Private Wealth Management

Private wealth management (PWM) refers to financial services such as investment advisory, tax guidance, retirement planning, estate planning, and risk management that are provided to high-net worth individuals by a family office, wealth management firm, or a private bank. The main goal of private wealth management is to help clients create and preserve wealth for future generations.

客户的目标可以从支付大学学费，慈善目标（捐赠给慈善机构），再到死后将资产转移到子孙后代。

在制定实现这些目标的策略时，必须考虑税收。如果有一个有吸引力的投资机会，但是税收后果是显着的，那么寻求机会可能是不值得的。

顶级PWM银行包括高盛,JP Morgan,摩根士丹利和Citi等等。

Private Wealth Management: Products and Services

Private wealth managers provide a variety of services to their clients, for instance assisting a client exit a company they started many years ago. To accomplish this goal the wealth manager would explore a variety of options and products, such as, potentially, implementing an employee stock option plan (ESOP) that gives employees some ownership of the company over time.

Depending on the client's goal a different service and product will be used. Below we will list possible services and the goals they may help achieve along with some products associated with some of these services.

私人财富管理：服务bobapp下载链接化管理

bobapp下载链接化管理通常在私人财富管理中提供的服务是投资，税收指导，退休计划，房地产计划和风险管理。由于PWM在客户需求方面采用了整体方法，这意味着一家私人银行或公司通常为其每个客户提供所有这些服务。bobapp下载链接化管理

Here are some of the services a private bank or firm may provide.

服务	目标
投资管理	Invest in a diversified portfolio to meet goals and generate wealth for future generations.
退休计划	Help individuals develop a plan to invest and save to meet future spending needs in retirement.
税收指导	帮助个人实现目标并转移资产，同时最大程度地减少税收后果。
Estate Planning	帮助个人在死亡后有效地转移资产以避免遗嘱认证（资产去法院进行分发）并最大程度地减少对遗产的税收。
Risk Management	计划过早的死亡和可能导致财务挫折的伤害。

Private Wealth Management: Products

To accomplish the services they provide, private wealth managers have several products at their disposal. For instance, a trust can be used in estate planning to transfer assets to heirs, effectively avoiding the probate process (assets go to a court).

服务	Products
投资管理	Derivatives, mutual funds.
退休计划	Retirement accounts (IRA, 401k).
税收指导	税款或免税投资帐户。
Estate Planning	信托（可撤销/不可撤销）。
Risk Management	Life insurance and disability insurance.

私人财富管理：客户

Private wealth management clients range from high-net-worth (HNWI), i.e., someone with at least $1 million dollars in investable assets, to ultra-high-net-worth, i.e., someone with at least $30 million in investable assets.

高净值个人与少于100万美元的大众富裕人士不同，因为他们可能需要定制策略来满足其特定需求。

根据他们的时间范围，风险承受能力和资产规模，诸如私募股权或风险投资之类的替代投资可能是合适的投资，因为它们的预期收益较高。由于投资组合和自定义策略的规模，HNWI的客户与经理比率通常较小。

Ultra-high-net-worth individuals and families may create their own family office or team up with other ultra-high-net-worth families and have one firm provide all of the financial services. One such firm isICONIQ Capital, which is known to provide financial services to Mark Zuckerberg of Meta Platforms and Jack Dorsey of Block, Inc.

超高净值的主要目标是创造和维持财富以传递给子孙后代。由于金融资产的规模，私募股权和风险投资等替代投资将成为此类投资组合中的资产类别。

High Net Worth Individuals vs. Institutional Investors

Private wealth management mainly caters to mass affluent, high net worth, and ultra high net worth individuals. It does not meet the needs of institutional investors such as university endowments, foundations, and pension funds due to differences in investment objectives, scale (size of financial assets), risk tolerance and time horizon. These differences are broken down below.

	高净值	Institutional Investors
Investment Objective	Broadly defined such as transferring assets out of the estate upon death or planning for retirement.	非常具体的，例如在基准测试的同时降低回报率的波动率的实际收益率为5％。
Time horizon	短期：<5年到长期：> 10年	Perpetual life
税	Must account for taxes with every strategy and trade.	可以免税。
风险承受能力	随着年龄的增长而变化，但变得较低。	由于永恒的生命，高风险公差。
Investments	股票，债券，商品，房地产。替代投资可能不合适。	风险资本，私募股权，对冲基金，私人信贷，私人房地产，股票，债券。

Individual investors may not have access to alternative investments such as venture capital, private equity, hedge funds, and private credit due to the size of their portfolios, risk tolerance and time horizons.

对替代资产类别的投资可能仅适用于高净值和超高净值的个人和家庭。

例如，对私募股权的投资可能需要超过5年才能看到任何投资回报率，最重要的是，必须在最初的几年内得到一些资本呼叫。

Institutions must invest in alternative investments due to the higher expected returns associated with these investments, and therefore carry more risk. Not allocating funds to alternative investments and bagging the increased returns means the institution might not be able to meet future spending needs or liabilities.

私人财富管理人员如何赚钱？

Private wealth managers generate income from advisory fees and fixed fees on products and services that they offer. The main source of income for private wealth managers comes from advising clients on investment management, estate planning, and tax planning.

