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1、2020年12月CFA三级写作题PRIVATEWEALTHMANAGEMENT今年由于疫情的缘故，CFA考试被迫延期。虽然给了大家更多的复习时间，但也不可掉以轻心。近年来，CFA考试的难度在逐步提高，并且在三级中更偏向实务与理论结合的考察。相比2019年考纲，2020年考纲发生了较多的变化。其中关于经济学的部分，更名为资本市场预期，并进行了重大改变；衍生产品与资产配置中的外汇管理合并在一起，并进行了较大的改写；另类投资的内容完全重新改写；交易与业绩评估合并在一起，并重新编写。而一向是考试重点的私人财富管理和机构组合管理也发生了较大变化，其中私人财富管理的第一个RCading重新编写，而机构组合
2、管理也进行了重新编写，这些变化需引起考生重视。为了全面应对考试，我们全面推出了的各种学习平台，如金程网校、手机APP、金程CFA答疑等活动，请各位充分利用。如有学术问题，请登录至金程网校提问。祝大家好运，顺利通过CFA三级考试，加油!PrivateWealthManagementCase1:HenlopenMcZhaoHenlopenMcZhaoisaprivatewealthmanager.AfterasuccessfulintroductorymeetingwithNescopeckCree,sheismeetingagainwiththisnewclienttoplanawealthma
3、nagementstrategy.McZhaoseeksadditionalpersonalinformationfromCree.McZhaolearnsthatCreeis45yearsoldandiscurrentlyemployedasanattorney.Creehasanumberofspecificfinancialgoalsthathewishestoachieveinthefuturebuthasnoparticularreturnobjectiveforhisportfolio.Becausehehasbeeninvestingfor20years,Creeiscomfor
4、tablewithmoderatelevelsofmarketvolatility.Hisemploymentprovidesforhiscurrentexpenses,soCreesliquidityrequirementsareminimal.Creepreferstohavehisenvironmentalandsocialconcernsreflectedinhisinvestmentchoices.1.DiscussadditionalpersonalinformationthatMcZhaoshouldgatherfromCreeinordertoproperlyadvisethi
5、snewclient.Solution:McZhaoshouldobtainthefollowingadditionalpersonalinformationfromCree:Familysituation:Maritalstatus,childrenandgrandchildren,agesoffamilymembersIdentification:CopyofdriverslicenseorpassportAdditionalcareerinformation:Futureaspirationsforcareer,business,andretirementInvestmentbackgr
6、oundMoredetailsonfinancialgoalsandrisktoleranceMcZhaohasalreadylearnedaboutCree,scurrentemployment,experiencewithmarketvolatility,interestinmeetingspecificgoalsratherthanaparticularreturnobjective,lowcurrentliquidityneeds,andinvestmentpreferencesbasedonhisenvironmentalandsocialconcerns.NowthatCreeha
7、sbecomeaprivateclient,astartingpointoftherelationshipisforMcZhaotolearnabouthisclientsfamilysituation,suchasmaritalstatus,childrenandgrandchildren,andagesoffamilymembers.McZhaoshouldalsoobtainproofofclientidentification(copyofdriverslicenseorpassport).Cree,semploymentandcareerinformationisimportant,
8、asisdiscussionabouthisfuturecareer,business,andretirementaspirations.Inaddition,wealthmanagersshouldassesstheclienfsinvestmentbackground.Aspartoftheinvestmentbackgroundconversation,thewealthmanagershoulddeterminewhethertheclienthasanexplicitreturnobjectiveorspecificinvestmentpreferences.Finally,adet
9、ailedconversationabouttheclient,sfinancialobjectives/goalsandrisktoleranceispartofthepersonal-information-gatheringprocess.McZhaothenfocusesonCreesfinancialgoals:in10years.Creedoesnotknowwhattoexpectintermsofcollegecosts.Creeplanstoretireatage62andexpectstoneed$80,000peryeartofundhisretirementlifest
10、yle.Heisconcernedthatanincreasinglevelofmedicalexpensesforhimselfandhiswifemayreducehisfinancialassets.Creeexpectstopurchaseanapartmentbuildinginthreeyearsandplanstousetherentalincomefromthisinvestmentpropertytohelpfundhisretirementneeds.Cree,swifeenjoysdonatingtophilanthropiccauses.Shecurrentlydona
11、tes$10,000peryear,butbythetimeCreeretires,shehopestoincreasethisamountto$30,000peryear.Creecollectsantiquefurnitureandbudgets$15,000peryearforadditionstohiscollection.Hementionsthatthisyearzsantiquepurchasewillbehisnextlargeexpenseandcurrentlyhasthehighestpriorityofallhisgoals.2.Discusstheissuesrela
12、tingtoCree,s:i.goalquantification.ii.igoalprioritization.Solution:Withrespecttogoalquantification,Creehasquantifiedhisretirementspendingneeds,thecosttomaintainhisantiquepurchases,andhiswifesphilanthropicsupport.McZhaoshouldworkwithCreetohelpestimatethecostsforhischildren*suniversityexpensesandwhathe
