CFA三级知识点必备：Private wealth management 打印版.docx

CFAII并IJ 口茶盲部人JO2-49，PrivateWealthv-Management1.PrivateWealthManagementIvMW国新11值1.PrivateClientsversusInstitutionalClientsSummaryPrivateclientsInstitutionalclientsInvestmentobjectivesdiverseinvestmentobjectives(maynotbeclearlydefinedorquantified)specific,clearlydefinedinvestmentobjectivesTimehorizonaShortertimehorizontheoreticallyinfiniteConstraintsScalesmaller(morelimitations)largerTaxessignificantandcomplextaxableincomemaybemorefavoredbyatax-exemptinstitutionInvestmentGovernancelessformalgovernancestructureformalgovernancestructureOtherDistinctionsInvestmentSophisticationemotionalahigherdegree(moreinvestmentresources)RegulationseparateregulatorsorsharedregulatorystructureUniquenessandComplexitySimilarfinancialandobjective,differentinvestmentstrategiesSimilarobjective,similarstrategies*492.UnderstandingPrivateClientsInformationNeededinAdvisingPrivateClientsPersonalInformationFinancialInformationPrivateClientTaxConsiderationsCIientGoaIsPrivateClientRiskToleranceTechnicalandSoftSkillsforWealthManagers2.1InformationNeededinAdvisingPrivateClientsPrivateClientTaxConsiderations-BasicTaxStrategiesTaxavoidance.SomecountriesallowinvestorstocontributelimitedamountstoCertainaccountsthatpermittax-freeearningsandfuturewithdrawals.AnotherexampleoftaxavoidanceinvolvesvariousWealthtransferechniues.Taxreduction.tax-exemptbonds；tax-efficientassetclassesTaxdeferral.BYdeferringtherecognitionOfCertaintaxesuntilalaterdate,clientscanbenefitfromcompoundingportfolioreturnsthatarenotdiminishedbyperiodictaxpayments.SomeinvestorsinaProgreSSiVetaxSySteEmayalsoseektodefertaxesbecausetheyanticipatelowerfuturetaxrates.5-49limitportfolioturnover.雪生国新IBIi_2.2ClientGoalsFinancialgoalsarenotalwaysapparent,defined,ormeasurable:theymaybeexpressedbyclientsaswishes,desires,Oraspirations.PlannedGoals:PlannedgoalsarethosethatCanbereasonablyestimatedorquantifiedwithinanexpectedtimehorizon.Retirement.Maintainingacomfortablelifestylebeyondtheirworkingyearsisagoalformostclients.Specificpurchases.Clientgoalsmayfocusonspecificpurchases,whichtendtobeafunctionofthelevelofwealthand/orstageoflife.Education.Clientsoftenwishtofundtheirchildren'seducation.Familyevents.(e.g.weddings)Wealthtransfer.Whenclientshaveadefiniteamountofinheritancethattheywishtotransfer,thisgoalmayneedtobeprioritizedoverothergoals.Philanthropy.Clientsoftenwishtomakecharitabledonationsduringoraftertheirlifetime.2.2ClientGoalsUnplannedGoals:Unplannedgoalsarethoserelatedtounforeseenfinancialneeds.(difficulttoestimatethetimingandtheamountoffundingneeded)Propertyrepairs.Althoughhouseholdsmaybeinsuredagainstlossesorcatastrophes,clientsmayfaceadditionalspendingneedsifinsurancedoesnotfullyc。VerSUCheverts.Medicalexpenses.Privateclienthouseholdsnormallyhavemedicalinsuranceforillnessorhospitalization,buthealthinsurancemavnotCoVerallmedicalexpenses.Arelatedissueinsomelocationsisthepotentialcostofeldercareforoneselforone'sfamilymembers.Otherunforeseenspending.Whenestablishingclientgoals,privatewealthmanagersconsidergoalquantification,goalprioritization,andgoalchanges.749HMHM言业JI.