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1、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
2、)ConstraintsTimehorizonaShortertimehorizontheoreticallyinfiniteScalesmaller(morelimitations)largertaxableincomemaybemoreTaxessignificantandcomplexfavoredbyatax-exemptinstitutionOtherDistinctionsInvestmentlessformalgovernanceInformationNeededinAdvisingPrivateClientsPersonalInformationFinancialInforma
3、tionPrivateCIientTaxConsiderationsCIientGoaIsPrivateClientRiskToleranceTechnicalandSoftSkillsforWealthManagers2.1InformationNeededinAdvisingPrivateClientsPrivateClientTaxConsiderations-BasicTaxStrategiesTaxavoidance./SomecountriesallowinvestorstocontributelimitedamountstoCertainaccountsthatpermittax
4、-freeearningsandfuturewithdrawals.AnotherexampleoftaxavoidanceinvolvesvariousWealthtrxafertechniqueu.Taxreduction./tax-exemptbonds;tax-efficientassetclassesTaxdeferral./BydofeingthorecognitionOfCortclintaxesuntilalaterdate,clientscanbenefitfromcompoundingportfolioreturnsthatarenotdiminishedbyperiodi
5、ctaxpayments./Someinvestorsinapregfessiveta*SVStemmayalsoseektodefertaxesbecausetheyanticipatelowerfuturetaxrates./limitportfolioturnover.2.2ClientGoalsFinancialgoalsarenotalwaysapparent,defined,ormeasurable:theymaybeexpressedbyclientsasWiSh色与dtirc,Or口Gpircitiong.PlannedGoals:Plannedgoalsarethosetha
6、tConbe;reo-onciblyestimatedorquntifisdwithinanexpectedtimehorizon./Retirement.Maintainingacomfortablelifestylebeyondtheirworkingyearsisagoalformostclients./Specificpurchases.Clientgoalsmayfocusonspecificpurchases,whichtendtobeafunctionofthelevelofwealthand/orstageoflife./Education.Clientsoftenwishto
7、fundtheirchildrenseducation./Familyevents.(e.g.weddings)/Wealthtransfer.Whenclientshaveadefiniteamountofinheritancethattheywishtotransfer,thisgoalmayneedtobeprioritizedoverothergoals.6-49/Philanthropy.Clientsoftenwishtomakecharitabledonationsduringoraftertheirlifetime.专业创新增值一2.2ClientGoalsUnplannedG
8、oals:UnplannedgoalsarethoserelatedtoUnforeSeenfinancialneeds.(difficulttoestimatethetimingandtheamountoffundingneeded)，Propertyrepairs.Althoughhouseholdsmaybeinsuredagainstlossesorcatastrophes,clientsmayfaceadditionalspendingneedsifinsurancedoesnotfullyCOVerHUChevents./Medicalexpenses.Privateclienth
9、ouseholdsnormallyhavemedicalinsuranceforillnessorhospitalization,buthealthinsurancem”notCoVerallmedicalexpenses.Arelatedissueinsomelocationsisthepotentialcostofeldercareforoneselforonesfamilymembers./Otherunforeseenspending.Whenestablishingclientgoals,privatewealthmanagersconsidergoalquantification,
10、goalprioritization,andgoalchanges.2.3PrivateClientRiskToleranceKeytermsforasetofrisk-relatedconcepts:Risktolerancereferstothelevelofriskanindividualiswillingandabletobear.Risktoleranceistheinverseofriskaversion.Riskcapacityistheabilitytoacceptfinancialrisk.Thekeydifferencebetweenriskcapacityandriskt
11、oleranceisthatriskcapacityismoreobjectiveinnature,whilerisktolerancerelatestoanattitude.Riskperceptionisanindividualssubjectiveassessmentoftheriskinvolvedinaninvestmentdecisionsoutcome./Howaclientperceivestheriskinessofaninvestmentdecisionortheinvestmentclimatedependsonthecircumstancesinvolved.2.4Te
12、chnicalandSoftSkillsforWealthManagers/TechnicalSkillsTechnicalskillsrepresentthespecializedknowledgeandexpertisenecessarytoprovideinvestmentadvicetoprivateclients.Capitalmarketsproficiency.Portfolioconstructionability.Financialplanningknowledge.Quantitativeskills.Technologyskills.、Languagefluency./S
