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.UnderstandingPrivateClientsInformationNeededinAdvisingPrivateClientsPersonalInfor