Master of Science in Wealth Management The Charles H. Kellstadt Graduate School of Business

Transcription

1 Master of Science in Wealth Management The Charles H. Kellstadt Graduate School of Business Committed to a Career in Wealth Management? Find us on the web at:

2 An estimated $41 trillion dollars of wealth transfer from 1998 through Approximately one-third of the wealth transfer is expected to come from families with less than $1 million dollars. This growing number of middle to upper-class affluent families will continue to drive need for wealth management professionals. (Havens and Schervish, Why the $41 Trillion Wealth Transfer Estimate is Still Valid, Boston College Social Welfare Research Institute.)

3 The U.S Department of Labor, Bureau of Labor Statistics projects that employment of personal financial advisors will grow 32% from 2010 to 2020 The aging Baby boomers will be a primary driver of growth as they seek planning advice Decreased funds from corporate and government pensions are expected to contribute to the need for financial advisors

4 Current programs are too narrow: CFA: Chartered Financial Analyst a graduate-level investment credential awarded by CFA Institute. CFP: Certified Financial Planner - credit and non-credit certificate programs offered at the undergraduate and graduate degree levels.

5 Or too broad: CPA: Certified Public Accountant - education, experience, and accounting knowledge, measured by examinations, one result is the ability to render opinions on the fairness of financial statements MBA: Masters of Business Administration - prepare professionals for greater leadership roles in business management.

6 To meet the needs of a growing industry, specialized knowledge and credentials will be important to differentiate wealth management providers.

7 Accredited two year graduate program focused on the Wealth Management Industry Develop professionals with the full skill set needed in the industry Build client trust through well educated professionals in this complex industry The program is based on a University platform founded in an academic environment

8 Guiding framework Wealth manager acts as the client-facing center of a team of experts Graduates of the program should be able to: Establish a dialogue with clients to assess their goals Work with other professionals to identify the services, products, or strategies relevant to achieving those goals Effectively communicate, source and implement those solutions

9 Business Development Investment Planning Insurance and Risk Management Income tax planning Retirement planning Estate, gift, and generational transfer tax planning Relationship building Communication

10 September 5-6 FIN570 - Boot camp Fall 2013 FIN555 Financial Management ACC592 Federal Income Taxation for Wealth Management Winter 2014 FIN581 Psychology of Financial Decision Making RE530 Real Estate Investment and Finance Spring 2014 FIN523 Investment Analysis ACC593 Transfer Tax Planning for Wealth Management Fall 2014 FIN501 Ethics in Financial Markets FIN528 Alternative Investments Winter 2015 FIN564 Risk Management for Individuals, Families and Entities ACC594 Family Office and Multigenerational Estate Planning Spring 2015 FIN572 Wealth Management, Capstone I FIN573 Wealth Management, Capstone II

11 Roundtables with industry practitioners to illustrate and expand on practical aspects of wealth management. Representative topics Building your book of business Running a Wealth Management business: What I wish I had known Integrating philanthropy into the financial plan Planning and running successful meetings Best practice for Power Point presentations Economic updates: what do your clients expect you to know? Coming demographic changes and how they will affect your business Explaining tactical adjustments to your client s strategic portfolio Educating the next generation Asking for referrals Updates on trust and tax laws

12 Three years work experience plus credible evidence of a commitment to the wealth management industry Additional certifications such as a CFA or CFP would be indicative of career intent, but not a requirement for admission We are NOT looking for students who are testing the waters of wealth management

13 Appendix

14 Investment Planning Financial Management (FIN 555) Basic discounting techniques Stock and bond valuation Portfolio theory Investment Analysis (FIN 523) Security valuation Equity, fixed-income, and derivatives markets Alternative Investments (FIN 528) Hedge funds Private equity Real Estate Investment and Finance (RE 530) Analysis of real estate investment opportunities

15 Insurance and Risk Management Risk Management for Individuals, Families and Entities (FIN 564) Insurance markets and products Financial risk management Risk tolerance and asset allocation Risks associated with uncertain earnings, mortality, and longevity

16 Income tax planning Federal Income Tax for Wealth Management (ACC 592) Overview of Federal tax system Focus on taxation of individuals with an emphasis on its relevance for the financial planning process Estate, Gift and Generational Transfer Tax planning Transfer Tax Planning for Wealth Management (ACC 593) Overview of transfer tax system from a financial planning perspective

17 Estate, Gift and Generational Transfer Tax planning Family Office and Multigenerational Estate Planning (ACC 594) Federal wealth transfer tax concepts Generation-skipping transfer tax and dynastic entities Charitable gifts and foundation planning Management and disposition of family and closelyheld businesses International estate planning Creating and running a family office Family Governance Generational Wealth Education Issues

18 Relationship building Boot Camp (FIN 570) Instill and emphasize the importance of ethical conduct in the field of wealth management Ethics in Financial Markets (FIN 501) Stresses importance of ethical behavior as a mechanism for developing mutual trust and respect Learn how to identify potential ethical issues Develop a framework for responding to ethical issues The Psychology of Financial Decision Making (FIN 581) Covers the psychology of financial decision making and how it can lead to poor financial decisions Application to trust between financial advisors and their clients

19 Communication Wealth Management, Capstone I & II (FIN 572 and FIN 573) Case course in which financial plans, the marketing of those plans and revisions to those plans are developed based on the changing needs of the client Review of general principles of wealth management Emphasizes the ethical and legal issues involved in maintaining and growing a wealth management business Both written and oral presentations required

20 Two letters of recommendation Official undergraduate transcripts GMAT: Contact William A. Obenshain or Dan Deli TOEFEL/IELTS (international applicants) Resume Personal Statement (optional) Two essay questions

21 Master of Science in Wealth Management The Charles H. Kellstadt Graduate School of Business Committed to a Career in Wealth Management? Committed to a Career in Wealth Management? Find us on the web at: