دانلود کتاب Goals-based wealth management : an integrated and practical approach to changing the structure of wealth advisory practices

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Content: Cover
Title Page
Copyright
Contents
Acknowledgments
Preface
Introduction
Part 1 The Integrated Wealth Management Challenge
Chapter 1 Many Interrelated Disciplines
Multiple Sources of Capital
Expanding on the Corporate Analogy
Multiple Interactions
Educating Future Generations and Wealth Transfers
The Make or Buy Decision
The Creation of a Wisdom Council
Summary and Conclusions
Chapter 2 An Example of a Crucial Interaction: Tax-Efficiency
The Tax Bite and Its Impact on Compound Returns
A New Analysis of Capital Losses
An Expanded Definition of Active Management. Applicability to Both Asset and Security DecisionsAbandoning the Murky Middle: The Barbell Portfolio
The Potential Role and Limits of Derivative Strategies
Summary and Conclusions
Chapter 3 The Need for a Financial Interpreter
What Makes Markets Work?
Asset Classes, Sub-Asset Classes, and Strategies
Developing Reasonable Expectations
Performance Analysis and Reporting
Summary and Conclusions
Part 2 Investment Policy Formulation: Goals-Based Allocation
Chapter 4 A Brief Journey through Institutional Theory
Five Important Features of the Typical Institutional Investment Organization. A Quick Detour via Asset Liability ManagementSummary and Conclusions
Chapter 5 Mapping Institutional and Individual Issues
The First Crucial Difference
A Second Important Difference
A Different Way of Defining Risk
The Law of Large Numbers
Implications
Summary and Conclusions
Chapter 6 Goals-Based Strategic Asset Allocation
The Basic Principle
Initial Theoretical Objections
An Academic Imprimatur
A Few Simple Principles
It Changes Everything
An Interesting Implication
Summary and Conclusions
Part 3 Goals-Based Wealth Management Implementation. Chapter 7 Dealing with the Implications of the ProcessCovering a Set Number of Bases
Mapping Asset Classes and Strategies to Goals
Understanding Limitations
Dealing with Client Objections
A Three-Phase Process
Summary and Conclusions
Chapter 8 Creating Goals Modules
Developing General Capital Market Expectations
Describing Sufficiently Generic and Specific Goals
Creating Constraints Appropriate to Each Goal
Optimizing the Composition of Each Module
A Possible Example
Summary and Conclusions
Chapter 9 Working to Understand Client Goals and Goal Allocations. Identifying Crucial Initial Client ConstraintsDetermining Whether Any Constraint Is a Show-Stopper
Time Horizon and Required Probability of Success
Settling on the Appropriate Module
Sizing Assets Needed to Meet Each Goal
A Possible Example
Summary and Conclusions
Chapter 10 Finalizing a Goals-Based Policy Allocation
Two Possible Approaches
Working from Assets and Modules to a Whole
Description of Deviation Ranges
Our Original Example, Modified and Completed
Summary and Conclusions
Chapter 11 Managing the Portfolio Tactically
The Complexity in the Absence of a Systematic Tool.