Sie sind bereits eingeloggt. Klicken Sie auf 2. tolino select Abo, um fortzufahren.
Bitte loggen Sie sich zunächst in Ihr Kundenkonto ein oder registrieren Sie sich bei bücher.de, um das eBook-Abo tolino select nutzen zu können.
Retirement portfolio guidance for finance professionals Retirement is one of the most important parts of the financial planning process. Yet only two percent of financial advisors describe themselves as competent in retirement planning. Constructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It is imperative that financial advisors be equipped and ready to create…mehr
Retirement portfolio guidance for finance professionals Retirement is one of the most important parts of the financial planning process. Yet only two percent of financial advisors describe themselves as competent in retirement planning. Constructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It is imperative that financial advisors be equipped and ready to create appropriate retirement portfolios. That's why Michael Zwecher-a leading expert on retirement income-has created Retirement Portfolios. * Examines how portfolios should be prepped in advance so that the transition from "working" portfolio to retirement portfolio is smooth and seamless * Outlines how to create a portfolio that will provide income, continue to generate growth, and protect assets from disaster * Details the differences in managing a retirement portfolio versus managing portfolios during asset accumulation years The ability to create retirement portfolios and manage their risks are skills you must possess to be an effective financial advisor. Retirement Portfolios will help you develop these essential skills and gain a better understanding of the entire process.
Dieser Download kann aus rechtlichen Gründen nur mit Rechnungsadresse in D ausgeliefert werden.
Die Herstellerinformationen sind derzeit nicht verfügbar.
Autorenporträt
MICHAEL J. ZWECHER is a leading expert on retirement income. He has created guidance, designed products, tools, and portfolio constructions that appeal to the financial advisor community and their clients. Zwecher co-chairs the curriculum committee of the Retirement Income Industry Association. He spent over ten years at Merrill Lynch, holding senior roles in risk management and wealth management, where he ran the Investment Management Strategic Solutions team in the Financial Products Group. Prior to Merrill, he was a consultant with Deloitte, an assistant professor at the Graduate School of Business Administration at Fordham University, and a visiting associate professor at the University of Wisconsin-Madison. Zwecher holds a PhD in finance from the University of Wisconsin-Madison.
Inhaltsangabe
Preface xiii Acknowledgments xxi PART ONE Framing the Problem CHAPTER 1 Portfolio Focus and Stage of Life 3 A "Balanced" Portfolio Approach May Not Last Through Retirement 4 Retirement Saving versus Retirement Income: An Illustration 10 Products versus Solutions 11 Summary 12 CHAPTER 2 The Top-Down View A Short Primer on Economic Models of Retirement Income 13 An Overview of Economic Models of Retirement Income 14 Reconciling Retirement Income Portfolio Construction with Accumulation 15 The Dynamics of Risk Aversion 19 Separation between Flooring and Upside 21 Fully Funded versus Underfunded Flooring 22 Monetizing Mortality 23 Taking Market Risk 23 Risk Is Risk, Is It Not? 24 Risk, Uncertainty, and Risk Aversion 25 Summary 25 CHAPTER 3 The Importance of Lifestyle Flooring 27 Amount of Flooring: A Balance Sheet View 28 Retirement Requires Outcomes, Not Just Expectations 30 Consumption Needs 32 Yes/No Planning 33 The Window for Maintaining Lifestyle 34 The Bedrock Floor 36 The Aspirational Floor 37 The Finished Floor 38 Nominal versus Real Flooring 38 Types of Flooring 42 Choosing a Flooring Type 45 Summary 48 CHAPTER 4 Monetizing Mortality Annuities and Longevity Insurance 49 Risk Pooling 50 Pure Longevity Insurance 50 Annuities 52 Complex Annuities 54 Credit Risk and Insurance 55 Summary 57 CHAPTER 5 Flooring with Capital Markets Products 59 Government-Issued Securities 60 Creating a