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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 Forecasting MethodPortfolio growth in a deterministic model occurs in a straight-line manner.Inputs: a RortfOliOrretIJrTl assumption, the current value of the portfolio, anticipated fut
