Private Wealth: Wealth Management In Practice: 1 (CFA Institute Investment Perspectives) 1st Edition

Managing the assets of high-net-worth individuals is a complex and comprehensive process. And with investors being asked to assume greater responsibility for their financial future—particularly as it relates to retirement planning—the demand for savvy wealth management services has grown immensely.

That’s why Private Wealth: Wealth Management in Practice—the first in the CFA Institute Investment Perspectives series—has been created. CFA Institute has a long tradition of publishing content from industry thought leaders, and now, this new collection offers unparalleled guidance to those working in the rapidly evolving field of investment management.

Organized around 23 informative pieces drawn from the Research Foundation of CFA Institute, the Financial Analysts Journal, and CFA Institute Conference Proceedings Quarterly, this reliable resource taps into the vast store of knowledge of some of the most prominent thought leaders in private wealth—from Nobel Prize winners and academics to practitioners—who have focused their energies on solving the complex problems facing individual investors.

Filled with in-depth insights and expert advice, this guide skillfully addresses the essential issues found in today’s private wealth arena, including life-cycle investing, investment management for taxable private clients, tax-advantaged savings accounts, and after-tax performance measurement. Although the work contains material ranging from practical guidance on common problems, such as managing concentrated stock positions, to frontier thinking that pushes the boundaries of traditional practice, all of the ideas found here can help you become a better wealth manager.

This guide is divided into four parts that address the critical issues in private wealth management:

• Part I puts the state of financial planning in perspective with Robert Merton’s “The Future of Retirement Planning” and Paul Samuelson’s “Is Personal Finance a Science?” and presents possible solutions to the fundamental problem of life-cycle investing.

• Part II addresses the numerous issues confronting high-net-worth investors and explores tax-efficient asset allocation and portfolio management techniques.

• Part III develops an analytical framework and rules of thumb for investors facing decisions involving tax-advantaged savings accounts such as 401(k) plans and Roth IRAs.

• Part IV describes the challenges involved in estimating after-tax performance and identifies mutual fund characteristics that drive a fund’s tax drag.

Today’s wealth managers must be familiar with both financial assets in general and the implied assets and liabilities in an individual’s or family’s portfolio. They must also have a firm understanding of the complex interactions among investments, taxes, and estate planning. With Private Wealth as your guide, you’ll quickly discover how to excel at this difficult, but important, endeavor and learn how to effectively provide optimal financial solutions for your clients.

Managing the assets of high-net-worth individuals is a complex and comprehensive process. And with investors being asked to assume greater responsibility for their financial future―particularly as it relates to retirement planning―the demand for savvy wealth management services has grown immensely.

That’s why Private Wealth: Wealth Management in Practice―the first in the CFA Institute Investment Perspectives series―has been created. CFA Institute has a long tradition of publishing content from industry thought leaders, and now, this new collection offers unparalleled guidance to those working in the rapidly evolving field of investment management.

Organized around 23 informative pieces drawn from the Research Foundation of CFA Institute, the Financial Analysts Journal, and CFA Institute Conference Proceedings Quarterly, this reliable resource taps into the vast store of knowledge of some of the most prominent thought leaders in private wealth―from Nobel Prize winners and academics to practitioners―who have focused their energies on solving the complex problems facing individual investors.

Filled with in-depth insights and expert advice, this guide skillfully addresses the essential issues found in today’s private wealth arena, including life-cycle investing, investment management for taxable private clients, tax-advantaged savings accounts, and after-tax performance measurement. Although the work contains material ranging from practical guidance on common problems, such as managing concentrated stock positions, to frontier thinking that pushes the boundaries of traditional practice, all of the ideas found here can help you become a better wealth manager.

This guide is divided into four parts that address the critical issues in private wealth management:

• Part I puts the state of financial planning in perspective with Robert Merton’s “The Future of Retirement Planning” and Paul Samuelson’s “Is Personal Finance a Science?” and presents possible solutions to the fundamental problem of life-cycle investing.
• Part II addresses the numerous issues confronting high-net-worth investors and explores tax-efficient asset allocation and portfolio management techniques.
• Part III develops an analytical framework and rules of thumb for investors facing decisions involving tax-advantaged savings accounts such as 401(k) plans and Roth IRAs.
• Part IV describes the challenges involved in estimating after-tax performance and identifies mutual fund characteristics that drive a fund’s tax drag.

Today’s wealth managers must be familiar with both financial assets in general and the implied assets and liabilities in an individual’s or family’s portfolio. They must also have a firm understanding of the complex interactions among investments, taxes, and estate planning. With Private Wealth as your guide, you’ll quickly discover how to excel at this difficult, but important, endeavor and learn how to effectively provide optimal financial solutions for your clients.