私人财富管理

这是一篇关于私人财富管理的思维导图，主要内容包括：R1 overciew of private wealth management，R2 topics in privare wealth management，R3 risk manangement for indiciduals，R4 case study in risk management p

私人财富管理

• R1 overciew of private wealth management
  • 1. understanding private clients
    • I. private clients versus institutional clients
      • i. individual investors and families
      • ii. differents
        • RRTTLLU
        • 1||| objective 个人多元化投资目标，not clear defined or quantified；机构ALM
        • 2||| constraints
          • a. time horizon: individual shorter than institutional investors; different objective ,institutional have a single time and single objective
          • b. scale: smaller ; limitations
          • c. tax: significant and complex consideration
        • 3||| other distinctions
          • a. investment governance: less formal
          • b. investment sophistication
          • c. regulation:
          • d. uniqueness and complexity
    • II. information and skills needed in advising private clients
      • i. information needed
        • 1||| private information
          • a. family situation
          • b. employment and career information
          • c. the sources of a clients wealth
          • d. clients investment preferences ESG
        • 2||| financial information
          • total net worth=total assets - total liabilities
        • 3||| tax considerations
          • a. taxes on income 所得税
          • b. wealth-based taxes 财产税、遗产税，inheritance
          • c. tax on consumption /spengding: value -added taxes增值税; sales taxes消费税
        • 4||| tax strategies
          • a. tax avoidance 避税
          • b. tax reduction 节税
          • c. tax deferral 递延税
        • 5||| other relevant information
          • a. estate plan
          • b. life insurance; disability insurance
          • c. decision-making parameters
          • d. clients' service needs and expectations
          • e. technical skills for wealth managers
            • technical skills
              • a. capital markets proficiency
              • b. portfolio construction ability
              • c. financial planning knowledge
              • d. quantitative skills
              • e. technology skills
              • f. language fluency专业语言的流畅度
            • soft skills
              • a. communication skills
              • b. social skills
              • c. education and coachaing skills
              • d. business development and sales skills
    • III. private client goals(return)
      • 主观题例题
      • i. planned goals 从财富顾问的角度
        • 1||| retirement
        • 2||| sepcific purchase
        • 3||| education
        • 4||| family events
        • 5||| wealth transfer: inheritance; gift
        • 6||| philanthropy慈善捐赠：make charitable donations
      • ii. unplanned goals
        • 1||| property repairs 房屋修缮
        • 2||| medical expenses
        • 3||| other unforeseen spending
      • iii. wealth managers 'role
        • 1||| goal quantification
        • 2||| goal prioritization
        • 3||| goal changes
    • IV. private client risk tolerance
      • i. risk tolerance --risk aversion
        • 1||| willingness risk perception
          • cinsiderations
            • a. degree of infouence by friends and family
            • b. past experience of clients
            • c. asset allocation
            • d. source of wealth
        • 2||| ability risk capacity
          • longer time horizon
          • larger portfolio size
          • less reliance on portfolio
          • more flexibility
          • 子主题
        • 3||| conflict 能力和意愿冲突
          • state the conflict in IPS
        • 4||| questionnaires 问卷调查 framing bias
          • 主观题例题
    • V. retirement planning
      • i. stage of life
        • 1||| education
        • 2||| career
          • a. early career
          • b. career development
          • c. peak accumulation
          • d. pre-retirement
        • 3||| retirement
          • a. early retirement
          • b. late retirement
      • ii. methods
        • 1||| mortality tables死亡表/生存表
        • 2||| annuities
          • longevity risk
          • pricing an annuity
        • 3||| monte carle simulation
      • iii. behavioral considerations in retirement planning
        • 1||| heightened loss aversion越老越厌恶风险
