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1、CFAII并IJ 口茶盲部人JO2-49，PrivateWealthv-Management1.PrivateWealthManagementIvMW国新11值1.PrivateClientsversusInstitutionalClientsSummaryPrivateclientsInstitutionalclientsInvestmentobjectivesdiverseinvestmentobjectives(maynotbeclearlydefinedorquantified)specific,clearlydefinedinvestmentobjectivesTimehorizon
2、aShortertimehorizontheoreticallyinfiniteConstraintsScalesmaller(morelimitations)largerTaxessignificantandcomplextaxableincomemaybemorefavoredbyatax-exemptinstitutionInvestmentGovernancelessformalgovernancestructureformalgovernancestructureOtherDistinctionsInvestmentSophisticationemotionalahigherdegr
3、ee(moreinvestmentresources)RegulationseparateregulatorsorsharedregulatorystructureUniquenessandComplexitySimilarfinancialandobjective,differentinvestmentstrategiesSimilarobjective,similarstrategies*492.UnderstandingPrivateClientsInformationNeededinAdvisingPrivateClientsPersonalInformationFinancialIn
4、formationPrivateClientTaxConsiderationsCIientGoaIsPrivateClientRiskToleranceTechnicalandSoftSkillsforWealthManagers2.1InformationNeededinAdvisingPrivateClientsPrivateClientTaxConsiderations-BasicTaxStrategiesTaxavoidance.SomecountriesallowinvestorstocontributelimitedamountstoCertainaccountsthatpermi
5、ttax-freeearningsandfuturewithdrawals.AnotherexampleoftaxavoidanceinvolvesvariousWealthtransferechniues.Taxreduction.tax-exemptbonds；tax-efficientassetclassesTaxdeferral.BYdeferringtherecognitionOfCertaintaxesuntilalaterdate,clientscanbenefitfromcompoundingportfolioreturnsthatarenotdiminishedbyperio
6、dictaxpayments.SomeinvestorsinaProgreSSiVetaxSySteEmayalsoseektodefertaxesbecausetheyanticipatelowerfuturetaxrates.5-49limitportfolioturnover.雪生国新IBIi_2.2ClientGoalsFinancialgoalsarenotalwaysapparent,defined,ormeasurable:theymaybeexpressedbyclientsaswishes,desires,Oraspirations.PlannedGoals:Plannedg
7、oalsarethosethatCanbereasonablyestimatedorquantifiedwithinanexpectedtimehorizon.Retirement.Maintainingacomfortablelifestylebeyondtheirworkingyearsisagoalformostclients.Specificpurchases.Clientgoalsmayfocusonspecificpurchases,whichtendtobeafunctionofthelevelofwealthand/orstageoflife.Education.Clients
8、oftenwishtofundtheirchildrenseducation.Familyevents.(e.g.weddings)Wealthtransfer.Whenclientshaveadefiniteamountofinheritancethattheywishtotransfer,thisgoalmayneedtobeprioritizedoverothergoals.Philanthropy.Clientsoftenwishtomakecharitabledonationsduringoraftertheirlifetime.2.2ClientGoalsUnplannedGoal
9、s:Unplannedgoalsarethoserelatedtounforeseenfinancialneeds.(difficulttoestimatethetimingandtheamountoffundingneeded)Propertyrepairs.Althoughhouseholdsmaybeinsuredagainstlossesorcatastrophes,clientsmayfaceadditionalspendingneedsifinsurancedoesnotfullyc。VerSUCheverts.Medicalexpenses.Privateclienthouseh
10、oldsnormallyhavemedicalinsuranceforillnessorhospitalization,buthealthinsurancemavnotCoVerallmedicalexpenses.Arelatedissueinsomelocationsisthepotentialcostofeldercareforoneselforonesfamilymembers.Otherunforeseenspending.Whenestablishingclientgoals,privatewealthmanagersconsidergoalquantification,goalp
11、rioritization,andgoalchanges.749HMHM言业JI.信僵.2.3PrivateClientRiskToleranceKeytermsforasetofrisk-relatedconcepts:Risktolerancereferstothelevelofriskanindividualiswillingandabletobear.Risktoleranceistheinverseofriskaversion.Riskcapacityistheabilitytoacceptfinancialrisk.Thekeydifferencebetweenriskcapaci
