Goals-Based Wealth Management + Website: An Integrated and Practical Approach to Changing the Structure of Wealth Advisory Practices

Take a more active role in strategic asset allocation A Practical Guide to Goals–Based Wealth Management is amanual for protecting and growing client wealth in a way thatchanges both the services and profitability of the firm. Written bya 35–year veteran of international wealth education and analysis,this informative guide explains a new approach to wealth managementthat allows individuals to take on a more active role in theallocation of their assets. Coverage includes a detailedexamination of the goals–based approach, including what works andwhat needs to be revisited, and a clear, understandable model thatallows advisors to help individuals to navigate complex processes.The companion website offers ancillary readings, practicemanagement checklists, and assessments that help readers secure adeep understanding of the key ideas that make goals–based wealthmanagement work. The goals–based wealth management approach was pioneered in2002, but has seen a slow evolution and only modest refinementslargely due to a lack of wide–scale adoption. This book takes thefirst steps toward finalizing the approach, by delineating theeffective and ineffective aspects of traditional approaches, andproposing changes that could bring better value to practitionersand their clients. Understand the challenges faced by the affluent andwealthy Examine strategic asset allocation and investment policyformulation Learn a model for dealing with the asset allocationprocess Learn why the structure of the typical advisory firm needs tochange High–net–worth individuals face very specific challenges. APractical Goals–Based Wealth Management focuses on howthose challenges can be overcome while adhering to their goals,incorporating constraints, and working within the individual?sframe of reference to drive strategic allocation of their financialassets. INDICE: An Integrated and Practical Approach to Changing theStructure of Wealth Advisory PracticesAcknowledgementsPrefaceIntroductionPart 1: The Integrated Wealth ManagementChallengeChapter 1: Many interrelated disciplinedMultiple Sources of CapitalExpanding on the Corporate AnalogyMultiple InteractionsEducating Future Generations and Wealth TransfersThe Make or Buy DecisionThe Creation of a Wisdom CouncilSummary and ConclusionsChapter 2: An Example of a Crucial Interaction:Tax–efficiencyThe Tax Bite and its Impact on Compound ReturnsA New Analysis of Capital LossesAn Expanded Definition of Active ManagementApplicability to Both Asset and Security DecisionsAbandoning the Murky Middle the Barbell PortfolioThe Potential Role and Limits of Derivative StrategiesSummary and ConclusionsChapter 3: The Need for a Financial Interpreter (Giventhe Complexity of the Investment Process)What Makes Markets Work?Asset Classes, Sub–asset Classes and StrategiesDeveloping Reasonable ExpectationsPerformance Analysis and ReportingSummary and ConclusionsPart 2: Investment Policy Formulation Goals–BasedAllocationChapter 4: A Brief Journey through InstitutionalTheoryFive Important Features of the Typical Institutional InvestmentOrganizationA Quick Detour via Asset Liability ManagementSummary and ConclusionsChapter 5: Mapping Institutional and Individual IssuesThe First Crucial DifferenceA Second Important DifferenceA Different Way of Defining RiskThe Law of Large NumbersImplicationsSummary and ConclusionsChapter 6: Goals–Based Strategic Asset AllocationThe Basic PrincipleInitial Theoretical ObjectionsAn Academic ImprimaturA Few Simple PrinciplesIt Changes EverythingAn Interesting ImplicationSummary and ConclusionsPart 3: Goals–Based Wealth Management ImplementationChapter 7: Dealing with the Implications of theProcessCovering a Set Number of BasesMapping Asset Classes and Strategies to GoalsUnderstanding LimitationsDealing with Client ObjectionsA Three–phase ProcessSummary and ConclusionsChapter 8: Creating Goals ModulesDeveloping General Capital Market ExpectationsDescribing Sufficiently Generic and Specific GoalsCreating Constraints Appropriate to Each GoalOptimizing the Composition of Each ModuleA Possible ExampleSummary and ConclusionsChapter 9: Working to Understand Client Goals and GoalAllocationsIdentifying Crucial Initial Client ConstraintsDetermining Whether Any Constraint Is a Show StopperTime Horizon and Required Probability of SuccessSettling on the Appropriate ModuleSizing Assets Needed to Meet Each GoalA Possible ExampleSummary and ConclusionsChapter 10: Finalizing a Goals–based Policy AllocationTwo Possible ApproachesWorking from Assets and Modules to a WholeDescription of Deviation RangesOur Original Example, Modified and CompletedSummary and ConclusionsChapter 11: Managing the Portfolio TacticallyThe Complexity in the Absence of a Systematic ToolIntroducing the Concept of a Tilt ModelFive Possible Variations on the Same ThemeA Major PitfallA Possible ExampleSummary and ConclusionsChapter 12: Portfolio ReportingThe Current ChallengeA Simple AnalogyAdding Taxes Makes Things Even More ComplexSummary and ConclusionsPart 4:  Managing an Advisory Practice (And How thatCan Impact the Sustainability of Advisory Firms)Chapter 13: The Currently Typical Firm StructureMany Chiefs and Few IndiansThe Root of the ChallengeContrary Examples in the Legal and Medical FieldsA Simple IllustrationSummary and ConclusionsChapter 14: Teams versus IndividualsToo Many Disciplines for Anyone to Master All of ThemFullySpecialists When Left Alone Lead to SilosThe Crucial Role of the Team CoachOnly One Individual Can Play That RoleSummary and ConclusionsChapter 15: An Alternative StructureThe Primordial Role of the AdvisorThe Missions the Advisor Should Not AcceptThe Difference between Must and Does Not Need to Be TailoredImagining a Different Firm and Process ArchitectureThe Kind of Leverage that Can Be BuiltDealing with ObjectionsA Difficult DecisionSummary and ConclusionsConclusionAbout the Companion WebsiteAbout the AuthorIndex

• ISBN: 978-1-118-99590-7
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 272
• Fecha Publicación: 15/04/2015
• Nº Volúmenes: 1
• Idioma: Inglés