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Private Wealth: Wealth Management In Practice

ISBN: 978-0-470-38113-7
752 pages
January 2009, ©2009
Private Wealth: Wealth Management In Practice (0470381132) cover image
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.

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Foreword.

Introduction.

PART I: LIFE-CYCLE INVESTING CHAPTER.

The Future of Retirement Planning (Robert C. Merton).

Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):5–18.

CHAPTER 2: Is Personal Finance a Science? (Paul A. Samuelson).

Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):1–4.

CHAPTER 3: Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance (Roger G. Ibbotson; Moshe A. Milevsky; Peng Chen, CFA; and Kevin X. Zhu Reprinted from The Research Foundation of CFA Institute (April 2007).

CHAPTER 4: The Theory of Optimal Life-Cycle Saving and Investing (Zvi Bodie, Jonathan Treussard, and Paul Willen).

Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):19–37.

CHAPTER 5: Is Conventional Financial Planning Good for Your Financial Health? (Laurence J. Kotlikoff).

Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):55–71.

CHAPTER 6: The Life Care Annuity (Mark J. Warshawsky).

Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007):103–106.

CHAPTER 7: The Longevity Annuity: An Annuity for Everyone? (Jason S. Scott).

Reprinted from the Financial Analysts Journal (January/February 2008):40–48.

CHAPTER 8: A Sustainable Spending Rate without Simulation (Moshe A. Milevsky and Chris Robinson).

Reprinted from the Financial Analysts Journal (November/December 2005): 89–100.

CHAPTER 9: Asset Allocation without Unobservable Parameters (Michael Stutzer).

Reprinted from the Financial Analysts Journal (September/October 2004):38–51.

PART II: INVESTMENT MANAGEMENT FOR TAXABLE PRIVATE CLIENTS.

CHAPTER 10: Investment Management for Taxable Private Investors (Jarrod Wilcox, CFA; Jeffrey E. Horvitz; and Dan diBartolomeo).

Reprinted from The Research Foundation of CFA Institute (January 2006).

CHAPTER 11: Core/Satellite Strategies for the High-Net-Worth Investor (Clifford H. Quisenberry, CFA).,

Reprinted from CFA Institute Conference Proceedings Quarterly (December 2006):38–45.

CHAPTER 12: The Higher Equity Risk Premium Created by Taxation (Martin L. Leibowitz).

Modifi ed from the Financial Analysts Journal (September/October 2003):28–31.

CHAPTER 13: Tax Deferral and Tax-Loss Harvesting (Jeffrey E. Horvitz).

Reprinted from CFA Institute Conference Proceedings: Wealth Management (October 2005):24–30.

CHAPTER 14: Tax Management, Loss Harvesting, and HIFO Accounting (Andrew L. Berkin and Jia Ye).

Reprinted from the Financial Analysts Journal (July/August 2003):91–102.

CHAPTER 15: Investing with a Tax-Effi cient Eye (Robert N. Gordon).

Reprinted from CFA Institute Conference Proceedings: Wealth Management (October 2005):31–40.

CHAPTER 16: Diversifying Concentrated Holdings (Scott D. Welch).

Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):30–35.

CHAPTER 17: Hedging Low-Cost-Basis Stock (Robert N. Gordon).

Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):36–43.

PART III: TAX-EFFICIENT WEALTH ACCUMULATION.

CHAPTER 18: Tax-Advantaged Savings Accounts and Tax-Effi cient Wealth Accumulation (Stephen M. Horan, CFA).

Reprinted from The Research Foundation of CFA Institute (June 2005).

CHAPTER 19: After-Tax Asset Allocation (William Reichenstein, CFA).

Reprinted from the Financial Analysts Journal (July/August 2006):14–19.

CHAPTER 20: Withdrawal Location with Progressive Tax Rates (Stephen M. Horan, CFA).

Reprinted from the Financial Analysts Journal (November/December 2006):77–87.

PART IV: AFTER-TAX PERFORMANCE MEASUREMENT.

CHAPTER 21: After-Tax Performance Evaluation (James M. Poterba).

Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients II (August 2000):58–67.

CHAPTER 22: Taxable Benchmarks: The Complexity Increases (Lee N. Price, CFA).

Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001):54–64.

CHAPTER 23: Explaining After-Tax Mutual Fund Performance (James D. Peterson; Paul A. Pietranico, CFA; Mark W. Riepe, CFA; and Fran Xu, CFA).

Reprinted from the Financial Analysts Journal (January/February 2002):75–86.

About the Contributors.

Index.

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Stephen 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.
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