        • 2||| consumption gaps 真实低消费水平和预测的水平有差距
        • 3||| the annuity puzzle 有的人不愿意投资年金
        • 4||| preference for investment income over capital appreciation
    • VI. private client segments
  • 2. investment policy statement
    • concepts of IPS
    • parts of IPS
      • Background and investment objective
      • investment parameters
      • portfolio asset allocation
      • portfolio management
      • dutise and responsibility
      • IPS appendix
  • 3. portfolio management process
    • I. investment planning
      • capital suffience analysis
        • capital needs analysis
          • deterministic forecasting
          • monte carlo simulation
            • 对蒙特卡洛模拟的解读
          • cautious using historical rates of return,forward-looking capital market assumptions
    • II. portfolio construction
      • i. traditional approach
        • 1||| identify classes
        • 2||| develop capital market expectation
        • 3||| determine portfolio allocations
          • MVO
        • 4||| assess constraints
        • 5||| implement the portfolio
        • 6||| determine asset location
      • ii. goals-based investing approach
    • III. portfolio reporting and review
      • agree on the definition of success
        • goal achievement
        • process consistency
        • portfolio performance
      • ethical and compliance consideration
        • fiducairy duty and suitability
          • 1B independence and objectivity
          • 3A loyalty prudence and care
          • 3C suitability
          • 4A diligence
        • know your customer (KYC)
          • 3C suitability
        • confidentiality
          • 3E preservation of confidentiality
        • conflicts of interest
          • 1B independence and objective
          • 6 conflicts of interest
    • IV. evaluating the success of an investment program
    • V. ethical and compliance consideration
  • 4. practice
    • 主观题练习
• R2 topics in privare wealth management
  • 1. taxation condideration
    • I. brief introduction
      • i. income tax
        • a. percentage of taxable income: wages rents dividends interese earned
        • b. double taxation 双重征税
        • c. withholding taxes 预提税 属人和属地产生双重征税
      • ii. gains tax
        • tax basis 计税成本
          • a. capital losses 所指股票总体的gains or loss 征税
          • b. realized or unrealized
      • iii. stamp duties 印花税 购销合同、产权转移、股票买卖
      • iv. wealth or property tax 财产税
        • a. eatate or inheritance taxes
        • b. gift taxes
      • v.
      • vi. tax jurisdiction 征税权
        • tax system
    • II. tax efficiency
      • i. after-tax holding period return
        • pre-tax holding period return
        • after-tax holding period reurn
        • cumulative after-tax retuen 累计t期，每期的几何平均收益
          • 几何平均数
      • ii. after-tax post liquidation return卖出以后的回报
      • iii. tax efficiency strategies
        • 结论
          • 股票投资比衍生品、实物资产、应税的固定收益证券more efficient
            • dividends on stocks often recieve preferential tax treatment
            • capital gains are taxed less heavily than ordinary income in many jurisdictions资本利得税率低
            • the flexibility to manage the timing of the sell decisiongs give asset managers an additional measure of control over the tax burden
          • higher -yield and higher -turnover strategies to be less tax efficient
          • momentum strategies are relatively tax efficient
          • value and small- cap strategies tend to be less tax efficient
          • using a style box approach to selecting managers can also create tax inefficiencies
    • III. after-tax excess returns
      • pre-tax excess return(x)=portfolio pre-tax return(R)-benchmark pre-tax return(B)
      • after-tax excess return(x')=portfolio afer-tax return (R')-benchmark after-tax return(B')
      • tax alpha isolates the benefit of tax management
        • 子主题
      • tax efficient ratio
        • • 正常情况下，R越大越好
          • 在R为负时，不是越大越好
    • IV. tax status of account
      • i. three principal types of accounts
        • 1||| taxable
          • realized return paid each period
          • 股票投资时交税 income tax; capital gain tax
        • 2||| tax-exempt
          • pension fund\endowment funds\and foundations 全程不交税
        • 3||| tax-deferred
