CFA三级基础：私有财富管理_打印版.docx

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1、PrivateWealthManagementCFA出:票口笺亩1-252箸78厚图舞感精B吟日出%口口外籍弱外I椅境&)$9覆DZ躁则S靓aHfsir v10匚I藤蔑口外胡a7-71亩撩果I亩、中希V釉。猫AD6嫡存lP*骰舞口口口鼓TopicinCFALevelIIISessionContentStudySession1-2ETHICS&PROFESSIONALSTANDARDS(1)&(2)StudySession3StudySession4StudySession5StudySession6BEHAVIORALFINANCECAPITALMARKETEXPECTATIONSASSETA

2、LLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVAnVESANDCURRENCYMANAGEMENTStudySession7-8StudySession9-10StudySession11FIXED-INCOMEPORTFOUOMANAGEMENT(l)8(2)EQUITYPORTFOUOMANAGEMENT(1)&(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENTStudySession1213PRIVATEWEALTHMANAGEMENT(1)&(2)StudySession14Study

3、Session15StudySession16PORTFOUOMANAGEMENTFORINST11UT1ONALINVESTORSTRADING,PERFORMANCEEVALA11ONrANDMANAGERSELEC11ONCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENT互变E新0值 Framework Private Wealth Management4-252Overview of Private Wealth ManagementSS12:PrivateWealthManagement(1)R28OverviewofPrivateWealthMan

4、agementR29TaxesandPrivateWealthManagementinaGlobalContextR30EstatePlanninginaGlobalContextSS13:PrivateWealthmanagement(2)R31ConcentratedSingle-AssetPositionsR32RiskManagementforIndividuals三业色断mu5-252Frameworkm业GVim值1.PrivateClientsversusInstitutionalClients2.UnderstandingPrivateClients3.InvestmentPl

5、anning4.InvestmentPolicyStatement5.PortfolioConstructionandMonitoring6.EthicalandComplianceConsiderationsinPrivateWealthManagement7.PrivateClientSegments号业Ianmu1.PrivateClientsversusInstitutionalClientsPrivateclientsandinstitutionalclientshavedifferentconcerns,includingthefollowing:1.InvestmentObjec

6、tives2.Constraints7-2523.OtherDistinctionsM业回新it值1.PrivateClientsversusInstitutionalClients1.InvestmentObjectivesPrivateClientsfinancialsecurityduringtheclientsretirementyears;theabilitytoprovidefinancialsupporttofamilymembers;thefundingofphilanthropicgoals;Privateclientinvestmentoectivesoftencompet

7、ewithoneanotherandmaychangeovertime;InstitutionalClients8-252Incontrasttoprivateclients,institutionalclientstendtohavemoreclearlydefinedobjectives,whicharetypicallyrelatedtoaspecificliabilitystream.M业色断nn1.PrivateClientsversusInstitutionalClients2.ConstraintsTimehorizon:Ingeneralindividualinvestorsh

8、aveaShortertimehorizonthaninstitutionalinvestors,whosehorizonisoftentheoreticallyinfinite.Scale:Ingeneral,individualinvestorportfoliostendtobesmallerinsize(orscale)thanthoseofinstitutionalinvestors.TaxesTaxesareasignificantandcomplexconsiderationformanyindividualinvestors,andtheyvarybyjurisdiction.1

9、.PrivateClientsversusInstitutionalClients3.OtherDistinctionsInvestmentGovernanceInstitutionalinvestorstypicallyoperateunderaformalgovernancestructure.Bycontrastinvestmentgovernanceforindividualinvestorstendstobelessformal.InvestmentSophisticationInstitutionalinvestorstendtohaveahigherdegreeofinvestm

10、entsophisticationthanthetypicalprivateinvestoraswellasaccesstomoreinvestmentresources.10-252Unlikeinstitutionalclients,privateclientsdonotnormallybenefitfromthechecksandbalancesofaformalinvestmentgovernanceframework.Asaresult,privateclientscanbemorevulnerabletomaking*,emotionainvestmentdecisions.M业回

11、新it值1.PrivateClientsversusInstitutionalClients3.OtherDistinctionsRegulationInmostcountries,theregulatoryenvironmentisdifferentforindividualandinstitutionalinvestors.Insomecasesrseparateregulatorsfocusonthesetwoinvestorsegments.Inothercases,theindividualandinstitutionalinvestorgroupsshareacommonregul

12、atorbutaresubjecttodifferentregulations.UniquenessandComplexityPnvateclientswithsimilarsetsoffinancialconsiderationsandobjectivesmayneverthelesspursuedifferentinvestmentstrategies.Multiplefactorsmayinfluenceeachindividuaspreferences,needs,andconcernsnotably,familybackgroundandupbringing,workhistory,

13、sourcesofwealth,investmentexperience,groupsoffriends,andgeographiclocation.11252M业ewmu1PrivateClientsversusInstitutionalClientsSummaryPrivateclientsInstitutionalclientsInvestmentobjectivesdiverseinvestmentspecific,clearlydefinedobjectives(maynotbeinvestmentobjectivesclearlydefinedorquantified)Constr

14、aintsTimehorizonashortertimehorizontheoreticallyinfiniteScalesmaller(morelimitations)largertaxableincomemaybemoreTaxessignificantandcomplexfavoredbyatax-exemptinstitutionOtherDistinctionsInvestmentlessformalgovernancex,-nformalgovernancestructureGovernancestructureInvestment丁.ahigherdegree(more1.emotonal,Sophisticationinvestmentresources)RegulationseparateregulatorsorsharedregulatorystructureUniquenessSimilarfinancialandSimilarobjective,similarandobjective,differentstrategiesComplexityinvestmentstrategies2.UnderstandingPrivateClientsInformationNeededinAdvisingPrivateClientsPersonalInfor