By Stephen M. Horan
ISBN-10: 0470381132
ISBN-13: 9780470381137
An in-depth exam of modern most crucial wealth administration issuesManaging the resources of high-net-worth members has develop into a center company forte for funding and monetary advisors all over the world. holding abreast of the most recent learn during this box is paramount. that is why inner most Wealth, the inaugural supplying within the CFA Institute funding views sequence has been created. As a sister sequence to the globally winning CFA Institute funding sequence, CFA Institute and John Wiley are proud to provide this new assortment. inner most Wealth offers the most recent info on lifecycle modeling, asset allocation, funding administration for taxable deepest traders, and lots more and plenty extra. Researched and written by means of prime teachers and practitioners, together with Roger Ibbotson of Yale collage and Zvi Bodie of Boston college, this quantity covers human capital and mortality danger in lifestyles cycle phases and proposes a life-cycle version for all times transitions. It additionally addresses advanced tax issues and offers information on customizing funding idea purposes to the taxable investor. ultimately, this trustworthy source analyzes using tax-deferred funding bills as a method for wealth accumulation and provides an invaluable framework for numerous tax environments.
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Additional resources for Private Wealth: Wealth Management In Practice (CFA Institute Investment Perspectives)
Sample text
Longevity Risk and the Lifetime-Payout Annuity The shift in retirement funding from professionally managed DB plans to DC personal savings vehicles implies that investors need to make their own decisions not only about how to allocate retirement savings but also about what products should be used to generate income throughout retirement. Investors must consider two important risk factors when making these decisions. , volatility in the capital markets that causes portfolio values to fluctuate).
Indd 35 11/12/08 7:20:46 PM 36 Life-Cycle Investing Certainly, simplistic rules like “100 minus age should be invested in equities” have no room in a sophisticated, holistic framework of wealth management. , not to invest more aggressively in the stock market), but in fact, hedging human capital risks is prudent risk management. Indeed, perhaps with some tongue in cheek, we might disagree with famed investor and stock market guru Peter Lynch and argue that you should not invest in things you are familiar with but, rather, in industries and companies you know nothing or little about.
I am not a prophet. I cannot guarantee that, risk corrected, stocks will outperform bonds from 2006 to 2050. S. electorate wants to drink from that whiskey bottle and bet on that view, private accounts are not the efficient way to implement such a plan. Ask Massachusetts Institute of Technology’s Peter Diamond for sermons on this topic. A century of economic history about private and public financial markets strongly nominates that one huge public diversified indexed Social Security fund, using both stocks and bonds and both domestic and foreign holdings, will produce for the next generations better retirement pensions along with better sleep at night.