13、oftSkills(non-technical)Softskillstypicallyinvolveinterpersonalrelationshipsthatis,theabilitytoeffectivelyinteractwithothers.Communicationskills,Socialskills.Educationandcoachingskills,Businessdevelopmentandsalesskills.2. Private WealthManagement (2)行业创新增值3.InvestmentplanningAfterdevelopinganUndeRSt
14、endingoftheirclients,wealthmanagersbegintheprocessofhelpingclientsmeettheirobjectives.CapitalSufficiencyAnalysisRetirementPlanningInvestmentpolicystatementMethodsforEvaluatingCapitalSufficiencyDeterministicForecastingMethod，Portfoliogrowthinadeterministicmodeloccursinastraight-linemanner./Inputs:Por
15、tfoliOreturnassumption,thecurrentvalueoftheportfolio,anticipatedfutureContributionstotheportfolio,andcashflowsfromtheportfoliothatrepresentclientneeds(accordingtotheclientsgoals)./Whilesimpletounderstand,thedeterministicmethodistypicallyunrealisticwithrespecttothevariabilityinpotentialfutureoutcomes
16、.MethodsforEvaluatingCapitalSufficiencyMonteCarlosimulation，MonteCarlosimulationallowsawealthmanagertomodoltheUnCertGintyCIfseveralkeyVdriGbIegand,therefore,theuncertaintyorvariabilityinthefutureoutcome.MonteCarlosimulationgeneratesrandomoutcomesaccordingtoassumedprobabilitydistributionsforthesekeyv
17、ariables./Inputs:SomeMonteCarlosimulationsoftwarerequiresSePeleterssetel-asumptionssuchassimpleaveragereturn,standarddeviation,andcorrelationwithotherportfolioassetclassesratherthanassumptionsattheallpafoliolevel.InterpretingMonteCarloSimulationResultsMonteCarloSimulationResultsPercentileYear10Year1
18、5Year20PortfoliOValUePOrtfOliOValUePortfolioValUe5th$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$197,179($264,048)($1,402,608SUCCeSSfUlTrialS98%88%69%Thetablealsoshowsthepercentageoftrialsatagivenhorizoninwhichthecli
19、entsuccessfullyachievedherobjective.Wealthmanagerstendtoguideclientstowarda75%-90%probabilityofsuccess,althoughaomdH5trsrdafdmageexists.3.2RetirementPlanning:MortalityTablesAmortalitytableindicatesindividuallifeexpectanciesatspecifiedages.Inpractice,awealthmanagercanuseamortalitytabletoestimatethepr
20、esentvalueofaclientsretirementspendingneedsbyassigningassociatedprobabilitiesbasedonlifeexpectancytoannualexpectedcashoutflows.Onepotentialdrawbacktousingmortalitytablesisthatanindividualclientsprobabilityoflivingtoacertainagemayexeed-that-f4he-geReFalpopulation.PlanYearClientAgeLifeExpectancySurviv
21、alProbability07217327437547657712.0100%11.497%10.893%10.290%9.786%9.182%15-493.2RetirementPlanning:AnnuitiesAnnuitiesprovideaSeneSOffixedpayments,eitherforlifeorforaspecifiedperiod,inexchangeforalumpsumpayment.ArelativelysewayCGlCUliatingthePreSentValUeofaclientsdesiredretirementspendingisbypricinga
22、nannuity.Twobasicformsaretheimmediateannuityandthedeferredannuity.Withanmmed+teRRHty,anindividual(calledtheannuitant)paysaninitiallumpsum,typicallytoaninsurancecompany,inreturnforaguaranteeofspecifiedfuturemonthlypaymentsbeginningimmediatelyoveraspecifiedperiodoftime.WithadefFFe44=HHy,thespecifiedfu
23、turemonthlypaymentsbeginatalaterdate./Lifeannuitiesarethoseinwhichtheincomestreamcontinuesaslongastheannuitantlives.Lifeannuitieshelptomitigatelongevityrisk.3.2BehavioralConsiderationsinRetirementPlanningHeightenedlossaversion.Somestudiessuggestthatretireesaremuchmoreloss-aversethanyoungerinvestors.