13、expectstopayfortheinvestmentproperty.Withrespecttogoalprioritization,eventhoughCreebelievesthathishighestpriorityishisnextbigexpense($15,000forthisyearsadditionstohisantiquecollection),thetimingofthatexpenseshouldnotbethesoledeterminantofitspriority.McZhaoneedstodiscusswithCreewhichofhisgoalsaremost
14、important.ThepurchasesofexpensiveantiquesandthelargephilanthropiccontributionsmayadverselyaffectCreesabilitytofundhisretirementlifestyle.Therefore,McZhaoshouldhelpCreeconsiderreevaluatinghispriorities.McZhaocontinuesthediscussionwithCreeinordertoevaluatehisdegreeofrisktoleranceassociatedwitheachofth
15、efollowingindividualgoals:Retirement:Creeconsidersretirementalong-termgoalandiswillingtoendurea10%dropinexpectedretirementspending.However,heisveryconcernedwithhavingsufficientfundstocovermedicalexpenses.Investmentproperty:Creeseestheinvestmentpropertyasasourceofstableincome,soitisveryimportanttohim
16、topurchasethebuilding.Herealizesthatmaintenanceandrepairexpenseswillbenecessary,andhealsoconsidersthoseveryimportantPhilanthropy:Cree,swifestronglyinfluenceshimtofundherphilanthropiccauses,andhewantsmaintainher$10,000peryearcontributionsandnotincreasethatamount.Antiquefurniture:Creeiswillingtoreduce
17、oreliminatehisspendingonantiquefurniture.3.DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.GoalDegreeofRiskToleranceJustificationRetirementL
18、owerHigherInvestmentPropertyLowerHigherPhilanthropyLowerHigherAntiqueFurnitureLowerHigherSolution:DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.GoalDegreeofRiskToleranceJustificationRetirementLowerRetirementisalong-termgoal.Creeiswillingtoinc
19、uramoderatedropinhisplannedexpenses,sohelikelyhasahigherrisktoleranceforthatgoal.Creeisconcernedaboutpayingfuturemedicalexpensesinretirement,andsincehisretirementisstill17yearsinthefuture,helikelyhasahigherrisktolerancewiththemedicalexpensesgoal.HigherInvestmentPropertyLowerBecausetheinvestmentprope
20、rtyisanimportantnear-termgoal,Creelikelyhasalowerrisktolerancewiththisgoal.Similarly,helikelyhasalowerrisktolerancewiththegoaloffundingmaintenanceandrepairsfortheproperty.HigherPhilanthropyLowerCree,swifesinfluenceregardingtheirphilanthropicgivingmakesCreeunwillingtostophiscontributionscompletely,bu
21、theHigherbelievesshewillacceptmaintainingtheircontributionsratherthanincreasingthemsubstantially.Asaresult,Creelikelyhasahigherrisktolerancewiththisgoal.AntiqueFurnitureLowerHigherCreeislikelyhighlyrisktolerantwithhisgoalofpurchasingantiquefurniture,becauseheiswillingtocutthatexpensealtogether.Case2
22、:SharfeptoZikSharfeptoZ汰，aprivatewealthmanager,ismeetingwithaclient,GarbanzoPatel,inordertocreateaninvestmentpolicystatement(IPS)forPatel,supcomingretirement.Patelestimatesthathewillrequire200,000peryear,withannualincreasesforinflation,duringretirement.Patel,sprimaryspendinggoalsduringretirementaret
23、oprovideforhisfamily,sneedsandmaintainhisretirementlifestyle.Hissecondarygoalsaretofundhisphilanthropicactivitiesandleaveasignificantinheritancetohischildren.Duringhisretirement,Patelwillreceiveunionpensionpaymentsof50,000peryearwithannualincreasesforinflation.Inhissparetime,Patelrunsasmallbusinesst
24、hatprovideshimwithanannualincomeof120,000andisvaluedat1million.Hewillcontinuerunninghisbusinessduringretirement.Patelholdsaportfolioofsecuritiesvaluedatapproximately4million.Theportfolioprimarilycontainsdividend-payingstocksandinterest-bearingbonds.Patelhasreinvestedallthesedistributionsbackintohisp
25、ortfoliobutanticipatesthatafterretirementhemayneedtousesomeofthedistributionstofundhisexpenses.Patelplanstobuyavacationhomeinthreeyears.Hisbudgetforthevacationhomeisapproximately1.4million.Patelhasnotdecidedyethowhewillfundthispurchase.1.PreparetheInvestmentObjectivessectionofPateKsIPS.Solution:Purp
