Wealth Management - The Concept
Authors
Wealth management goes beyond the traditional asset allocation methods.
What are the questions a wealth manager should ask his clients to help them to utilize their wealth appropriately?” One must question is, tell me about your dreams!
Wealth management goes substantially beyond the mere management of financial assets.
Wealth managers need to grasp the whole picture in order to place the asset management part of the problem in the appropriate perspective. The emphasis has to be on the need to try and understand clients’ dreams and to help them see how their wealth allows them to bring their dreams to life.
Traditional finance invites us to determine, or help determine, our clients’ return expectations and risk tolerances, and there is nothing wrong with that. In the end, there is indeed some risk/return trade-off, and whether it is explicitly stated or simply implicitly recognized, it is inescapable. Families have very rarely made their wealth in the finance industry, however, and are thus not naturally familiar with the arcane elements of finance profession or the theory that underpins it.
Understanding the dreams and goal of the client provides the right path. Each of these goals will inevitably have a bearing on the family’s use for, and attitude toward, asset management, and starting with them helps establish the right focus for the family to understand and participate in the process. The old saw says that people tend to ask what time it is rather than how to make a watch! That simple insight applies to wealth management.
Tell me about your dreams, and I will help you first identify your goals, then help you quantify and, if necessary, prioritize these goals, which will, in turn, help us develop together a strategic asset allocation plan for your family.
A Fidelity survey brings out the fact that most high-net-worth investors prefer working with a single advisor with additional assistance from outside specialists (28%), to manage investments (28%), or to access a comprehensive range of services (25%). Relatively few embrace working with multiple advisors (13%) or any individual advisor managing other advisors (quarterback approach, 5%).
Wealth Management Institute
Wealth Management Institute
(Regn. No. 200303588Z)
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Tel: (65) 6828 6988
Fax: (65) 6821 1155
http://www.wmi.com.sg/index.html
Introduction
Wealth management has developed rapidly in recent times to become one of the most attractive business sectors in the financial industry. The growing affluence and sophistication of economies such as China, India and other Asian countries have created a rising demand for professional wealth management services, such as fund management and private banking.
The Wealth Management Institute (WMI) is Asia's first educational institution that specialises in wealth management. Combining academic rigour and a practical-orientation, the WMI offers a holistic, industry-driven approach in training wealth management professionals. It provides a relevant and balanced education for the wealth management industry, combining an Asian focus with global perspectives.
The WMI provides wealth management professionals in Asia the opportunity to network and learn from the industry's leading players. Through partnerships formed with private banks, fund management companies, industry associations and with faculty from leading business schools, the WMI aims to update executives on the latest developments in the industry and serve as a centre for education and research in wealth management in Asia.
Quote
Wealth management, encompassing fund management and private banking, has probably the highest growth potential in the Asian financial services industry. If you have the aptitude and talent to work in the financial services industry, wealth management offers you great scope for professional growth and a promising career.
MR NG KOK SONG
Chairman of Wealth Management Institute
The Wealth Management Institute (WMI) is appointed by the Monetary Authority of Singapore (MAS) and the Singapore Workforce Development Agency (WDA) as a lead provider of FICS-accredited training and assessment programmes for the following job families under the the Financial Industry Competency Standards (FICS) framework:
(1) Wealth Management – Relationship Management – High Net Worth
(2) Wealth Management – Investment Advisory Services
(3) Wealth Management – Trust & Estate Planning
(4) Wealth Management – Trust Administration
Programmes
master of science in wealth management
The Master of Science in Wealth Management (MSc in WM) is a flagship programme of the WMI developed in close collaboration with the Singapore Management University (SMU) and the Swiss Finance Institute. The degree will be awarded by SMU. The programme is tailored to meet the educational needs of post-graduate students wanting to work in the wealth management industry and existing wealth management practitioners who would like to enhance their academic and professional credentials.
WMI ADVANCED WEALTH MANAGEMENT PROGRAMME
The WMI Advanced Wealth Management Programme (AWMP) is designed in line with the Financial Industry Competency Standards (FICS) set by the Institute of Banking and Finance (IBF) in the area of Relationship Management – High Net Worth (Job Role V) and Investment Advisory Services (Job Role V).
References
Journals and Magazines
Institutional Investor, Inc. Journals Group
225 Park Avenue South
New York, NY 10003
Editor's Letter
Wealth Management: Using the Balance Sheet Methodology
Kirk Loury
Asset Liability Management in Financial Planning
Stephan Hocht; Ng Kah Hwa; Christoph G. Rosch; Rudi Zagst
Investment Implications of the Estate Tax
Jeffrey E. Horvitz
The Elusiveness of Investment Skill
Robert A. Jaeger
Conditional Financial Models and the Alpha Puzzle: A Panel Study of Hedge Fund Returns
Francois-Eric Racicot; Raymond Theoret
Measuring the Cost of Risk Reduction in Tax-Deferred Investing
W. Cris Lewis
Reconsidering IRA and Roth IRA: Keeping Bequests and Other Options in Mind
Ashraf Al Zaman
Corporate PACs and the Stock Market: The Case of the 2004 Presidential Election
Matthew Hood; John R. Nofsinger
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