Floor of Strips 61 TIPS 63 Municipal Securities 65 Corporate Securities and Other Financial Products 66 Summary 67 PART TWO Adapting Portfolios for Retirement Income CHAPTER 6 Building Retirement Income Portfolios 71 Portfolio Sleeves for Retirement Income 72 Portfolio Intuition 76 Basic Portfolio Constructs 77 General Accumulation Plans for Retirement Income 81 Taxes and Retirement Income Portfolios 81 Summary 85 CHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs 87 Flooring Allocations 88 Longevity Allocations 93 Precautionary Allocations 96 Discretionary Equity Allocations: Assets with Risk 97 Summary of Allocations 99 Summary 103 PART THREE Managing Portfolios for Retirement Income CHAPTER 8 Rebalancing Retirement Income Portfolios 107 Rebalancing the Discretionary Wealth Subportfolio 108 Rebalancing the Functional Components 109 Raising the Floor 111 Summary 112 CHAPTER 9 Active Risk Management for Retirement Income Portfolios 115 Static Example 118 The View from the Capital Markets Line 121 Risk Management and Expected Returns 122 Simple Rules: For Passive and Active Risk Management 122 An Inelegant but Simple Plan 124 High-Water Mark Flooring 125 The Cushion 126 Risk Rules: Periodic Rebalancing 128 Risk Rules: More Active Rebalancing 130 CPPI and Volatility 132 Taxation and Active Management 133 Locking in Flooring: Long End versus Short End 134 A Quick Note on Usability, Scalability, and Approaches Other Than Liability Matching 135 Playing with Fire in a Retirement Income Portfolio 135 Summary 138 PART FOUR Making It Happen CHAPTER 10 The Transition Phase 141 What the Transition Is About 142 The Order of Transition 144 A Diffi cult Transition 146 When to Transition 148 Making the Transition Seamless 150 Creating a Business Model that Includes a Natural Transition 152 Sudden Transitions 153 Summary 153 CHAPTER 11 Putting Together the Proposal 155 Laying Out Client's Assets to Show Current Status 156 Minimally Invasive Surgery: Reconfi guration Proposal 158 Lifestyle and Flooring Types 160 Accumulation Plan Types 160 Allocations 161 Passive Versus Active Risk Management 163 Summary 165 CHAPTER 12 Market Segmentation 167 Segmentation for Traditional Portfolios 168 Segmentation for Retirement Income Portfolios 169 Summary 175 CHAPTER 13 Products and Example Portfolios 177 Overview of Products Offered 177 Managing Expectations around Outcomes 184 Example Portfolios 185 Summary 202 CHAPTER 14 Preparing Your Client for a Retirement Income Portfolio 203 Know Your Resources 207 Lifestyle and Life Cycle 210 Risks to Your Retirement Lifestyle 212 Lifestyle and Flooring Types 214 What the Adviser Needs from the Client 221 Summary 221 CHAPTER 15 Salvage Operations, Mistakes, and Fallacies 223 Mistakes and Fallacies 224 How to Dig Out of a Hole 228 Summary 233 APPENDIX A History of Theoretical Developments in Life-Cycle Planning 235 The Model 235 Rising Lifestyles and Habit Formation 238 Empirical Studies of Life-Cycle Behavior 241 APPENDIX B How Professionals Can Maximize the Usefulness of this Book 243 Transaction-Oriented Salespeople 243 Asset Gatherers 245 Insurance Planners 246 Financial Planners 247 Portfolio Managers 248 Notes 251 Glossary 265 References 271 Index 275
Preface xiii Acknowledgments xxi PART ONE Framing the Problem CHAPTER 1 Portfolio Focus and Stage of Life 3 A "Balanced" Portfolio Approach May Not Last Through Retirement 4 Retirement Saving versus Retirement Income: An Illustration 10 Products versus Solutions 11 Summary 12 CHAPTER 2 The Top-Down View A Short Primer on Economic Models of Retirement Income 13 An Overview of Economic Models of Retirement Income 14 Reconciling Retirement Income Portfolio Construction with Accumulation 15 The Dynamics of Risk Aversion 19 Separation between Flooring and Upside 21 Fully Funded versus Underfunded Flooring 22 Monetizing Mortality 23 Taking Market Risk 23 Risk Is Risk, Is It Not? 24 Risk, Uncertainty, and Risk Aversion 25 Summary 25 CHAPTER 3 The Importance of Lifestyle Flooring 27 Amount of Flooring: A Balance Sheet View 28 Retirement Requires Outcomes, Not Just Expectations 30 Consumption Needs 32 Yes/No