CFA三级知识点必备：Private wealth management 标准版.docx

jPrivateWealthManagementCFA三级培训项目讲师：JCY0%8*+i3M函PYof铀i。Mti1.PrivateWealthManagement(1)行业创新增值1.PrivateClientsversusInstitutionalClientsSummaryPrivateclientsInstitutionalclientsInvestmentobjectivesdiverseinvestmentobjectivesspecific,clearlydefined(maynotbeclearlydefinedorinvestmentobjectivesquantified)ConstraintsTimehorizonaShortertimehorizontheoreticallyinfiniteScalesmaller(morelimitations)largertaxableincomemaybemoreTaxessignificantandcomplexfavoredbyatax-exemptinstitutionOtherDistinctionsInvestmentlessformalgovernance<.KformalgovernancestructureGovernancestructureInvestment.ahigherdegree(moreSophisticationinvestmentresources)RegulationseparateregulatorsorsharedregulatorystructureUniquenessandSimilarfinancialandobjective,Similarobjective,similarComplexitydifferentinvestmentstrategiesstrategies2.UnderstandingPrivateClients>InformationNeededinAdvisingPrivateClientsPersonalInformationFinancialInformationPrivateCIientTaxConsiderations>CIientGoaIs>PrivateClientRiskTolerance>TechnicalandSoftSkillsforWealthManagers2.1InformationNeededinAdvisingPrivateClientsPrivateClientTaxConsiderations-BasicTaxStrategiesTaxavoidance./SomecountriesallowinvestorstocontributelimitedamountstoCertainaccountsthatpermittax-freeearningsandfuturewithdrawals.AnotherexampleoftaxavoidanceinvolvesvariousWealthtrxafertechniqueu.Taxreduction./tax-exemptbonds;tax-efficientassetclassesTaxdeferral./BydofeingthorecognitionOfCortclintaxesuntilalaterdate,clientscanbenefitfromcompoundingportfolioreturnsthatarenotdiminishedbyperiodictaxpayments./Someinvestorsinapregfessiveta*SVStemmayalsoseektodefertaxesbecausetheyanticipatelowerfuturetaxrates./limitportfolioturnover.2.2ClientGoals>Financialgoalsarenotalwaysapparent,defined,ormeasurable:theymaybeexpressedbyclientsasWiSh色与dtirc,Or口Gpircitiong.PlannedGoals:PlannedgoalsarethosethatConbe;reo-onciblyestimatedorqu>ntifisdwithinanexpectedtimehorizon./Retirement.Maintainingacomfortablelifestylebeyondtheirworkingyearsisagoalformostclients./Specificpurchases.Clientgoalsmayfocusonspecificpurchases,whichtendtobeafunctionofthelevelofwealthand/orstageoflife./Education.Clientsoftenwishtofundtheirchildren'seducation./Familyevents.(e.g.weddings)/Wealthtransfer.Whenclientshaveadefiniteamountofinheritancethattheywishtotransfer,thisgoalmayneedtobeprioritizedoverothergoals.6-49/Philanthropy.Clientsoftenwishtomakecharitabledonationsduringoraftertheirlifetime.专业创新增值一2.2ClientGoalsUnplannedGoals:UnplannedgoalsarethoserelatedtoUnforeSeenfinancialneeds.(difficulttoestimatethetimingandtheamountoffundingneeded)，Propertyrepairs.Althoughhouseholdsmaybeinsuredagainstlossesorcatastrophes,clientsmayfaceadditionalspendingneedsifinsurancedoesnotfullyCOVerHUChevents./Medicalexpenses.Privateclienthouseholdsnormallyhavemedicalinsuranceforillnessorhospitalization,buthealthinsurancem”notCoVerallmedicalexpenses.Arelatedissueinsomelocationsisthepotentialcostofeldercareforoneselforone'sfamilymembers./Otherunforeseenspending.Whenestablishingclientgoals,privatewealthmanagersconsidergoalquantification,goalprioritization,andgoalchanges.2.3PrivateClientRiskToleranceKeytermsforasetofrisk-relatedconcepts:Risktolerancereferstothelevelofriskanindividualiswillingandabletobear.Risktoleranceistheinverseofriskaversion.Riskcapacityistheabilitytoacceptfinancialrisk.Thekeydifferencebetweenriskcapacityandrisktoleranceisthatriskcapacityismoreobjectiveinnature,whilerisktolerancerelatestoanattitude.Riskperceptionisanindividual'ssubjectiveassessmentoftheriskinvolvedinaninvestmentdecision'soutcome./Howaclientperceivestheriskinessofaninvestmentdecisionortheinvestmentclimatedependsonthecircumstancesinvolved.2.4TechnicalandSoftSkillsforWealthManagers/TechnicalSkillsTechnicalskillsrepresentthespecializedknowledgeandexpertisenecessarytoprovideinvestmentadvicetoprivateclients.Capitalmarketsproficiency.Portfolioconstructionability.Financialplanningknowledge.Quantitativeskills.Technologyskills.