          • until funds are withdraw ,at which time they are taxed at ordinary income tax rates转出时交税
        • 4||| which one is preferential taxation 谁有税收优惠？
          • tax defer
          • tax exempt 优惠更大
        • 5||| 优惠比较
          • taxable account:
          • tax defer account:
          • 递延账户的复利不扣减税费，终值更大
      • ii. asset location
        • 定义：determining whether the assets will be held in a taxable \tax deferred \tax-exempt account
        • put tax-efficient assets in the taxable account and put tax -inefficient assets in the tax-deferred account or tax -exempt account
      • iii. tax -efficient decumulation strategy
        • A common rule of thumb suggests that it is better to make withdrawals from the taxable account first and allow the retirement account to continue to compound
        • under progressive tax regimes ,a more tax-efficient strategy may be to withdraw from the retirement account until the lowest tax brackets have been fully utilized
      • iv. tax considerations in charitable giving慈善捐赠
        • gifting low cost basis assets from taxable account
          • receive a tax benefit
          • removing a future tax liability on the unrealized gain from the portfolio
    • V. tax management strategies
      • i. basic portfolio tax management stratrgies
        • legitimate manner to redece the amoune of tax owed法律允许的范围内
        • deferring the recognition of certain taxable income
      • ii. investment vehicles
        • 1||| partnership合伙企业,passthrough to the underlying partners,避免双重纳税，dsitributions are classified as capital gains
        • 2||| mutual fund: pay income tax when received,pass through to the investors穿透到投资人
        • 3||| 子主题
      • iii. tax loss harvesting
        • 把unrealized loss 变成 realized , can offset gains or other income tax
          • 及时止损
          • 先卖抵税、再低价买回
        • 各国法律规定不同
          • 德国：no limitations
          • 澳大利亚：纯粹为了税法的好处是不允许的
          • 美国，Wash sale rule 为了税法的目的交易应不少于30天完成。为了避免违反wash sale rule ,投资者可以持有股票或是买其他替代性的股票。。30天的策略很重要
        • 假设没有限制
          • tax deferral strategy 减低原来的成本，但会增加收益，以后交的税变多
          • augment增加return ,reinvesting the current year' tax savings can increasing after-tax value
      • iv. tax lot accounting
        • 资本利得按平均成本。平均成本的计价方法，每次买卖要计算平均成本
        • common metheds:
          • FIFO
          • LILO
          • Highest in ,first out(HIFO)----most tax-efficient
          • Specified -lot methed---most flexibility
      • 共同点：1、形成tax saving,reinvested earlier; 2、股价 high volatility ,这两个策略越有效；
    • VI. practices for essay questions
  • 2. managing concentrated position单一集中化头寸
    • I. risk and tax considerations
      • i. cincentrated position类型
        • A. publicly traded stocks
        • B. A provately-owned business
        • C. commercial or investment real estate 不包含自己住的房子
      • ii. 四种风险
        • A. company-specific risk
        • B. lack of diversification
        • C. liquidity risk
        • D. outsized tax bill 巨额涨幅变现的时候会导致税增加
    • II. strategies for mananging concentrated positions
      • A. public equities
        • a. outright sale
        • b. staged diversification
        • c. completion portfolio 头寸集中，但有投资目标 “quantitative tax liability
        • d. equity monetization
          • （1） the first step to hedge a large portion of risk
            • 1||| sell the security short
            • 2||| short a forward contract or use options
            • 3||| total return equity swap
            • 概要
          • （2） the second step to borrow against the hedge position
          • （3） 限售股卖不掉，可以质押股票，股票质押银行产生短期现金流
            • 主观题
        • e. option strategies:collar
          • long stock + long put + short call
          • zero premium collar
        • f. writing covered call
          • long stock: retains dividend and voting rights
          • short call :receive call premium yield enhance
        • g. tax-free exchanges fund-- pro rata interest
        • h. charitable remainder trust
      • B. privately owned business
      • C. real eatate
    • III. practices
  • 3. gift and estate planning
    • basis concepts of gift and eatate planning
    • lifetime gift and testamentary bequests
    • eatate planning tools
    • practise
  • 4. family governance
• R3 risk manangement for indiciduals
• R4 case study in risk management private wealth