Private Wealth

An in-depth examination of today's most important wealth management issues

Managing the assets of high-net-worth individuals has become a core business specialty for investment and financial advisors worldwide. Keeping abreast of the latest research in this field is paramount. That's why Private Wealth, the inaugural offering in the CFA Institute Investment Perspectives series has been created. As a sister series to the globally successful CFA Institute Investment Series, CFA Institute and John Wiley are proud to offer this new collection. Private Wealth presents the latest information on lifecycle modeling, asset allocation, investment management for taxable private investors, and much more. Researched and written by leading academics and practitioners, including Roger Ibbotson of Yale University and Zvi Bodie of Boston University, this volume covers human capital and mortality risk in life cycle stages and proposes a life-cycle model for life transitions. It also addresses complex tax matters and provides details on customizing investment theory applications to the taxable investor. Finally, this reliable resource analyzes the use of tax-deferred investment accounts as a means for wealth accumulation and presents a useful framework for various tax environments.

STEPHEN M. HORAN, PhD, CFA, manages professional education and private wealth management content for CFA Institute members. Dr. Horan has served CFA Institute as both an editorial board member and abstractor for the CFA Digest and as an ad-hoc reviewer for the Financial Analysts Journal. He holds a PhD in finance from the State University of New York at Buffalo, publishes frequently in academic and professional journals, and has authored several books. Prior to joining CFA Institute, he was a professor of finance at St. Bonaventure University, principal of Alesco Advisors LLC, and a financial analyst and forensic economist in private practice, providing expert witness testimony and preparing economic impact studies.

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.

Praise for Private Wealth "The collection of material in Stephen Horans Private Wealth assembles in one, organized tome a critical core treatment of ideas upon which most aspects of modern private wealth management are founded. It is sure to be a useful reference for those who deal with the challenging task of balancing the myriad needs and preferences of individuals and families alike in the single or multigenerational management of their wealth. I am confident that advisors will find Private Wealth as useful in their practices as we will in wealth management coursework at Wharton." Professor Christopher C. Geczy, PhD, Academic Director, Wharton Wealth Management Initiative, The Wharton School " Private Wealth is an excellent compilation of the best research in private wealth management published by the CFA Institute. Stephen Horan has done a superb job not only at selecting articles that reflect the most forward thinking about the theory and practice of private wealth management, but also at organizing them around the topics that matter the most to todays wealth managers. Private wealth management is undoubtedly one of the most complex areas in investment management for the many dimensions involved in the process of selecting and implementing the appropriate asset allocation for private taxable investors. Wealth managers can find in Private Wealth a helpful reference when confronting todays complex challenges." Luis M. Viceira, PhD, Professor of Business Administration, Harvard Business School

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