12、tyandrisktoleranceisthatriskcapacityismoreobjectiveinnature,whilerisktolerancerelatestoanattitude.Riskperceptionisanindividualssubjectiveassessmentoftheriskinvolvedinaninvestmentdecision*soutcome.Howaclientperceivestheriskinessofaninvestmentdecisionortheinvestmentclimatedependsonthecircumstancesinvo
13、lved.2.4TechnicalandSoftSkillsforWealthManagerszTechnicaISkillsTechnicalskillsrepresentthespecializedknowledgeandexpertisenecessarytoprovideinvestmentadvicetoprivateclients.Capitalmarketsproficiency.Portfolioconstructionability.Financialplanningknowledge.Quantitativeskills.Technologyskills.、Language
14、fluency.，SoftSkills(non*technical)ISoftskillstypicallyinvolveinterpersonalrelationshipsthatis,theabilitytoeffectivelyinteractwithothers.Communicationskills.ISocialskills.Educationandcoachingskills.、Businessdevelopmentandsalesskills.2.PrivateWealthManagement2v10-49M亚国新 IBU 3. Investment planningAfter
15、 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 Fore
16、casting MethodPortfolio growth in a deterministic model occurs in a straight-line manner.Inputs: a RortfOliOrretIJrTl assumption, the current value of the portfolio, anticipated future Contributionsto the portfolio, and cash flows from the portfolio that represent client needs (according to the clie
17、nts goals).While Simpleto understand, the deterministic method is typically unrealistic with respect to the variability in potential future outcomes.3.1CapitalSufficiencyAnalysisMethodsforEvaluatingCapitalSufficiencyMonteCarlosimulationMonteCarlosimulationallowsawealthmanagertomodeltheUnCertaintYOfS
18、eVeralkrvvariablesand,therefore,theuncertaintyorvariabilityinthefutureoutcome.MonteCarlosimulationgeneratesrandomoutcomesaccordingtoassumedprobabilitydistributionsforthesekeyvariables.Inputs:SomeMonteCarlosimulationsoftwarerequiresSePaQteassetclassassumptions-SUChassimpleaveragereturn,standarddeviat
19、ion,andcorrelationwithotherportfolioassetclassesratherthanassumptionsattheOVerallPOrtfoliolevel.3.1CapitalSufficiencyAnalysisInterpretingMonteCarloSimulationResultsMonteCarloSimulationResultsPercentileYear10Year15Year20PortfolioValuePortfolioValuePortfolioValue5th$3,519,828$3,651,264$3,647,32825th$1
20、,981,861$1,698,449$1,530,37250th$1,239,837$843,820$569,97475th$765,821$305,126($249,205)95th$197,17?$264.048!$1402.608)SuccessfulTrials98%88%69%Thetablealsoshowsthepercentageoftrialsatagivenhorizoninwhichtheclientsuccessfullyachievedherobjective.Wealthmanagerstendtoguideclientstowarda75%-90%probabil
21、ityofsuccess,althoughnoindustrystandardra11Reexists.3.2RetirementPlanning:MortalityTablesAmortalitytableindicatesindividuallifeexpectanciesatspecifiedages.Inpractice,awealthmanagercanuseamortalitytabletoestimatethepresentvalueofaclientsretirementspendingneedsbyassigningassociatedprobabilitiesbasedon
22、lifeexpectancytoannualexpectedcashoutflows.Onepotentialdrawbacktousingmortalitytablesisthatanindividualclient,sprobabilityoflivingtoacertainagemayexceedthatOftheReneralPODuIation.PlanYearCIJentAgeLifeExpectancySurvivalProbabilityO7212.0oo%17311.497%27410.893%37510.290%4769.726%5779.182%-I5z493.2Reti
23、rementPlanning:AnnuitiesAnnuitiesprovideaSerieSOffixedpayments,eitherforlifeorforaspecifiedperiod,inexchangeforalumpsumpayment.ArelativelySimPIeWaYOfCalCUIatinHthepresentValreofaclientsdesiredretirementspendingisbypricinganannuity.TwobasicformsaretheImmediateannuityandthedeferredannuity.Withanimmedi
24、ateannuity,anindividual(calledthewannuitantw)paysaninitiallumpsum,typicallytoaninsurancecompany,inreturnforaguaranteeofspecifiedfuturemonthlypaymentsbeginningimmediatelyoveraspecifiedperiodoftime.Withadefeedannuity,thespecifiedfuturemonthlypaymentsbeginatalaterdate.1.ifeannuitiesarethoseinwhichthein
