Advising Ultra-Affluent Clients and Family Offices [Hardback]by Michael Pompian
Usually ships within 2 to 4 working days Summary of Advising Ultra-Affluent Clients and Family Offices· Financial planning for the ultra affluent has become an increasingly popular topic on Wall Street as more and more money advisors turn their attention to this top sector of millionaires.Title Information
Press and Industry Reviews"Michael Pompian's book Advising Ultra-Affluent Clients and Family Offices is noteworthy for its comprehensiveness. Michael combines 'the big picture' with detailed, prescriptive, and actionable strategies; advisers to wealthy families will receive a detailed understanding of how a quickly evolving landscape impacts their business and its implications for their clients."- John Benevides , President, Family Office Exchange "This book should be on the reading list of anyone who wants to be a full-fledged professional in our industry. Michael Pompian has wisely chosen to focus on practical descriptions and recommendations; in my view this is a great plus, as we need more educational resources in this field. Congratulations. The book is well worth reading." - Jean L.P. Brunel , CFA, Managing Principal, Brunel Associates, LLC "Ultra-affluent clients want information and advice integrated and in real time. So planning, investing, and measuring become a continuous process. This is very hard to do. Michael Pompian articulates a clear and insightful road map which outlines the process, components, and human factors needed to create a sustainable world-class wealth management program - both advisers and wealth owners would be wise to follow Michael's lead." - Stephen Martiros , founder, Summitas (www.summitas.com) Managing Partner, CCC Alliance (www.cccalliance.com) "As wealthy families become more globalized, their needs for wealth preservation and growth have become more complex and sophisticated in times of financial uncertainty. Michael Pompian has crafted an insightful and comprehensive guide for enhancing your own capabilities and awareness on how to advise the most demanding clients. A must–read for all financial advisers!" - Dr. Kurt Moosmann , MBA TEP CFP; cofounder and Managing Partner of Dara Capital Ltd., Zurich, Switzerland "Without incorporating the critical components of effective family governance and the awareness of generational and behavioral issues, families of wealth and their advisers are operating blind in their wealth management pursuits. Michael Pompian's book gives both advisers and family members essential insights for discovering the risk factors they must consider in today's environment and in finding the resources required to provide consummate solutions." - Lisa Gray, graymatter Strategies LLC, author of The New Family Office and Generational Wealth Management "Advising Ultra-Affluent Clients and Family Offices is a valuable 'handbook' that covers all the major areas of wealth management. While Mr. Pompian has written the book primarily for wealth advisers, Advising Ultra-Affluent Clients and Family Offices will provide invaluable insights to ultra-affluent individuals and families, particularly those who are thinking about setting up a family office or becoming clients of a multifamily office." - Paul R. Perez , CFA, Managing Director, Family Advisory Services, Northern Trust "I like the way Michael Pompian presents this material. It covers the waterfront with a clear, concise, and compelling treatment. This book will prove useful for family members and family office executives. I especially admire the multigenerational orientation." - Bradley G. Fisher , CEO, Springcreek Advisors LLC (Multi–Family Office), Corte Madera, California Write a review of this book Customer Reviews from AmazonAbout Michael PompianMichael M. Pompian, CFA, CFP, is the director of the Private Wealth Consulting Group for Hammond Associates-based in St. Louis, Missouri – which consults to over $55 billion. He works with some of the largest family offices in the United States. Prior to joining Hammond Associates, Pompian was a wealth management adviser with Merrill Lynch, a private banker with PNC Private Bank, and served on the investment staff of a family office. He earned an MBA from Tulane University and holds a BS in management from the University of New Hampshire. Pompian is a member of CFA Institute and the New York Society of Securities Analysts. He is also the author of Behavioral Finance and Wealth Management (Wiley & Sons). Pompian is married with three sons and can be reached at mpompian@haifc.com.Contents of Advising Ultra-Affluent Clients and Family OfficesForewordPreface Acknowledgments Part I: Introduction to Advising Ultra-Affluent Clients 1: Who Are the Ultra-Affluent? Defining the Ultra-Affluent Quantifying Ultra-Affluence Among Total Global Wealth Looking to the Future A World of Opportunities for Advisors 2: Understanding the Mindset of the Ultra-Affluent Client Why Advising the Ultra-Affluent Is Different What Ultra-Affluent Clients Want from an Adviser Building Relationships by Asking Questions and Listening to the Answers Consultant Questionnaire Conclusion 3: Wealth Attitudes, Aspirations, and Investor Behavior of Ultra-Affluent Clients Wealth Attitudes of Ultra-Affluent Clients Family Aspirations Where Psychology Meets Finance Investor Biases Conclusion 4: Non-Investment Best Practices The Challenges Associated with Wealth Guidelines for Sustaining Multigenerational Wealth Conclusion Part II: Investment Strategies for Ultra-Affluent Clients 5: Practices of the Best Investment Organizations Investment Committees Investment Policy Statements Appendix: Asset Allocation Policy 6: Asset Allocation Considerations for Ultra-Affluent Clients What Is Asset Allocation? The Importance of Assumptions in the Asset Allocation Selection Process The Importance of Asset Allocation Considerations in Asset Allocation for Individual Investors 7: Domestic and International Equity Introduction to U.S. and International Equity Securities The Five-Step Equity Strategy Process 8: Domestic and International Bonds Introduction to Bonds Descriptions of Bond Asset Classes 9: Private Equity. What Is Private Equity and How Does It Work? Three Primary Types of Private Equity Investments Creating a Customized Private Equity Program 10: Hedge Funds and Ultra-Affluent Clients What Is a Hedge Fund? A History of Hedge Funds The Legal Environment of Hedge Funds Hedge Fund Strategies Asset Allocation and Hedge Funds Creating a Hedge Fund Strategy 11: Real Asset Investing The Portfolio Benefits of Real Assets Real Estate: A Long-Term Inflation Hedge Natural Resources Part III: Multi-Generational Considerations for Ultra-Affluent Clients 12: Selecting an Adviser. Trust: The Key Ingredient How to Select an Advisor Questions for Prospective Advisers Conclusion 13: Selecting a Custodian and Investment Vehicle Structure Custodial Services Investment Vehicle Structure Conclusion 14: Considerations for Creating a Family Office What Is a Family Office? Challenges of Wealth Practical Reasons to Create a Family Office Challenges of Running a Family Office Services Provided by a Family Office Administrative Considerations for Establishing a Family Office Considerations for Establishing a Private Trust Company Conclusion Part IV: Special Topics for Ultra-Affluent Clients 15: Wealth Transfer Planning Estate Planning Basics Conclusion 16: Concentrated Equity Risk Management What Constitutes a Concentrated Equity Position? Concentrated Stock Risk Minimization Strategies Conclusion 17: Family Governance Generational Division Family Governance: An Essential Part of Successful Wealth Transfer The Incredible Family Policies Stages of Development Conclusion 18: Risk Management and Asset Protection Family Office Risk Management Individual Family Member Risk Management Conclusion Part V: Ultra-Affluent Client Case Studies 19: Philanthropy Philanthropic Strategy Development through Asking Questions Mission Statement Implementation of Philanthropic Strategy Best Practices of Giving Large Gifts to Colleges and Universities Appendix: "The Next Generation: Redefining the Philanthropic Landscape" 20: Multi-Generational Asset Allocation Strategies Different Asset Allocations for Different Generation Single Allocation for an Entire Family Customized Asset Allocation by Generation or Family Unit Asset Allocation Targeting The Behavioral Finance Approach to Asset Allocation Conclusion Notes About the Author |
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