Planning 33 The Window for Maintaining Lifestyle 34 The Bedrock Floor 36 The Aspirational Floor 37 The Finished Floor 38 Nominal versus Real Flooring 38 Types of Flooring 42 Choosing a Flooring Type 45 Summary 48 CHAPTER 4 Monetizing Mortality Annuities and Longevity Insurance 49 Risk Pooling 50 Pure Longevity Insurance 50 Annuities 52 Complex Annuities 54 Credit Risk and Insurance 55 Summary 57 CHAPTER 5 Flooring with Capital Markets Products 59 Government-Issued Securities 60 Creating a Floor of Strips 61 TIPS 63 Municipal Securities 65 Corporate Securities and Other Financial Products 66 Summary 67 PART TWO Adapting Portfolios for Retirement Income CHAPTER 6 Building Retirement Income Portfolios 71 Portfolio Sleeves for Retirement Income 72 Portfolio Intuition 76 Basic Portfolio Constructs 77 General Accumulation Plans for Retirement Income 81 Taxes and Retirement Income Portfolios 81 Summary 85 CHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs 87 Flooring Allocations 88 Longevity Allocations 93 Precautionary Allocations 96 Discretionary Equity Allocations: Assets with Risk 97 Summary of Allocations 99 Summary 103 PART THREE Managing Portfolios for Retirement Income CHAPTER 8 Rebalancing Retirement Income Portfolios 107 Rebalancing the Discretionary Wealth Subportfolio 108 Rebalancing the Functional Components 109 Raising the Floor 111 Summary 112 CHAPTER 9 Active Risk Management for Retirement Income Portfolios 115 Static Example 118 The View from the Capital Markets Line 121 Risk Management and Expected Returns 122 Simple Rules: For Passive and Active Risk Management 122 An Inelegant but Simple Plan 124 High-Water Mark Flooring 125 The Cushion 126 Risk Rules: Periodic Rebalancing 128 Risk Rules: More Active Rebalancing 130 CPPI and Volatility 132 Taxation and Active Management 133 Locking in Flooring: Long End versus Short End 134 A Quick Note on Usability, Scalability, and Approaches Other Than Liability Matching 135 Playing with Fire in a Retirement Income Portfolio 135 Summary 138 PART FOUR Making It Happen CHAPTER 10 The Transition Phase 141 What the Transition Is About 142 The Order of Transition 144 A Diffi cult Transition 146 When to Transition 148 Making the Transition Seamless 150 Creating a Business Model that Includes a Natural Transition 152 Sudden Transitions 153 Summary 153 CHAPTER 11 Putting Together the Proposal 155 Laying Out Client's Assets to Show Current Status 156 Minimally Invasive Surgery: Reconfi guration Proposal 158 Lifestyle and Flooring Types 160 Accumulation Plan Types 160 Allocations 161 Passive Versus Active Risk Management 163 Summary 165 CHAPTER 12 Market Segmentation 167 Segmentation for Traditional Portfolios 168 Segmentation for Retirement Income Portfolios 169 Summary 175 CHAPTER 13 Products and Example Portfolios 177 Overview of Products Offered 177 Managing Expectations around Outcomes 184 Example Portfolios 185 Summary 202 CHAPTER 14 Preparing Your Client for a Retirement Income Portfolio 203 Know Your Resources 207 Lifestyle and Life Cycle 210 Risks to Your Retirement Lifestyle 212 Lifestyle and Flooring Types 214 What the Adviser Needs from the Client 221 Summary 221 CHAPTER 15 Salvage Operations, Mistakes, and Fallacies 223 Mistakes and Fallacies 224 How to Dig Out of a Hole 228 Summary 233 APPENDIX A History of Theoretical Developments in Life-Cycle Planning 235 The Model 235 Rising Lifestyles and Habit Formation 238 Empirical Studies of Life-Cycle Behavior 241 APPENDIX B How Professionals Can Maximize the Usefulness of this Book 243 Transaction-Oriented Salespeople 243 Asset Gatherers 245 Insurance Planners 246 Financial Planners 247 Portfolio Managers 248 Notes 251 Glossary 265 References 271 Index 275
Es gelten unsere Allgemeinen Geschäftsbedingungen: www.buecher.de/agb
Impressum
www.buecher.de ist ein Internetauftritt der buecher.de internetstores GmbH
Geschäftsführung: Monica Sawhney | Roland Kölbl | Günter Hilger
Sitz der Gesellschaft: Batheyer Straße 115 - 117, 58099 Hagen
Postanschrift: Bürgermeister-Wegele-Str. 12, 86167 Augsburg
Amtsgericht Hagen HRB 13257
Steuernummer: 321/5800/1497
USt-IdNr: DE450055826