咨询费可以以基于资产的费用和佣金的形式出现。

基于资产的费用是基于管理资产的百分比（AUM）的费用，通常在基点。固定费用包括服务和产品费用的固定费用。bobapp下载链接化管理

佣金是通常由交易收取的费用经纪人和交易者。由于利益冲突，委员会因可能引起的利益冲突而变得不那么普遍过度交易经理赚取更大的费用。

基于资产的费用的一个示例是为管理资产投资组合收取250个基点（基点）的费用。让我们假设一位私人财富经理管理资产的投资组合，价值100,000美元，并收取250个基点的年费。在今年年底，投资组合增长到$ 120,000。经理将收到的基于资产的总费用为3,000美元（.025 * 120,000）。

Let's now assume a manager who specializes in tax planning charges $200 per hour. This manager spends 10 hours working on a tax deferral strategy for an inheritance. The total fee that the manager would receive is $2,000 (10 * 200). This is an example of a fixed fee on a service.

私人财富管理人员做什么？

Private wealth managers use a holistic portfolio construction approach to address client wants, needs, desires, and risks. A wealth manager will usually specialize in a certain area such as investments or tax guidance, but outsource the remaining services to other wealth managers. The remaining services may include trust services, estate planning, and risk management (insurance).

尽管经理正在将其余服务外包，但他们仍负责该过程以及资产的发展方向。bobapp下载链接化管理

财富经理执行的第一步是与客户一起起草投资政策声明（IPS），这决定了客户的风险承受能力，时间范围，约束和资产分配。

The IPS provides guidance to how funds are to be managed. Since wealth managers have a fiduciary duty (to put the clients' interest above their own) to the client, following the IPS is critical to avoiding investments and decisions that would not be suitable for the client. The IPS also provides discipline, allowing the wealth manager to implement the strategy by forcing the client to follow-through with the strategy. Once the IPS is signed by both the client and the wealth manager, the manager may begin to create and outline a financial planning strategy with the client.

财富经理：很高兴

To stand out as a good wealth manager, having an undergraduate degree is a normal prerequisite, but it is also common for wealth managers to have a graduate degree, such as an MBA, and other designations as well. Some common designations, or certifications, a wealth manager may have are:

• Certified Financial Planner (CFP®): uses holistic approach to financial planning (investments, risk management, estate planning, etc.)

• 认证公共会计师（CPA）：专门从事会计和税收。

• Chartered Financial Analyst (CFA®): specializes in valuation, asset allocation, capital markets, and financial analysis.

• 认证投资管理分析师（CIMA）：专门研究风险管理的投资策略。

• 认证的房地产规划师（CEP）：专门研究生命末期。

请注意，对于一个人来说，将超过两个或三个指定的名称具有超过两个或三个是不现实的。单独的指定并不是一位良好的财富经理。这些名称加上良好的经验，最终将使顾问脱颖而出。

Wealth Manager Vs. Financial Advisor

财富经理和财务顾问之间的主要区别是他们所服务的客户及其提供的服务。bobapp下载链接化管理

高净值和超高净值个人和家庭将使用财富经理，因为他们需要比财务顾问提供的更具定制和全面的方法。由于定制和全面的策略，财富经理的客户与经理比率将比财务顾问的比率小得多。财务顾问将为更多的财务资产提供服务，因此提供的服务并不总是根据其每个确切需求量身定制。bobapp下载链接化管理

如前所述，一位财富经理负责监督整个投资流程，并且是高净值个人的一站式服务。例如，财富经理可以专门从事股票投资，但也可以提供税收指导，房地产计划和风险管理服务。bobapp下载链接化管理尽管财富经理不会直接在其他方面工作，但它们将促进其他服务的处理。bobapp下载链接化管理

私人财富管理和ESG

环境，社会和治理（ESG）是客户希望将其集成到其投资组合和投资策略中的非财务因素。ESG在投资组合中变得越来越流行，因为客户越来越了解其投资决策可能对世界的直接影响。

Private wealth managers must perform non-financial尽职调查on companies to see how their products, services, and behavior impacts society and the natural world around us. Below is a breakdown of what ESG stands for:

• 环境：公司的运营如何影响自然环境，例如一家在自然保护区钻探石油的石油公司。

• Social: How a company's operations affect society or a specific group, for instance a private wealth manager may not purchaseequityin a company that manufactures firearms.

• Governance: Standards for how a company is run. For instance, a company with a strong moral compass and policies that prevent fraud and corruption will have good corporate governance.

对ESG投资的需求不断增加，这引发了社会负责的交易所交易基金（ETF）的创造。两个这样的ETF是人类的美国股票ETF（股票：HKND）和美国世纪可持续权益ETF(ticker: ESGA).

私人财富管理公司和银行

All high-net-worth and ultra-high-net-worth clients have unique needs and there are several wealth management firms and managers to choose from. Some clients may utilize more than one firm or bank to diversify their assets.

选择PWM时需要考虑的一些因素是可用的资源，费用，经验和策略。bob电子竞技大赛以下是一些私人银行和财富管理公司，可为高净值个人提供服务：bobapp下载链接化管理

-摩根士丹利私人财富管理
-美林私人财富管理
-UBS Wealth Management US
-高盛Private Wealth Management
-富国银行私人银行
-J.P.摩根私人银行
-Wetherby资产管理

免费资源bob电子竞技大赛

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