‏228.00 ₪

Modern Asset Allocation for Wealth Management

‏228.00 ₪
ISBN13
9781119566946
יצא לאור ב
New York
זמן אספקה
21 ימי עסקים
עמודים
144
פורמט
Hardback
תאריך יציאה לאור
29 בינו׳ 2020
שם סדרה
Wiley Finance Editions
An authoritative resource for the wealth management industry that bridges the gap between modern perspectives on asset allocation and practical implementation An advanced yet practical dive into the world of asset allocation, Modern Asset Allocation for Wealth Management provides the knowledge financial advisors and their robo-advisor counterparts need to reclaim ownership of the asset allocation component of their fiduciary responsibility. Wealth management practitioners are commonly taught the traditional mean-variance approach in CFA and similar curricula, a method with increasingly limited applicability given the evolution of investment products and our understanding of real-world client preferences. Additionally, financial advisors and researchers typically receive little to no training on how to implement a robust asset allocation framework, a conceptually simple yet practically very challenging task. This timely book offers professional wealth managers and researchers an up-to-date and implementable toolset for managing client portfolios. The information presented in this book far exceeds the basic models and heuristics most commonly used today, presenting advances in asset allocation that have been isolated to academic and institutional portfolio management settings until now, while simultaneously providing a clear framework that advisors can immediately deploy. This rigorous manuscript covers all aspects of creating client portfolios: setting client risk preferences, deciding which assets to include in the portfolio mix, forecasting future asset performance, and running an optimization to set a final allocation. An important resource for all wealth management fiduciaries, this book enables readers to: Implement a rigorous yet streamlined asset allocation framework that they can stand behind with conviction Deploy both neo-classical and behavioral elements of client preferences to more accurately establish a client risk profile Incorporate client financial goals into the asset allocation process systematically and precisely with a simple balance sheet model Create a systematic framework for justifying which assets should be included in client portfolios Build capital market assumptions from historical data via a statistically sound and intuitive process Run optimization methods that respect complex client preferences and real-world asset characteristics Modern Asset Allocation for Wealth Management is ideal for practicing financial advisors and researchers in both traditional and robo-advisor settings, as well as advanced undergraduate and graduate courses on asset allocation.
מידע נוסף
עמודים 144
פורמט Hardback
ISBN10 1119566940
יצא לאור ב New York
תאריך יציאה לאור 29 בינו׳ 2020
תוכן עניינים Preface Acknowledgments Chapter 1. Preliminaries Expected Utility Introduction MPT is an Approximation Higher Moment Motivation Modernized Preference Motivation A Modern Utility Function Returns-Based EU Maximization Estimation Error Introduction Minimizing Estimation Error Reducing Sensitivity to Estimation Error A Modern Definition of Asset Allocation Chapter 2. The Client Risk Profile Introduction Measuring Preferences Risk Aversion Loss Aversion Reflection Lottery Question Sizing Incorporating Goals Preference Moderation via SLR Discretionary Wealth Comparison With Monte Carlo Comparison With Glidepaths Chapter 3. Asset Selection Introduction Moment Contributions Overview Calculation Utility Contribution Mimicking Portfolios A New Asset Class Paradigm Overview A Review of Risk Premia From Assets to Asset Classes Chapter 4. Capital Market Assumptions Introduction Using History as Our Forecast Background Estimation Error and Sample Size Stationarity: Does History Repeat? Adjusting Forecasts Pre-Tax Adjustments Post-Tax Adjustments Chapter 5. Portfolio Optimization Introduction Optimization Results To MPT or Not to MPT? Asset Allocation Sensitivity Final Remarks Bibliography
זמן אספקה 21 ימי עסקים