The New Wealth Management

Mainstay reference guide for wealth management, newly updated for today's investment landscape For over a decade, The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets has provided financial planners with detailed, step-by-step guidance on developing an optimal asset allocation policy for their clients. And, it did so without resorting to simplistic model portfolios, such as lifecycle models or black box solutions. Today, while The New Wealth Management still provides a thorough background on investment theories, and includes many ready to use client presentations and questionnaires, the guide is newly updated to meet twenty-first century investment challenges. The book Includes expert updates from Chartered Financial Analyst (CFA) Institute, in addition to the core text of 1997's first edition endorsed by investment luminaries Charles Schwab and John Bogle Presents an approach that places achieving client objectives ahead of investment vehicles Applicable for self-study or classroom use Now, as in 1997, The New Wealth Management effectively blends investment theory and real world applications. And in today's new investment landscaped, this update to the classic reference is more important than ever.

Mainstay reference guide for wealth management, newly updated fortoday's investment landscapeFor over a decade, The New Wealth Management: The FinancialAdvisor's Guide to Managing and Investing Client Assets hasprovided financial planners with detailed, step-by-step guidance ondeveloping an optimal asset allocation policy for their clients.And, it did so without resorting to simplistic model portfoliossuch as lifecycle models or black box solutions. Today, whileThe New Wealth Management still provides a thoroughbackground on investment theories, and includes many ready to useclient presentations and questionnaires, the guide is newly updatedto meet twenty-first century investment challenges. The book* Includes expert updates from Chartered Financial Analyst (CFA)Institute, in addition to the core text of 1997's first editionendorsed by investment luminaries Charles Schwab and JohnBogle* Presents an approach that places achieving client objectivesahead of investment vehicles* Applicable for self-study or classroom useNow, as in 1997, The New Wealth Management effectivelyblends investment theory and real world applications. And intoday's new investment landscaped, this update to the classicreference is more important than ever.

Acknowledgments ixForeword xiPreface xiiiCHAPTER 1 The Wealth Management Process 1CHAPTER 2 Fiduciary and Professional Standards 13CHAPTER 3 Client Goals and Constraints 33CHAPTER 4 Risk Is a Four-Letter Word 55CHAPTER 5 Data Gathering and Analysis 75CHAPTER 6 Client Education 103CHAPTER 7 Mathematics of Investing 121CHAPTER 8 Investment Theory 149CHAPTER 9 Asset Allocation 179CHAPTER 10 Portfolio Optimization 193CHAPTER 11 Taxes 233CHAPTER 12 Retirement Planning 267CHAPTER 13 Investment Policy Statement 313CHAPTER 14 Portfolio Management 341CHAPTER 15 Performance Appraisal and Evaluation 373CHAPTER 16 Selecting Investment Managers 393CHAPTER 17 Philosophy, Process, and People 421About the Authors 439About the CFA Institute Investment Series 441About the CFA Program 445Index 447