25、comestreamcontinuesaslongastheannuitantlives.Lifeannuitieshelptomitigatelongevityrisk.16-49IMHlM亚国WiIBU_3.2BehavioralConsiderationsinRetirementPlanningHeightenedlossaversion.Somestudiessuggestthatretireesaremuchmoreloss-aversethanyoungerinvestors.ConsumptiongapsDuetolossaversionanduncertaintyaboutfu
26、turefinancialneeds,manyretireesSDendIeSSthaneconomistsWOUldpredict,resultinginagapbetweenactualandpotentialconsumption.Theannuitypuzzle/Whileannuitiescanhelptomitigatelongevityriskand,insomecases,mayimprovetheprobabilityofretireesmeetingtheirspendingobjectives,Individualstendnottoprefertoinvestinann
27、uities.17-49ExplanationsforthepuzzleincludeinvestorsXelUetanCetoriveUPhopeOfSUbStantiallifSStyleimprovement,theirdislikeOfloSmgControlOVRrtheassets,and,inmanycases,thehimhCoStOfannuities.雪生国新IBU4InvestmentpolicystatementTheinvestmentpolicystatement(IPS)isawrittenplanningdocumentthatdescribesaclient,
28、sinvestmentobjectivesandrisktoleranceoverarelevanttimehorizon,alongwiththeconstraintsthatapplytotheclientsportfolio.TheIPSisalsoanoperatingmanual,listingkeyongoingmanagementresponsibilities.AdvantagesOneadvantageisthattheIPSencouragesinvestmentdisciplineandreinforcestheclientscommitmenttofollowthest
29、rategy.AsecondadvantageisthattheIPSfocusesonlong-termgoalsratherthanshort-termperformance.，4InvestmentpolicystatementInvestment P*r*mtrs WPortfolio Mn9mnt *Risk TOleranCe Investment Time Horizon Asset Class Preferences Liquidity Preferences ConstraintsBackground and Investment ObjectivesDiscretionar
30、y Authority Rebalancmg UctK4 Changes ImpiementattonWe*hh Manager Reiponsibilities IPS ReviewModeled Poafo1。BehaVlor IPS AppendixCapital Market ExpectationsStrategicAssetAllocationPortrolioAssetAllocationDW and RMponsibHitm19-49M业国i fill TdCJAs5Allocation5.2PortfolioReportingandReviewPortfolioReporti
31、ngPortfolioreportinginvolvesperiodicallyprovidingclientswithinformationabouttheirinvestmentportfolioandperformance.Reflectstrategicassetallocationtargets;Detailedperformancereport;Historicalperformancereport;Contributionandwithdrawalreport;Purchaseandsalereport;Currencyexposurereport;Inherentconflic
32、tbetweentheclient*sinvestmenthorizonandperformanceevaluationhorizon；Goalsbasedinvesting-focusonthecliet,sprogresstowardagoal;Benchmarkreports.PortfolioReportingPortfolioreviewsprovideanopportunityforthewealthmanagertorevisittheclientsinvestmentplanandreinforcetheappropriatenessofthestrategy.Revisitt
33、heclientsinvestmentplanandreinforcetheappropriatenessofthestrategy;Inquiresaboutanychangesintheclientsobjectives,risktolerarce,ortimehorizon;Comparisonoftheclientsassetallocationtothetargetallocation.Tbekeydifferencebetweenportfolioreportingandportfolioreviewisthatthewealthmanagerismoreactivelyengag
34、edinareview.20-49MW国新11.5.3EvaluatingtheSuccessofanInvestmentPrograrrTGoalAchievement.Asuccessfulinvestmentprogramforaprivateclientisonethatachievestheclientsgoals/objectiveswithanacceptableamountofrisk.Theclientshouldremainlikelytomeethisorherlong-termobjectiveswithoutmeaningfuladjustmentstotheplan
35、.ProcessConsistency.PortfolioPerformance.absoluteorrelativebenchmarkactualdownsideriskDefinitionsofSuccess.7.PrivateClientSegmentsSummaryM亚国新 IBU SegmentsAssetLevelservicepersonnelCharacteristicsRobo-advisorsless$250,000Robo-advisorslow-cost;smallportfolio;MVO;ETF;mutualfund;MassAffluent$250,000to$1