信僵.2.3PrivateClientRiskToleranceKeytermsforasetofrisk-relatedconcepts:Risktolerancereferstothelevelofriskanindividualiswillingandabletobear.Risktoleranceistheinverseofriskaversion.Riskcapacityistheabilitytoacceptfinancialrisk.Thekeydifferencebetweenriskcapacityandrisktoleranceisthatriskcapacityismoreobjectiveinnature,whilerisktolerancerelatestoanattitude.Riskperceptionisanindividual'ssubjectiveassessmentoftheriskinvolvedinaninvestmentdecision*soutcome.Howaclientperceivestheriskinessofaninvestmentdecisionortheinvestmentclimatedependsonthecircumstancesinvolved.2.4TechnicalandSoftSkillsforWealthManagerszTechnicaISkillsTechnicalskillsrepresentthespecializedknowledgeandexpertisenecessarytoprovideinvestmentadvicetoprivateclients.Capitalmarketsproficiency.Portfolioconstructionability.Financialplanningknowledge.Quantitativeskills.Technologyskills.、Languagefluency.，SoftSkills(non*technical)ISoftskillstypicallyinvolveinterpersonalrelationshipsthatis,theabilitytoeffectivelyinteractwithothers.Communicationskills.ISocialskills.Educationandcoachingskills.、Businessdevelopmentandsalesskills.2.PrivateWealthManagement2v10-49M亚国新 IBU 3. Investment planningAfter deve0RiR an UnderStandinR Oftheir diems, wealth managers begin the process of helping clients meet their objectives.Capital Sufficiency AnalysisRetirement PlanningInvestment policy statement11-49雪生国新 IBIi _ 3.1 Capital Sufficiency AnalysisMethods for Evaluating Capital SufficiencyDeterministic Forecasting MethodPortfolio growth in a deterministic model occurs in a "straight-line" manner.Inputs: a RortfOliOrretIJrTl assumption, the current value of the portfolio, anticipated future Contributionsto the portfolio, and cash flows from the portfolio that represent client needs (according to the client's goals).While Simpleto understand, the deterministic method is typically unrealistic with respect to the variability in potential future outcomes.3.1CapitalSufficiencyAnalysisMethodsforEvaluatingCapitalSufficiencyMonteCarlosimulationMonteCarlosimulationallowsawealthmanagertomodeltheUnCertaintYOfSeVeralkrvvariablesand,therefore,theuncertaintyorvariabilityinthefutureoutcome.MonteCarlosimulationgeneratesrandomoutcomesaccordingtoassumedprobabilitydistributionsforthesekeyvariables.Inputs:SomeMonteCarlosimulationsoftwarerequiresSePaQteassetclassassumptions-SUChassimpleaveragereturn,standarddeviation,andcorrelationwithotherportfolioassetclassesratherthanassumptionsattheOVerallPOrtfoliolevel.3.1CapitalSufficiencyAnalysisInterpretingMonteCarloSimulationResultsMonteCarloSimulationResultsPercentileYear10Year15Year20PortfolioValuePortfolioValuePortfolioValue5th$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$197,17?$264.048!$1402.608)SuccessfulTrials98%88%69%Thetablealsoshowsthepercentageoftrialsatagivenhorizoninwhichtheclientsuccessfullyachievedherobjective.Wealthmanagerstendtoguideclientstowarda75%-90%probabilityofsuccess,althoughnoindustrystandardra11Reexists.3.2RetirementPlanning:MortalityTablesAmortalitytableindicatesindividuallifeexpectanciesatspecifiedages.Inpractice,awealthmanagercanuseamortalitytabletoestimatethepresentvalueofaclientsretirementspendingneedsbyassigningassociatedprobabilitiesbasedonlifeexpectancytoannualexpectedcashoutflows.Onepotentialdrawbacktousingmortalitytablesisthatanindividualclient,sprobabilityoflivingtoacertainagemayexceedthatOftheReneralPODuIation.PlanYearCIJentAgeLifeExpectancySurvivalProbabilityO7212.0oo%17311.497%27410.893%37510.290%4769.726%5779.182%-I5z493.2RetirementPlanning:AnnuitiesAnnuitiesprovideaSerieSOffixedpayments,eitherforlifeorforaspecifiedperiod,inexchangeforalumpsumpayment.ArelativelySimPIeWaYOfCalCUIatinHthepresentValreofaclient'sdesiredretirementspendingisbypricinganannuity.TwobasicformsaretheImmediateannuityandthedeferredannuity.Withanimmediateannuity,anindividual(calledthewannuitantw)paysaninitiallumpsum,typicallytoaninsurancecompany,inreturnforaguaranteeofspecifiedfuturemonthlypaymentsbeginningimmediatelyoveraspecifiedperiodoftime.Withadefeedannuity,thespecifiedfuturemonthlypaymentsbeginatalaterdate.1.ifeannuitiesarethoseinwhichtheincomestreamcontinuesaslongastheannuitantlives.Lifeannuitieshelptomitigatelongevityrisk.16-49IMHlM亚国WiIBU_3.2BehavioralConsiderationsinRetirementPlanningHeightenedlossaversion.Somestudiessuggestthatretireesaremuchmoreloss-aversethanyoungerinvestors.ConsumptiongapsDuetolossaversionanduncertaintyaboutfuturefinancialneeds,manyretireesSDendIeSSthaneconomistsWOUldpredict,resultinginagapbetweenactualandpotentialconsumption.The"annuitypuzzle/'Whileannuitiescanhelptomitigatelongevityriskand,insomecases,mayimprovetheprobabilityofretireesmeetingtheirspendingobjectives,Individualstendnottoprefertoinvestinannuities.17-49Explanationsforthepuzzleincludeinvestors'XelUetanCetoriveUPhopeOfSUbStantiallifSStyleimprovement,theirdislikeOfloSmgControlOVRrtheassets,and,inmanycases,thehimhCoStOfannuities.雪生国新IBU4InvestmentpolicystatementTheinvestmentpolicystatement(IPS)isawrittenplanningdocumentthatdescribesaclient,sinvestmentobjectivesandrisktoleranceoverarelevanttimehorizon,alongwiththeconstraintsthatapplytotheclientsportfolio.TheIPSisalsoanoperatingmanual,listingkeyongoingmanagementresponsibilities.AdvantagesOneadvantageisthattheIPSencouragesinvestmentdisciplineandreinforcestheclientscommitmenttofollowthestrategy.AsecondadvantageisthattheIPSfocusesonlong-termgoalsratherthanshort-termperformance.，4InvestmentpolicystatementInvestment P*r*mtrs WPortfolio Mn9mnt *Risk TOleranCe Investment Time Horizon Asset Class Preferences Liquidity Preferences ConstraintsBackground and Investment ObjectivesDiscretionary Authority Rebalancmg UctK4 Changes ImpiementattonWe*hh Manager Reiponsibilities IPS ReviewModeled Poafo1«。BehaVlor IPS AppendixCapital Market ExpectationsStrategicAssetAllocationPortrolioAssetAllocationDW and RMponsibHitm19-49M业国i fill TdCJAs5Allocation5.2PortfolioReportingandReviewPortfolioReportingPortfolioreportinginvolvesperiodicallyprovidingclientswithinformationabouttheirinvestmentportfolioandperformance.Reflectstrategicassetallocationtargets;Detailedperformancereport;Historicalperformancereport;Contributionandwithdrawalreport;Purchaseandsalereport;Currencyexposurereport;Inherentconflictbetweentheclient*sinvestmenthorizonandperformanceevaluationhorizon；Goalsbasedinvesting->focusonthecliet,sprogresstowardagoal;Benchmarkreports.'PortfolioReportingPortfolioreviewsprovideanopportunityforthewealthmanagertorevisittheclient'sinvestmentplanandreinforcetheappropriatenessofthestrategy.Revisittheclient'sinvestmentplanandreinforcetheappropriatenessofthestrategy;Inquiresaboutanychangesintheclientsobjectives,risktolerarce,ortimehorizon;Comparisonoftheclientsassetallocationtothetargetallocation.Tbekeydifferencebetweenportfolioreportingandportfolioreviewisthatthewealthmanagerismoreactivelyengagedinareview.20-49MW国新11.5.3EvaluatingtheSuccessofanInvestmentPrograrrTGoalAchievement.Asuccessfulinvestmentprogramforaprivateclientisonethatachievestheclientsgoals/objectiveswithanacceptableamountofrisk.Theclientshouldremainlikelytomeethisorherlong-termobjectiveswithoutmeaningfuladjustmentstotheplan.ProcessConsistency.PortfolioPerformance.absoluteorrelativebenchmarkactualdownsideriskDefinitionsofSuccess.7.PrivateClientSegmentsSummaryM亚国新 