26、ose:SupportPatel,slifestyleinretirement(higherpriority),provideforfamily*sneeds(higherpriority),fundphilanthropicactivities(lowerpriority),provideinheritanceforchildren(lowerpriority)Anticipatedannualneed:200,000,withannualincreasesforinflationAnnualneedmetwith:Incomefromsmallbusiness(approx.120,000
27、),pension(50,000withannualinflationincreases),portfoliodistributionsIntenttopurchaseof1.4millionvacationhomeinthreeyearsZikshouldassistinquantifyingphilanthropicandbequestgoalsanddetermininghowtofundthevacationhomepurchase.ThepurposeofthisportfolioistosupportGarbanzoPateKslifestyleinretirement,topro
28、videforhisfamily,sneedsztofundhisphilanthropicactivities,andtoprovideaninheritanceforhischildren.Patelsprimaryobjectiveistoprovideforhisfamilysneedsandsupporthislifestyleduringhisretirement.Thephilanthropicandbequestobjectivesarelowerpriorities.Tomeetallhisobjectives,Patelanticipatesneeding200,000pe
29、ryear,withannualincreasesforinflation.Hiscashneedswillbeprimarilysatisfiedthroughincomefromhissmallbusinessofapproximately120,000peryearandhisunionpensionpaymentsof50,000peryear.Thebytakingdistributionsfromhisportfolio.Patelalsointendstopurchaseavacationhomeinthreeyearsandplanstopayapproximately1.4m
30、illion.Patelhasnotarticulatedspecificamountsforhisphilanthropicactivitiesorhischildrensinheritances.ZikshouldworkwithPateltoquantifyhisphilanthropicandbequestgoalsandtodecideonthebestwaytofundthepurchaseofhisvacationhome,PatelhasbeenworkingwithZikfor10years.Atthebeginningofthe10-yearperiod,Zikforeca
31、stedthattheequitiesinPatesportfoliowouldoutperformtheirbenchmarkandthatthebondswouldmatchtheirbenchmark.Now,attheendofthe10-yearperiod,equitieshaveoutperformedthebenchmark,butwithhighervolatilitythanthebenchmark.Inaddition,thebondsintheportfoliomatchedtheirbenchmarkperformance,butwithlowervolatility
32、thanthebenchmark.However,returnsandvolatilityarewithinIPSspecificationsforbothequitiesandbonds.PatelstatedhisgoalstoZikatthebeginningofthe10-yearperiodandhasnotchangedthem.Patelsplanistoretirethisyear,andhewantstobeabletosupportaspecifiedannualspendinglevel.Zik,soriginalcapitalsufficiencyanalysismod
33、eleda6%rateofreturn,andPatel,sportfoliohasearnedslightlymorethanthatoverthe10-yearperiod.Zik,smostrecentcapitalsufficiencyanalysisshowsthattheportfolioandstrategyareverylikelytomeetPatesneedsashetransitionsintoretirement.ZikhasfollowedtheguidelinesstatedintheoriginalIPSintermsofrebalancingtheportfol
34、io,maintaininganongoingdialogwithPatel,andcoordinatingthestrategywithPatelsretirementandphilanthropicgoals.Althoughfeeshaveremainedunchangedatl%zZikhasbeenabletoreduceexpensesforequitiesby20bpsandforbondsby12bps.2.EvaluatethesuccessofZikzsinvestmentprogramforPatelintermsof:i.goalachievement.ii.proce
35、ssconsistency.iii.portfolioperformance.Solution:Byallthreecriteria,Zikhasbeensuccessful.Goalachievement:PateKsportfoliohasachieveditsgoalswithanacceptableamountofrisk;itsreturnandvolatilityhaveremainedwithintheoriginalIPSspecifications.Theportfolioremainslikelytosucceedasanongoingstrategy,withoutmea
36、ningfulisverylikelytomeetPateKsretirementneeds.Processconsistency:ZikhasfollowedtheguidelinesstatedintheoriginalIPS,hasmaintainedanongoingdialoguewithPatel,hascoordinatedthestrategywithPatesretirementandphilanthropicgoals,andhasevenmanagedtoreduceexpenses.Portfolioperformance(overthe10-yeartimehoriz
37、on):TheequityportionofPateKsportfoliooutperformeditsbenchmarkbuthadhighervolatilitythanthebenchmark.Thebondportionoftheportfoliomatcheditsbenchmarkbuthadlowervolatilitythanthebenchmark.TheperformanceofbothequitiesandbondsremainedwithintheoriginalIPSspecifications.Fortheoverallportfolio,Ziktargeteda6
38、%rateofreturn,andtheportfoliohasslightlyexceededthatlevelovertheperiod.Aftereveryregularmonthlyrebalancing,ZiksendsanemailtoPatelwithaportfolioreport.Zik,sportfolioreportcontainsthefollowing:AnassetallocationreportthatreflectsstrategicassetallocationtargetsAdetailedperformancereportthatincludesindiv
39、idualassetclassandsecurityperformanceAyear-to-dateperformancesummaryreportandahistoricalperformancereportstartingfromtheinceptionofPatesinvestmentstrategy1.RecommendadditionalinformationthatZikcouldprovidetoenhancehisportfolioreportsforPatel.Solution:Zikzsportfolioreportingcanbemademoreeffectivebyin
40、cludingthefollowingitems:Atransactiondetailsreportshowingcontributions,withdrawals,interestanddividends,andcapitalappreciationforthecurrentperiodApurchaseandsalereportforthecurrentperiodCurrencyexposurereportdetailingtheeffectsofexchangeratefluctuationsAbenchmarkreportthatshowstheperformanceofPatese
41、quityandbondportfoliosrelativetotheirrespectivebenchmarksandtheoverallportfolioperformancerelativetoablendedbenchmark(basedonweightsthatareappropriateforPateKsholdings)Anaccompanyingletterthatprovidesmarketcommentary,investmentcontext,education,andotheradviceCase3:ValSiliValSili,age22zhasjustgraduat
42、edfromcollegeandbeginsmakingambitiousfuturefinancialplans.Thefourstagesofhisplanaresummarizedbelow.Siliwouldliketohaveoutsidefinancialadviceateachofthesestages.Stage1Age22-26:Siliplanstoworkasasoftwaredeveloperinastartupcompany,wherehewillearnbothasalaryandstockoptions.Hewillsaveasmuchashecantoinves
43、t,buthisportfoliowillberelativelysmall,andhewillbewillingtopayonlylowmanagementfees.Siliwouldliketouseasophisticatedmean-varianceoptimizationtechniqueforassetallocation,althoughhewilllimithisinvestmentstoexchange-tradedfundsandmutualfunds.Stage2Age26-30:Siliwillhavereachedamoreseniorpositioninthecom
44、pany.Heplanstohaveaccumulatedassetsof$350,000,andhisinvestmentfocuswillbeonbuildinghisportfolio.Siliwillwanthelpwithhisincreasingfinancialplanningneedsandwillbeabletoaffordthefeesofaprofessionalwealthmanager.Stage3Age30-36:Siliplanstoexercisehisstockoptionstobuyalargequantityofthecompan/sstockatapri
45、cesignificantlybelowitsmarketvalue.Theproceedsshouldincreasehisportfoliovalueto$8million.Siliwillquithisjobtostarthisownsoftwarecompany.Siliwillbeinterestedinmoresophisticatedinvestmentswithlongertimehorizons,greaterrisk,andlessliquidity.Hewillalsowantspecializedadvisersfortaxes,legalissues,andinves
46、tmentstrategies.Stage4AfterAge36:Siliwillsellhissoftwarecompanyfor$200millionandretire.Hewillspendhisretirementtravelingonhisprivatejetandcollectingartworkforhiscollection;therefore,hewillneedadviceonacquiringhigh-endassets.Thesubstantialincreaseinthevalueofhisinvestmentportfoliowillallowhimtohaveam
47、ulti-generationaltimehorizon.Hewillrequireawiderrangeofinvestmentadvisoryservices,includingcomplextaxplanning,estateplanning,andbillpaymentservices.1.DeterminetheclientsegmentoradvisertypethatismostappropriateforeachstageofSilsplan.Justifyeachresponse.Determinetheclientsegmentoradvisertypethatismost
48、appropriateforeachstageofSilisplan.Justifyeachresponse.StageI-Age22-26ClientSegment/AdviserType:Justification:Stage2Age26-30ClientSegment/AdviserType:Justification:Stage3Age30-36ClientSegment/AdviserType:Justification:Stage4AfterAge36ClientSegment/AdviserType:Justification:Solution:DeterminetheclientsegmentoradvisertypethatismostappropriateforeachstageofSilisplan.Justifyeachresponse.StageI-Age2226ClientSegment/AdviserType:Robo-Adviser(partofthemassaffluentclientsegment)Justification:Robo-adviserssupportadvanc