、Languagefluency./SoftSkills(non-technical)Softskillstypicallyinvolveinterpersonalrelationshipsthatis,theabilitytoeffectivelyinteractwithothers.Communicationskills,Socialskills.Educationandcoachingskills,'Businessdevelopmentandsalesskills.2. Private WealthManagement (2)行业创新增值3.Investmentplanning>AfterdevelopinganUndeRStendingoftheirclients,wealthmanagersbegintheprocessofhelpingclientsmeettheirobjectives.CapitalSufficiencyAnalysisRetirementPlanningInvestmentpolicystatementMethodsforEvaluatingCapitalSufficiencyDeterministicForecastingMethod，Portfoliogrowthinadeterministicmodeloccursina"straight-line"manner./Inputs:PortfoliOreturnassumption,thecurrentvalueoftheportfolio,anticipatedfutureContributionstotheportfolio,andcashflowsfromtheportfoliothatrepresentclientneeds(accordingtotheclient'sgoals)./Whilesimpletounderstand,thedeterministicmethodistypicallyunrealisticwithrespecttothevariabilityinpotentialfutureoutcomes.MethodsforEvaluatingCapitalSufficiencyMonteCarlosimulation，MonteCarlosimulationallowsawealthmanagertomodoltheUnCertGintyCIfseveralkeyVdriGbIegand,therefore,theuncertaintyorvariabilityinthefutureoutcome.MonteCarlosimulationgeneratesrandomoutcomesaccordingtoassumedprobabilitydistributionsforthesekeyvariables./Inputs:SomeMonteCarlosimulationsoftwarerequiresSePeleterssetel-asumptionssuchassimpleaveragereturn,standarddeviation,andcorrelationwithotherportfolioassetclassesratherthanassumptionsattheallpafoliolevel.InterpretingMonteCarloSimulationResultsMonteCarloSimulationResultsPercentileYear10Year15Year20PortfoliOValUePOrtfOliOValUePortfolioValUe5th$3,519,828$3,651,264$3,647,32825th$1,981,861$1,698,449$1,530,37250th$1,239,837$843,820$569,97475th$765,821$305,126($249,205)95th$197,179($264,048)($1,402,608SUCCeSSfUlTrialS98%88%69%Thetablealsoshowsthepercentageoftrialsatagivenhorizoninwhichtheclientsuccessfullyachievedherobjective.Wealthmanagerstendtoguideclientstowarda75%-90%probabilityofsuccess,althoughaomdH5trs>rdafdmageexists.3.2RetirementPlanning:MortalityTablesAmortalitytableindicatesindividuallifeexpectanciesatspecifiedages.Inpractice,awealthmanagercanuseamortalitytabletoestimatethepresentvalueofaclient'sretirementspendingneedsbyassigningassociatedprobabilitiesbasedonlifeexpectancytoannualexpectedcashoutflows.Onepotentialdrawbacktousingmortalitytablesisthatanindividualclientsprobabilityoflivingtoacertainagemayexeed-that-f4he-geReFalpopulation.PlanYearClientAgeLifeExpectancySurvivalProbability07217327437547657712.0100%11.497%10.893%10.290%9.786%9.182%15-493.2RetirementPlanning:AnnuitiesAnnuitiesprovideaSeneSOffixedpayments,eitherforlifeorforaspecifiedperiod,inexchangeforalumpsumpayment.ArelativelysewayCGlCUliatingthePreSentValUeofaclientsdesiredretirementspendingisbypricinganannuity.Twobasicformsaretheimmediateannuityandthedeferredannuity.Withan÷mmed+teRRHty,anindividual(calledthe"annuitant")paysaninitiallumpsum,typicallytoaninsurancecompany,inreturnforaguaranteeofspecifiedfuturemonthlypaymentsbeginningimmediatelyoveraspecifiedperiodoftime.WithadefFFe44=HHy,thespecifiedfuturemonthlypaymentsbeginatalaterdate./Lifeannuitiesarethoseinwhichtheincomestreamcontinuesaslongastheannuitantlives.Lifeannuitieshelptomitigatelongevityrisk.3.2BehavioralConsiderationsinRetirementPlanningHeightenedlossaversion.Somestudiessuggestthatretireesaremuchmoreloss-aversethanyoungerinvestors.Consumptiongaps.Duetolossaversionanduncertaintyaboutfuturefinancialneeds,manyretireesSPendlessthaneconomistsWoUldpredict,resultinginagapbetweenactualandpotentialconsumption.The"annuitypuzzle."Whileannuitiescanhelptomitigatelongevityriskand,insomecases,mayimprovetheprobabilityofretireesmeetingtheirspendingobjectives,individualstendnottoprefertoinvestinannuities.Explanationsforthepuzzleincludeinvestors'reluctancetogiveUPhopeCIfSUbStanti>llifestyleimprovement,theirdislikeoflosingcontrolovertheassets,and,inmanycases,thehgheofannuities.4InvestmentpolicystatementTheinvestmentpolicystatement(IPS)isawrittenplanningdocumentthatdescribesaclientsinvestmentobjectivesandrisktoleranceoverarelevanttimehorizon,alongwiththeconstraintsthatapplytotheclient'sportfolio.TheIPSisalsoanoperatingmanual,listingkeyongoingmanagementresponsibilities.AdvantagesOneadvantageisthattheIPSencouragesinvestmentdisciplineandreinforcestheclientscommitmenttofollowthestrategy.AsecondadvantageisthattheIPSfocusesonlong-termgoalsratherthanshort-termperformance. 4 Investment policy statementBackground and Investment ObjectivesRisk ToleranceInvestment Time HorizonInvestment Parameters Asset Class PreferencesLiquidity PreferencesConstraintsPortfolio Asset Allocation Strategic Asset AllocationTactical Asset Allocation,一Portfolio Management Discretionary AuthorityRebalancingTactical ChangesImplementationDuties and ResponsibilitiesWealth Manager Responsibilities IPS ReviewIPS AppendixModeledPortfolioBehaviorCapitalMarketExpectations5.2PortfolioReportingandReview-._、,.PortfolioReporting/PortfolioReportingPortfolio reporting involves periodically providing clients with information about their investment portfolio and performance.Reflect strategic asset allocation targets;Detailed performance report; Historical performance report; Contribution and withdrawal report; Purchase and sale report;Currency exposure report;Inherent conflict between the client'sinvestment horizon and performance evaluation horizon; Goals-based investing -÷ focus on the client's progress toward a goal; Benchmark reports.Portfolio reviews provide an opportunity for the wealth manager to revisit the client,s investment plan and reinforce the appropriateness of the strategy. Revisit the client,s investment plan and reinforce the appropriateness of the strategy; Inquires about any changes in the client's objectives, risk tolerance, or time horizon; Comparison of the clients asset allocation to the target allocation.The ke difference between portfolio reporting and portfolio review is that the wealth manager is more actively engaged in a review.写业创新愕Il_5.3EvaluatingtheSuccessofanInvestmentProgram>GoalAchievement.Asuccessfulinvestmentprogramforaprivateclientisonethatachievestheclientsgoals/objectiveswithanacceptableamountofrisk.Theclientshouldremainlikelytomeethisorherlong-termobjectiveswithoutmeaningfuladjustmentstotheplan.