IBU SegmentsAssetLevelservicepersonnelCharacteristicsRobo-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$50millionawiderrangeofserviceneedsmplextaxsituations,estateplanning,billpayment,nciergeservices,travelplanning,andadviceonacquiringhigh-endassets：familyoffice.23-493.SimpleTaxEnvironment雪生国新IBIi；TaxesandPrivateWealthManagementInvestmentincometax(accrualtaxes):FVIFn=1+R1-T1)nDeferredcapitalgainstax(MV=costbasis):FVIFcGf=(1+R)n(I-Tcg)+TcgDeferredcapitalgainstax(MVcostbasis)FVFcgf=(1+R)n(I-Tog)J+TcgBWealth-basedtax:FVFw三(l+R)(1-Tw)nReturnafterrealizedtaxes:Rrt=R(1PT-P0Td-PCGTCG)Accrualequivalentafter-taxreturn:Accrualequivalenttaxrate:T三1-RaeRACTaxdragInvestmentincometax(accrualtaxes):taxdrag>taxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturn*greatertaxdragDeferredcapitalgainstax:Taxdrag=Taxratelongerinvestmenthorizon.unchangedtaxdrag,butlargervalueoftaxdeferredhigherinvestmentreturnunchangedtaxdrag,butlargervalueoftaxdeferredWealth*basedtax:Taxdrag>Taxratelongerinvestmenthorizon»greatertaxdraghigherinvestmentreturn*lowertaxdragACCrUalTaXationAccrualtaxesarepaidperiodically(e.g.,annually)(1+R)-RxTn=1÷R(I-T)nFuturevaluA=PV1+R(1-T)nTaxesarepaideachperiod,sotheperiodicreturnontheaccountistheafter-taxreturn,R(I-T)Theamountoftaxremovedfromtheaccounteachperioddoesnotearnfuture(compounded)returnsThereductioninreturncausedbythepaymentoftaxesisreferredtoastaxdragAccrualTax1,Taxdrag%>taxrate2,Investmenthorizonincrease=>taxdrag$&%increase3,Investmentreturnincrease=>taxdrag$&%increaseDeferredcapitalgaintaxCostbasisHowever, the cost basis is often different from the investment current value. For example, the cost basis could be the original purchase price and the current value of $1,000 represents the original cost plus unrealized capital gains.All else equal, reducing the cost basis increases the realized capital gain, increases the amount of capital gains taxes due, and reduces the net selling price. Thus we modify our deferred capital gains tax formula to account for the basis (B):FVlFCGL Hl+R)Na-TCG) + TcgB=(1+R)* (I-Tcg) + Tcg-(I-B)TcgU&ingTCGasthetaxrateoncapitalgains,theafter-taxfuturevalueinterestfactorfordeferredcapitalgainsFVFcgt)is：FVlFCGTWM-IlF!J*展=(1+M-展a+*"TCG=HEU-MLSummarizingthesamethreerelationshipsweexaminedforaccrualtaxes,weseethattheyarequitedifferentwhenCaPitalgainstaxesareappliedonadeferredbasis：1.Taxdrag%=taxrate.2.Astheinvestmenthorizonincreasesntaxdrag%isunchanged.3.Astheinvestmentreturnincreases=taxdrag%isunchanged.Inaddition,whentaxesaredeferred:4.Asinvestmenthorizonincreasesnthevalueofthetaxdeferralincreases.26-495.Asinvestmentreturnincreases=thevalueofthetaxdeferralincreases.宣我国新ISII一Wealth-basedtaxesInsomecountries,wealth-basedtaxesareassessedannually(similartoaccrualincometaxes)onthevalueofassetsheld.Unlikeaccrualtaxesandcapitalgainstaxes,whicharepaidonjusttheinvestmentreturn,wealth-basedtaxesareappliedtoboththeprincipalandreturn.Theyaremostoftenappliedtorealestate,asintheU.K.Fortunatelythewealth-basedtaxrateisusuallylowerinpercentagetermsthanaccrualandcapitalgainstaxrates.ContinuingthenotationfrombeforeexceptthatTWisthewealth-basedtaxrate,thefuturevalueinterestfactorafterthewealth-basedtax(FVIFwt)is:FVIFwi=(1+R)(1-Tw)nForwealth-basedtaxes,thethreeprimaryrelationshipscanbesummarizedas:1.Taxdrag%>taxrate.2.Asinvestmenthorizonincreasesntaxdrag%andtaxdrag$increase.3.Asinvestmentreturnin