CFA三级知识点必备：Private wealth management 标准版.docx

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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:PortfoliOreturnassumption,thecurrentvalueoftheportfolio,antici