、中希V釉。猫AD"6嫡存lP*骰舞口口口鼓TopicinCFALevelIIISessionContentStudySession1-2ETHICS&PROFESSIONALSTANDARDS(1)&(2)StudySession3StudySession4StudySession5StudySession6BEHAVIORALFINANCECAPITALMARKETEXPECTATIONSASSETALLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVAnVESANDCURRENCYMANAGEMENTStudySession7-8StudySession9-10StudySession11FIXED-INCOMEPORTFOUOMANAGEMENT(l)8(2)EQUITYPORTFOUOMANAGEMENT(1)&(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENTStudySession12<13PRIVATEWEALTHMANAGEMENT(1)&(2)StudySession14StudySession15StudySession16PORTFOUOMANAGEMENTFORINST11UT1ONALINVESTORSTRADING,PERFORMANCEEVALA11ONrANDMANAGERSELEC11ONCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENT互变E新0值 Framework Private Wealth Management4-252Overview of Private Wealth ManagementSS12:PrivateWealthManagement(1)R28OverviewofPrivateWealthManagementR29TaxesandPrivateWealthManagementinaGlobalContextR30EstatePlanninginaGlobalContextSS13:PrivateWealthmanagement(2)R31ConcentratedSingle-AssetPositionsR32RiskManagementforIndividuals三业色断mu5-252Frameworkm业GVim值1.PrivateClientsversusInstitutionalClients2.UnderstandingPrivateClients3.InvestmentPlanning4.InvestmentPolicyStatement5.PortfolioConstructionandMonitoring6.EthicalandComplianceConsiderationsinPrivateWealthManagement7.PrivateClientSegments号业Ianmu1.PrivateClientsversusInstitutionalClientsPrivateclientsandinstitutionalclientshavedifferentconcerns,includingthefollowing:1.InvestmentObjectives2.Constraints7-2523.OtherDistinctionsM业回新it值1.PrivateClientsversusInstitutionalClients1.InvestmentObjectivesPrivateClientsfinancialsecurityduringtheclientsretirementyears;theabilitytoprovidefinancialsupporttofamilymembers;thefundingofphilanthropicgoals;Privateclientinvestmentoectivesoftencompetewithoneanotherandmaychangeovertime;InstitutionalClients8-252Incontrasttoprivateclients,institutionalclientstendtohavemoreclearlydefinedobjectives,whicharetypicallyrelatedtoaspecificliabilitystream.M业色断nn1.PrivateClientsversusInstitutionalClients2.ConstraintsTimehorizon:IngeneralindividualinvestorshaveaShortertimehorizonthaninstitutionalinvestors,whosehorizonisoftentheoreticallyinfinite.Scale:Ingeneral,individualinvestorportfoliostendtobesmallerinsize(orscale)thanthoseofinstitutionalinvestors.TaxesTaxesareasignificantandcomplexconsiderationformanyindividualinvestors,andtheyvarybyjurisdiction.1.PrivateClientsversusInstitutionalClients3.OtherDistinctionsInvestmentGovernanceInstitutionalinvestorstypicallyoperateunderaformalgovernancestructure.Bycontrastinvestmentgovernanceforindividualinvestorstendstobelessformal.InvestmentSophisticationInstitutionalinvestorstendtohaveahigherdegreeofinvestmentsophisticationthanthetypicalprivateinvestoraswellasaccesstomoreinvestmentresources.10-252Unlikeinstitutionalclients,privateclientsdonotnormallybenefitfromthe"checksandbalances"ofaformalinvestmentgovernanceframework.Asaresult,privateclientscanbemorevulnerabletomaking*,emotionainvestmentdecisions.M业回新it值1.PrivateClientsversusInstitutionalClients3.OtherDistinctionsRegulationInmostcountries,theregulatoryenvironmentisdifferentforindividualandinstitutionalinvestors.Insomecasesrseparateregulatorsfocusonthesetwoinvestorsegments.Inothercases,theindividualandinstitutionalinvestorgroupsshareacommonregulatorbutaresubjecttodifferentregulations.UniquenessandComplexityPnvateclientswithsimilarsetsoffinancialconsiderationsandobjectivesmayneverthelesspursuedifferentinvestmentstrategies.Multiplefactorsmayinfluenceeachindividuaspreferences,needs,andconcernsnotably,familybackgroundandupbringing,workhistory,sourcesofwealth,investmentexperience,groupsoffriends,andgeographiclocation.11252M业ewmu1PrivateClientsversusInstitutionalClientsSummaryPrivateclientsInstitutionalclientsInvestmentobjectivesdiverseinvestmentspecific,clearlydefinedobjectives(maynotbeinvestmentobjectivesclearlydefinedorquantified)ConstraintsTimehorizonashortertimehorizontheoreticallyinfiniteScalesmaller(morelimitations)largertaxableincomemaybemoreTaxessignificantandcomplexfavoredbyatax-exemptinstitutionOtherDistinctionsInvestmentlessformalgovernancex,-nformalgovernancestructureGovernancestructureInvestment丁.ahigherdegree(more1.emotonal,Sophisticationinvestmentresources)RegulationseparateregulatorsorsharedregulatorystructureUniquenessSimilarfinancialandSimilarobjective,similarandobjective,differentstrategiesComplexityinvestmentstrategies2.UnderstandingPrivateClientsInformationNeededinAdvisingPrivateClientsPersonalInformationFinancialInformationPrivateClientTaxConsiderationsClientGoalsPrivateClientRiskToleranceTechnicalandSoftSkillsforWealthManagersM业回新it值2.1InformationNeededinAdvisingPrivateClients1.PersonalInformationtheclient'sfamilysituation,includingmaritalstatus,thenumberofchildrenandgrandchildren,andtheagesoffamilymembers;prfofclientidentification;employmentandcareerinformation;thesourcesofaclientswealth;investmentbackground;returnoective;liquiditypreferencesoradesiretoconsiderenvironmental,social,andgovernance(ESG)issues;14-252financialobjectivesandrisktolerance.M业色断n112.1InformationNeededinAdvisingPrivateClients2. Financial InformationAssets Cash and deposit accounts Brokerage accounts Retirement accounts Other employee benefits, such as restricted stock or stock options Ownership interests (stock) in private businesses Cash-value life insurance Real property, including residences, rental property, and land Other personal assets (e.g., automobiles, art or jewelry)Liabilities Consumer debtr such as credit card balances and loans outstanding Automobile loans Student loans Property-related loans, such as mortgages and home equity loans (or lines of credit) Margin debt in brokerage accounts2.1InformationNeededinAdvisingPrivateClients3.PrivateClientTaxConsiderationsCommonTaxCategoriesTaxesonincome.Theseincludetaxesonsalaries,interest,dividends,capitalgains,andrentalincome.Wealth-basedtaxes.Theseincludetaxesontheholdingofcertaintypesofproperty(e.g.,realestate)andtaxesonthetransferofwealth(e.g.,taxesoninheritance).16-252Taxesonconsumption/spending.Theseincludesalestaxesandvalue-addedtaxes.专业国新mu2.1InformationNeededinAdvisingPrivateClients3.PrivateClientTaxConsiderations-BasicTaxStrategiesTaxavoidance,(conformtoboththespiritandtheletterofthetaxcodesOfjurisdictionswithtaxingauthority.)vs.Taxevasion(circumventingtaxobligationsbyillegalmeans).Tax-exemptaccounts:permittax-freeearningsandfuturewithdrawals;wealthtransfertechniques.Taxreduction.tax-exemptbonds;tax-efficientassetclassesTaxdeferralBydeferringtherecognitionofcertaintaxesuntilalaterdate,clientscanbenefitfromcompoundingportfolioreturnsthatarenotdiminishedbyperiodictaxpayments.Someinvestorsinaprogressivetaxsystemmayalsoseektodefertaxesbecausetheyanticipatelowerfuturetaxrates.limitportfolioturnover.M业0WiIVBRoseannaRodriguezmeetswithherwealthmanager,RajGupta.CFA,to*discussherinvestmentstrategyandfinancialplan.GuptamentionstheimportanceoftaxstrategiesinRodriguez,sfinancialplanandmakesthreerecommendations:Investintwodifferentaccounttypes:Anaccountthatpermitsbothearningsandfuturewithdrawalstobetax-freeandAnaccountthatpermitsearningstoaccumulatetax-freebutrequiresthattaxesbepaidwhenassetsarewithdrawnfromtheaccount.Reduceexposuretoanassetclasswithundesirabletaxcharacteristicsinfavorofanassetclassthatismoretax-efficient.Delaythesaleofsharesofastockpositionuntiltheyearfollowingretirement.Identifythebasictaxstrategy(orstrategies)-taxavoidance,taxreduction,ortaxdeferralrepresentedineachofthethreerecommendations.ExampleSs°iuti°mThefirstrecommendationrepresentsbothtaxavoidanceandtaxdeferral.Withtheaccountthatpermitstax-freeaccumulationanddistributions,Rodriguezwouldbeavoidingtaxes.Withtheaccountthatpermitstax-freeaccumulationbutresultsinincometaxesupondistribution,Rodriguezwouldbedeferringtaxes.Thesecondrecommendationisanexampleoftaxreductionbecausetherecommendedassetclasswouldincurlowertaxes.19-252ThethirdrecommendationisanexampleoftaxdeferralandmayalsobeanexampleoftaxreductionifRodriguez*staxratedeclinesafterretirement.专业国新MH2.1InformationNeededinAdvisingPrivateClients4.OtherRelevantInformationEstateplan(inapplicablejurisdictions),copiesofrelevantlegalandgoverningdocuments,suchaswillsandtrustdocuments;1.ifeinsurance,disabilityinsurance,excessliabilitycoverage,andanyotherrelevantinsurancecoverage;Wealthmanagersandclientsnormallyagreeonwhocanapproveand/orchangeinvestmentpolicies,whocanauthorizetradingactivity,andwhocanauthorizemoneytransfers.Wealthmanagersseekinformationregardingclients'serviceneedsandexpectations.20-252Thewealthmanagerandtheclientshouldhaveaclearunderstandingofwhatinformationshouldandshouldnotbesharedwithotherserviceprofessionals.M业Hfjmn2.2ClientGoalsFinancialgoalsarenotalwaysapparent,defined,ormeasurable:theymaybeexpressedbyclientsaswishes,desires,oraspirations.PlannedGoals:Plannedgoalsarethosethatcanbereasonablyestimatedorquantifiedwithinanexpectedtimehorizon.Retirement.Maintainingacomfortablelifestylebeyondtheirworkingyearsisagoalformostclients.SpecificpurchasesTendtobeafunctionofthelevelofwealthand/orstageoflife.Education.Clientsoftenwishtofundtheirchildren'seducation.Familyevents.(e.g.weddings)Wealthtransfer.Whenclientshaveadefiniteamountofinheritancethattheywishtotransfer,thisgoalmayneedtobeprioritizedoverothergoals.Philanthropy.Clientsoftenwishtomakecharitabledonationsduringoraftertheirlifetime.2.2ClientGoalsUnplannedGoals:Unplannedgoalsarethoserelatedtounforeseenfinancialneeds.(difficulttoestimatethetimingandtheamountoffundingneeded)Propertyrepairs.Althoughhouseholdsmaybeinsuredagainstlossesorcatastrophes,clientsmayfaceadditionalspendingneedsifinsurancedoesnotfullycoversuchevents.Medicalexpenses.PrivateclienthouseholdsnormallyhavemedicalInsuranceforillnessorhospitalization,buthealthinsurancemaynotcoverallmedicalexpenses.Arelatedissueinsomelocationsisthepotentialcostofeldercareforoneselforone'sfamilymembers.Otherunforeseenspending22-252Whenestablishingclientgoalsrprivatewealthmanagersconsidergoalquantification,goalprioritization,andgoalchanges.专业国新muUExample-ClientGoalsMr.CY.LeeisamanagingdirectorfortheinvestmentfirmAcme&Bass,whichislocatedintheAsia-Pacificregion.Leeis43yearsold,ismarried,andhastwochildren,ages12and10.HeandhisfamilyresideinahomethattheyowninSingapore.Inaconversationwithhiswealthmanager,Leestatesthathewishestofundtheundergraduatetuitionforhischildrentostudyabroad.Leeexpectsthetuitioncosttobeapproximately£40,000peryear.Leealsowishestofundhischildren'sweddingsatsomepointinthefuture.Becausetheeducationcostswilloccurinthenext5-10years,Mr.Leestatesthattheyarehistoppriority.1.eeanticipatesworkinguntilage65anddoesnotknowhowmuchheandhiswifewillneedtofundtheirretirementlifestyle.HementionshisdesiretopurchaseaflatinLondonandlet(rent)itaspartoftheirretirementplan.Theflatwouldcostapproximately£1.5million.Leeisalsoconcernedaboutthefuturehealthcareexpensesofhiswife'sparentsandtowhatdegreeheandhiswifemayneedtosupportthemfinancially.M业&新mnExample-ClientGoalsII1.IdentifyLee'splannedgoals.1.ee'splannedgoalsare(a)fundinghischildren'seducation;(b)fundinghischildren'sweddings;(c)fundinghisandhiswife'sretirement;and(d)purchasingandsubsequentlyletting(renting)aflatinLondon.2.IdentifyLee*sunplannedgoals.1.ee,sunplannedgoalsrelatetothefuturehealthcareexpensesofhiswife'sparents,aswellaspossibleuninsuredpropertyrepairsfortheLee,sSingaporeresidenceand,ifpurchased,theirLondonflat.Example-ClientGoals3.DiscusstheissueofgoalquantificationforLee.1.eehasquantifiedtheeducationfundinggoalandtheflatpurchase.HeandhiswealthmanagershouldworktoestimatethecostoftheweddingsforLeeschildrenandtheanticipatedretirementlifestyleneedsforLeeandhiswife.4.DiscusstheissueofgoalprioritizationforLee.1.eestatesthathisfirstpriorityiseducationfundingforhischildren.However,thetimingofaneedshouldnotbethesoledeterminantofgoalpriority.IffundingtheirchildrenseducationcostswillleaveLeeandhiswifeunpreparedforretirementforexample,theymaywishtoreevaluatetheirpriorities.专业国新m112.3PrivateClientRiskToleranceKeytermsforasetofrisk-relatedconcepts:Risktolerancereferstothelevelofriskanindividualiswillingandabletobear.Risktoleranceistheinverseofriskaversion.Riskcapacityistheabilitytoacceptfinancialrisk.Thekeydifferencebetweenriskcapacityandrisktoleranceisthatriskcapacityismoreobjectiveinnature,whilerisktolerancerelatestoanattitudeRiskperceptionisanindividuassubjectiveassessmentoftheriskinvolvedinaninvestmentdecision'soutcome.26-252Howaclientperceivestheriskinessofaninvestmentdecisionortheinvestmentclimatedependsonthecircumstancesinvolved.M业&新mnRisktolerance:Willingness(Risktolerance)InvestmentstylePsychologicalprofileSelf-statementAbility(Riskcapacity).TimehorizonRelativeportfoliosize(spendingneeds/portfoliosize)SituationRisktoleranceWillingness>AbilityAbility(Education)Willingness<ReturnObjective=WillingnessWillingness(ReevaIuation)AbilityReturnObjective=AbilityAbility(Education)2.3PrivateClientRiskToleranceWealthmanagersoftenutilizequestionnairestoassessclients'risktolerance.Theresultofarisktolerancequestionnaire,typicallyanumericalscore,isoftenusedasaninputintheinvestmentplanningprocess.RiskToleranceConversationenablethewealthmanagertoeducateaclientaboutinvestmentrisk.Clientsoftenhavemultiplegoalsorobjectives,theirrisktolerancemayvaryfordifferentgoals.28-252alowrisktolerancewithrespecttonear-termgoalsbutahigherrisktolerancewhenitcomestolonger-termgoals.M业回新it值2.4TechnicalandSoftSkillsforWealthManagersTechnicalSkillsTechnicalskillsrepresentthespecializedknowledgeandexpertisenecessarytoprovideinvestmentadvicetoprivateclients.Capitalmarketsproficiency.Portfolioconstructionability.Financialplanningknowledge.Quantitativeskills.Technologyskills.1.anguagefluency.M业色断n112.4TechnicalandSoftSkillsforWealthManagersSoftSkills(non-technical)Softskillstypicallyinvolveinterpersonalrelationshipsthatis,theabilitytoeffectivelyinteractwithothers.Communicationskills.Socialskills.Educationandcoachingskills.Businessdevelopmentandsalesskills.ExampleJohnMuller,CFA1aprivatewealthmanager,recentlyreceivedfeedbackfromclientsandcolleaguesaspartofhisperformancereview.ClientscommentedfavorablyonhowMullercoordinateswithexternaltaxandlegalprofessionalsand