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

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SCHWESERNOTES™ 2019 LEVEL III CFA® 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