24、Consumptiongaps.Duetolossaversionanduncertaintyaboutfuturefinancialneeds,manyretireesSPendlessthaneconomistsWoUldpredict,resultinginagapbetweenactualandpotentialconsumption.Theannuitypuzzle.Whileannuitiescanhelptomitigatelongevityriskand,insomecases,mayimprovetheprobabilityofretireesmeetingtheirspen
25、dingobjectives,individualstendnottoprefertoinvestinannuities.ExplanationsforthepuzzleincludeinvestorsreluctancetogiveUPhopeCIfSUbStantillifestyleimprovement,theirdislikeoflosingcontrolovertheassets,and,inmanycases,thehgheofannuities.4InvestmentpolicystatementTheinvestmentpolicystatement(IPS)isawritt
26、enplanningdocumentthatdescribesaclientsinvestmentobjectivesandrisktoleranceoverarelevanttimehorizon,alongwiththeconstraintsthatapplytotheclientsportfolio.TheIPSisalsoanoperatingmanual,listingkeyongoingmanagementresponsibilities.AdvantagesOneadvantageisthattheIPSencouragesinvestmentdisciplineandreinf
27、orcestheclientscommitmenttofollowthestrategy.AsecondadvantageisthattheIPSfocusesonlong-termgoalsratherthanshort-termperformance. 4 Investment policy statementBackground and Investment ObjectivesRisk ToleranceInvestment Time HorizonInvestment Parameters Asset Class PreferencesLiquidity PreferencesCon
28、straintsPortfolio Asset Allocation Strategic Asset AllocationTactical Asset Allocation,一Portfolio Management Discretionary AuthorityRebalancingTactical ChangesImplementationDuties and ResponsibilitiesWealth Manager Responsibilities IPS ReviewIPS AppendixModeledPortfolioBehaviorCapitalMarketExpectati
29、ons5.2PortfolioReportingandReview-._、,.PortfolioReporting/PortfolioReportingPortfolio reporting involves periodically providing clients with information about their investment portfolio and performance.Reflect strategic asset allocation targets;Detailed performance report; Historical performance rep
30、ort; Contribution and withdrawal report; Purchase and sale report;Currency exposure report;Inherent conflict between the clientsinvestment horizon and performance evaluation horizon; Goals-based investing - focus on the clients progress toward a goal; Benchmark reports.Portfolio reviews provide an o
31、pportunity for the wealth manager to revisit the client,s investment plan and reinforce the appropriateness of the strategy. Revisit the client,s investment plan and reinforce the appropriateness of the strategy; Inquires about any changes in the clients objectives, risk tolerance, or time horizon;
32、Comparison of the clients asset allocation to the target allocation.The ke difference between portfolio reporting and portfolio review is that the wealth manager is more actively engaged in a review.写业创新愕Il_5.3EvaluatingtheSuccessofanInvestmentProgramGoalAchievement.Asuccessfulinvestmentprogramforap
33、rivateclientisonethatachievestheclientsgoals/objectiveswithanacceptableamountofrisk.Theclientshouldremainlikelytomeethisorherlong-termobjectiveswithoutmeaningfuladjustmentstotheplan.ProcessConsistency.APortfolioPerformance.absoluteorrelativebenchmarkactualdownsideriskADefinitionsofSuccess.7.PrivateC
34、lientSegmentsSummarySegmentsAsset1.evelservicepersonnelCharacteristicsRobo-advisorsless$250,000Robo-advisorslow-cost;smallportfolio;MVO;ETF;mutualfund;MassAffluent$250,000to$1millionprofessionalwealthmanagerbuildtheirportfolio;financialplanningneeds;noncustomized;High-Net-Worth$1millionto$50millions
