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 fut