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Private Wealth: Wealth Management In Practice

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Private Wealth: Wealth Management In Practice

Stephen M. Horan (Editor)

ISBN: 978-0-470-48279-7 December 2008 576 Pages

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Description

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.

Foreword ix

Introduction 1

Part I: Life-Cycle Investing Chapter 1

Chapter 1 The Future of Retirement Planning 7
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? 19
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 23
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 99
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? 117
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 133
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? 137
Jason S. Scott

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

Chapter 8 A Sustainable Spending Rate without Simulation 151
Moshe A. Milevsky and Chris Robinson

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

Chapter 9 Asset Allocation without Unobservable Parameters 169
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 191
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 299
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 311

Martin L. Leibowitz

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

Chapter 13 Tax Deferral and Tax-Loss Harvesting 317
Jeffrey E. Horvitz

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

Chapter 14 Tax Management, Loss Harvesting, and HIFO Accounting 327
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 345
Robert N. Gordon

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

Chapter 16 Diversifying Concentrated Holdings 361
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 373
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-Efficient Wealth Accumulation 387
Stephen M. Horan, CFA

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

Chapter 19 After-Tax Asset Allocation 475
William Reichenstein, CFA

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

Chapter 20 Withdrawal Location with Progressive Tax Rates 485
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 507
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 521
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 535
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 553

Index 555