36、millionprofessionalwealthmanagerbuildtheirportfolio;financialplanningneeds;noncustomized;High-Net-Worth$1millionto$50millionspecializedadvisersmorecustomizedstrategies；taxplanning;wealthtransferissues;Ultra-High-Net-Worthover$50millionawiderrangeofserviceneedsmplextaxsituations,estateplanning,billpa
37、yment,nciergeservices,travelplanning,andadviceonacquiringhigh-endassets：familyoffice.23-493.SimpleTaxEnvironment雪生国新IBIi；TaxesandPrivateWealthManagementInvestmentincometax(accrualtaxes):FVIFn=1+R1-T1)nDeferredcapitalgainstax(MV=costbasis):FVIFcGf=(1+R)n(I-Tcg)+TcgDeferredcapitalgainstax(MVcostbasis)
38、FVFcgf=(1+R)n(I-Tog)J+TcgBWealth-basedtax:FVFw三(l+R)(1-Tw)nReturnafterrealizedtaxes:Rrt=R(1PT-P0Td-PCGTCG)Accrualequivalentafter-taxreturn:Accrualequivalenttaxrate:T三1-RaeRACTaxdragInvestmentincometax(accrualtaxes):taxdragtaxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturn*greatertaxd
39、ragDeferredcapitalgainstax:Taxdrag=Taxratelongerinvestmenthorizon.unchangedtaxdrag,butlargervalueoftaxdeferredhigherinvestmentreturnunchangedtaxdrag,butlargervalueoftaxdeferredWealth*basedtax:TaxdragTaxratelongerinvestmenthorizongreatertaxdraghigherinvestmentreturn*lowertaxdragACCrUalTaXationAccrual
40、taxesarepaidperiodically(e.g.,annually)(1+R)-RxTn=1R(I-T)nFuturevaluA=PV1+R(1-T)nTaxesarepaideachperiod,sotheperiodicreturnontheaccountistheafter-taxreturn,R(I-T)Theamountoftaxremovedfromtheaccounteachperioddoesnotearnfuture(compounded)returnsThereductioninreturncausedbythepaymentoftaxesisreferredto
41、astaxdragAccrualTax1,Taxdrag%taxrate2,Investmenthorizonincrease=taxdrag$&%increase3,Investmentreturnincrease=taxdrag$&%increaseDeferredcapitalgaintaxCostbasisHowever, the cost basis is often different from the investment current value. For example, the cost basis could be the original purchase price
42、 and the current value of $1,000 represents the original cost plus unrealized capital gains.All else equal, reducing the cost basis increases the realized capital gain, increases the amount of capital gains taxes due, and reduces the net selling price. Thus we modify our deferred capital gains tax f
43、ormula to account for the basis (B):FVlFCGL Hl+R)Na-TCG) + TcgB=(1+R)* (I-Tcg) + Tcg-(I-B)TcgU&ingTCGasthetaxrateoncapitalgains,theafter-taxfuturevalueinterestfactorfordeferredcapitalgainsFVFcgt)is：FVlFCGTWM-IlF!J*展=(1+M-展a+*TCG=HEU-MLSummarizingthesamethreerelationshipsweexaminedforaccrualtaxes,wes
44、eethattheyarequitedifferentwhenCaPitalgainstaxesareappliedonadeferredbasis：1.Taxdrag%=taxrate.2.Astheinvestmenthorizonincreasesntaxdrag%isunchanged.3.Astheinvestmentreturnincreases=taxdrag%isunchanged.Inaddition,whentaxesaredeferred:4.Asinvestmenthorizonincreasesnthevalueofthetaxdeferralincreases.26
45、-495.Asinvestmentreturnincreases=thevalueofthetaxdeferralincreases.宣我国新ISII一Wealth-basedtaxesInsomecountries,wealth-basedtaxesareassessedannually(similartoaccrualincometaxes)onthevalueofassetsheld.Unlikeaccrualtaxesandcapitalgainstaxes,whicharepaidonjusttheinvestmentreturn,wealth-basedtaxesareapplie
46、dtoboththeprincipalandreturn.Theyaremostoftenappliedtorealestate,asintheU.K.Fortunatelythewealth-basedtaxrateisusuallylowerinpercentagetermsthanaccrualandcapitalgainstaxrates.ContinuingthenotationfrombeforeexceptthatTWisthewealth-basedtaxrate,thefuturevalueinterestfactorafterthewealth-basedtax(FVIFwt)is:FVIFwi=(1+R)(1-Tw)nForwealth-basedtaxes,thethreeprimaryrelationshipscanbesummarizedas:1.Taxdrag%taxrate.2.Asinvestmenthorizonincreasesntaxdrag%andtaxdrag$increase.3.Asinvestmentreturnin
