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,antici