>ProcessConsistency.APortfolioPerformance.absoluteorrelativebenchmarkactualdownsideriskADefinitionsofSuccess.7.PrivateClientSegments>SummarySegmentsAsset1.evelservicepersonnelCharacteristicsRobo-advisorsless$250,000Robo-advisorslow-cost;smallportfolio;MVO;ETF;mutualfund;MassAffluent$250,000to$1millionprofessionalwealthmanagerbuildtheirportfolio;financialplanningneeds;noncustomized;High-Net-Worth$1millionto$50millionspecializedadvisersmorecustomizedstrategies;taxplanning;wealthtransferissues;Ultra-High-Net-Worthover$50millionawiderrangeofserviceneedscomplextaxsituations,estateplanning,billpayment,conciergeservices,travelplanning,andadviceonacquiringhigh-endassets;familyoffice.专业创新憎值一Il施同三lll6mz一UIUUO±>UL1JXH-dE-smTaxesandPrivateWealthManagementInvestmentincometax(accrualtaxes):FVIFit=1+R(1-T1)nDeferredcapitalgainstax(MV=costbasis):FVIFcgf=(1+R)n(1-TJ+TcgDeferredcapitalgainstax(MVcostbasis)：FVIFcgf=(1+R)n(1-TJ+TccWealth-basedtax:FVIFwt=(1+R)(1-Tw)nReturnafterrealizedtaxes:Rart=R(1-PT-P0Td-PcgTcg)Accrualequivalentafter-taxreturn:Accrualequivalenttaxrate:TAE=I-Rae/RTaxdragInvestmentincometax(accrualtaxes):taxdrag>taxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturn->greatertaxdragDeferredcapitalgainstax:Taxdrag=Taxratelongerinvestmenthorizonkunchangedtaxdrag,butIargervalueoftaxdeferredhigherinvestmentreturn>unchangedtaxdrag,butIargervalueoftaxdeferredWealth-basedtax:Taxdrag>Taxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturr>lowertaxdrag专业创新，tS三_ACCrUalTaXation>Accrualtaxesarepaidperiodically(e.g.,annually)(1+R)-RxTn1+R(I-T)nFuturevalueAT=PV1+R(1-T)nTaxesarepaideachperiod,sotheperiodicreturnontheaccountistheafter-taxreturn,R(I-T)Theamountoftaxremovedfromtheaccounteachperioddoesnotearnfuture(compounded)returnsThereductioninreturncausedbythepaymentoftaxesisreferredtoastaxdrag>AccrualTax1,Taxdrag%>taxrate2,Investmenthorizonincrease=>taxdrag$&%increase3,Investmentreturnincrease=>taxdrag$&%increaseDeferredcapitalgaintaxCost basis However, the cost basis is often different from the investment's current value. For example, the cost basis could be the original purchase price and the current value of $1,000 represents the original cost plus unrealized capital gains. All else equal, reducing the cost basis increases the realized capital gain, increases the amount of capital gains taxes due, and reduces the net selling price. Thus we modify our deferred capital gains tax formula to account for the basis (B):FVlFCGw加=(1+R"1-TCG) + TCGB= (1+R)n (I-Tcg)+ Tcg-(I-B)TcgUsingTcgasthetaxrateoncapitalgains,theafter-taxfuturevalueinterestfactorfordeferredcapitalgains(FVIFcgt)is:FVIFcgt=(1+R)n-(1+R)1xTc6=(1+R)n-Tcgx(1+R)n+TCGW(l+R)N(I-TC点+1qJSummarizingthesamethreerelationshipsweexaminedforaccrualtaxes,weseethattheyarequitedifferentwhencapitalgainstaxesareappliedonadeferredbasis:1.Taxdrag%=taxrate.2.Astheinvestmenthorizonincreases=>taxdrag%isunchanged.3.Astheinvestmentreturnincreases=>taxdrag%isunchanged.Inaddition,whentaxesaredeferred:4.Asinvestmenthorizonincreases=thevalueofthetaxdeferralincreases.5.Asinvestmentreturnincreases=>thevalueofthetaxdeferralincreases.Wealth-basedtaxesInsomecountries,wealth-basedtaxesareassessedannually(similartoaccrualincometaxes)onthevalueofassetsheld.Unlikeaccrualtaxesandcapitalgainstaxes,whicharepaidonjusttheinvestmentreturn,wealth-basedtaxesareappliedtoboththeprincipalandreturn.Theyaremostoftenappliedtorealestate,asintheU.K.Fortunatelythewealth-basedtaxrateisusuallylowerinpercentagetermsthanaccrualandcapitalgainstaxrates.ContinuingthenotationfrombeforeexceptthatTWisthewealth-basedtaxrate,thefuturevalueinterestfactorafterthewealth-basedtax(FVIFwt)is:FVIFw=(1÷R)(1-T)nForwealth-basedtaxes,thethreeprimaryrelationshipscanbesummarizedas:1.Taxdrag%>taxrate.2.Asinve