CFA 2019 Schweser - Level 3 SchweserNotes Book 2: PRIVATE WEALTH MANAGEMENT AND INSTITUTIONAL INVESTORS

Contents......Page 2
List of pages......Page 4
Learning Outcome Statements (LOS)......Page 9
Exam Focus......Page 16
Module 10.1: IPS: Intro and Profiling......Page 17
Module 10.2: Personality Types and IPS Purpose......Page 21
Module 10.3: Time Horizon......Page 24
Module 10.4: Liquidity......Page 26
Module 10.5: Taxes, Legal and Regulatory, and Unique Circumstances......Page 27
Module 10.6: Risk Objective......Page 30
Module 10.7: Return Objective......Page 32
Module 10.8: Strategic Asset Allocation and Monte Carlo Simulation......Page 35
Module 10.9: Comprehensive Example......Page 38
Key Concepts......Page 46
Answer Key for Module Quizzes......Page 50
Module 11.1: Approaches to Taxation......Page 53
Module 11.2: Accrual and Deferred Capital Gains Taxation......Page 57
Module 11.3: Annual Wealth and Blended Taxation......Page 62
Module 11.4: Tax Location......Page 69
Module 11.5: After-Tax Return and Risk......Page 73
Module 11.6: More Tax Alpha Strategies......Page 76
Key Concepts......Page 81
Answer Key for Module Quizzes......Page 84
Module 12.1: Estate Planning......Page 89
Module 12.2: Estimating Core Capital......Page 92
Module 12.3: Gift vs. Bequest......Page 98
Module 12.4: Other Estate Planning Techniques......Page 101
Module 12.5: Residence vs. Source Taxation......Page 105
Key Concepts......Page 110
Answer Key for Module Quizzes......Page 115
Module 13.1: Concentrated Single-Asset Positions......Page 118
Module 13.2: Goal-Based and Location......Page 123
Module 13.3: Strategies for Common Stock......Page 126
Module 13.4: Private Businesses and Real Estate......Page 132
Module 13.5: Comprehensive Example......Page 136
Key Concepts......Page 138
Answer Key for Module Quizzes......Page 146
Module 14.1: Human and Financial Capital......Page 149
Module 14.2: Risks and Insurance......Page 153
Module 14.3: Life Insurance......Page 155
Module 14.4: Annuities......Page 162
Module 14.5: Comprehensive Example and Review......Page 167
Key Concepts......Page 172
Answer Key for Module Quizzes......Page 175
Topic Assessment: Private Wealth Management......Page 178
Topic Assessment Answers: Private Wealth Management......Page 180
Module 15.1: Introduction and Pension Plans......Page 182
Module 15.2: Foundations and Endowments......Page 191
Module 15.3: Life and Non-Life Insurance Companies......Page 197
Module 15.4: Banks......Page 205
Module 15.5: Some Conclusions......Page 207
Key Concepts......Page 213
Answer Key for Module Quizzes......Page 218
Topic Assessment: Portfolio Management for Institutional Investors......Page 222
Topic Assessment Answers: Portfolio Management for Institutional Investors......Page 225
Formulas......Page 227