35、pecializedadvisersmorecustomizedstrategies;taxplanning;wealthtransferissues;Ultra-High-Net-Worthover$50millionawiderrangeofserviceneedscomplextaxsituations,estateplanning,billpayment,conciergeservices,travelplanning,andadviceonacquiringhigh-endassets;familyoffice.专业创新憎值一Il施同三lll6mz一UIUUOUL1JXH-dE-sm
36、TaxesandPrivateWealthManagementInvestmentincometax(accrualtaxes):FVIFit=1+R(1-T1)nDeferredcapitalgainstax(MV=costbasis):FVIFcgf=(1+R)n(1-TJ+TcgDeferredcapitalgainstax(MVcostbasis)：FVIFcgf=(1+R)n(1-TJ+TccWealth-basedtax:FVIFwt=(1+R)(1-Tw)nReturnafterrealizedtaxes:Rart=R(1-PT-P0Td-PcgTcg)Accrualequiva
37、lentafter-taxreturn:Accrualequivalenttaxrate:TAE=I-Rae/RTaxdragInvestmentincometax(accrualtaxes):taxdragtaxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturn-greatertaxdragDeferredcapitalgainstax:Taxdrag=Taxratelongerinvestmenthorizonkunchangedtaxdrag,butIargervalueoftaxdeferredhigherin
38、vestmentreturnunchangedtaxdrag,butIargervalueoftaxdeferredWealth-basedtax:TaxdragTaxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturrlowertaxdrag专业创新，tS三_ACCrUalTaXationAccrualtaxesarepaidperiodically(e.g.,annually)(1+R)-RxTn1+R(I-T)nFuturevalueAT=PV1+R(1-T)nTaxesarepaideachperiod,soth
39、eperiodicreturnontheaccountistheafter-taxreturn,R(I-T)Theamountoftaxremovedfromtheaccounteachperioddoesnotearnfuture(compounded)returnsThereductioninreturncausedbythepaymentoftaxesisreferredtoastaxdragAccrualTax1,Taxdrag%taxrate2,Investmenthorizonincrease=taxdrag$&%increase3,Investmentreturnincrease
40、=taxdrag$&%increaseDeferredcapitalgaintaxCost basis However, the cost basis is often different from the investments 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 equ
41、al, 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):FVlFCGw加=(1+R1-TCG) + TCGB= (1+R)n (I-Tcg)+ Tcg-(I-B)TcgUsingTcgasth
42、etaxrateoncapitalgains,theafter-taxfuturevalueinterestfactorfordeferredcapitalgains(FVIFcgt)is:FVIFcgt=(1+R)n-(1+R)1xTc6=(1+R)n-Tcgx(1+R)n+TCGW(l+R)N(I-TC点+1qJSummarizingthesamethreerelationshipsweexaminedforaccrualtaxes,weseethattheyarequitedifferentwhencapitalgainstaxesareappliedonadeferredbasis:1
43、.Taxdrag%=taxrate.2.Astheinvestmenthorizonincreases=taxdrag%isunchanged.3.Astheinvestmentreturnincreases=taxdrag%isunchanged.Inaddition,whentaxesaredeferred:4.Asinvestmenthorizonincreases=thevalueofthetaxdeferralincreases.5.Asinvestmentreturnincreases=thevalueofthetaxdeferralincreases.Wealth-basedta
44、xesInsomecountries,wealth-basedtaxesareassessedannually(similartoaccrualincometaxes)onthevalueofassetsheld.Unlikeaccrualtaxesandcapitalgainstaxes,whicharepaidonjusttheinvestmentreturn,wealth-basedtaxesareappliedtoboththeprincipalandreturn.Theyaremostoftenappliedtorealestate,asintheU.K.Fortunatelythe
45、wealth-basedtaxrateisusuallylowerinpercentagetermsthanaccrualandcapitalgainstaxrates.ContinuingthenotationfrombeforeexceptthatTWisthewealth-basedtaxrate,thefuturevalueinterestfactorafterthewealth-basedtax(FVIFwt)is:FVIFw=(1R)(1-T)nForwealth-basedtaxes,thethreeprimaryrelationshipscanbesummarizedas:1.Taxdrag%taxrate.2.Asinve
