PRIVATE WEALTH. Stephen M. Horan, CFA. Wealth Management in Practice. WILEY John Wiley & Sons, Inc.
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1 PRIVATE WEALTH Wealth Management in Practice WILEY John Wiley & Sons, Inc.
2 CONTENTS Foreword Introduction 1 PART I: LIFE-CYCLE INVESTING CHAPTER 1 The Future of Retirement Planning 7 Robert C. Merton Reprinted from The Future of Life-Cycle Saving and Investing, The Research Foundation of CFA Institute (October 2007): CHAPTER 2 Is Personal Finance a Science? 19 Paul A. Samuelson Foundation of CFA Institute (October 2007): 1-4. CHAPTER 3 Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance 23 Roger G. Ibbotson; Moshe A. Milevsky; Peng Chen, CFA; and Kevin X. Zhu Reprinted from The Research Foundation of CFA Institute (April 2007). CHAPTER 4 The Theory of Optimal Life-Cycle Saving and Investing 99 Zvi Bodie, Jonadian Treussard, and Paul Willen Foundation of CFA Institute (October 2007): CHAPTER 5 Is Conventional Financial Planning Good for Your Financial Health? 117 Laurence J. Kotlikoff Foundation of CFA Institute (October 2007): CHAPTER 6 The Life Care Annuity 133 Mark J. Warshawsky Foundation of CFA Institute (October 2007): ix V
3 vi Contents CHAPTER 7 The Longevity Annuity: An Annuity for Everyone? 137 Jason S. Scott Reprintedfromthe Financial Analysts Journal (January/February 2008): CHAPTER 8 A Sustainable Spending Rate without Simulation 151 Moshe A. Milevsky and Chris Robinson Reprintedfromthe Financial Analysts Journal (November/December 2005): CHAPTER 9 Asset Allocation without Unobservable Parameters 169 Michael Stutzer Reprintedfromthe Financial Analysts Journal (September/October 2004): PART II: INVESTMENT MANAGEMENT FOR TAXABLE PRIVATE CLIENTS CHAPTER 10 Investment Management for Taxable Private Investors 191 Jarrod Wilcox, CFA; Jeffrey E. Horvitz; and Dan dibartolomeo ReprintedfromThe Research Foundation of CFA Institute (January 2006). CHAPTER 11 Core/Satellite Strategies for the High-Net-Worth Investor 299 Clifford H. Quisenberry, CFA ReprintedfromCFA Institute Conference Proceedings Quarterly (December 2006): CHAPTER 12 The Higher Equity Risk Premium Created by Taxation 311 Martin L. Leibowitz Modifiedfromthe Financial Analysts Journal (September/October 2003): CHAPTER 13 Tax Deferral and Tax-Loss Harvesting 317 Jeffrey E. Horvitz ReprintedfromCFA Institute Conference Proceedings: Wealth Management (October 2005): CHAPTER 14 Tax Management, Loss Harvesting, and HIFO Accounting 327 Andrew L. Berkin and Jia Ye Reprintedfromthe Financial Analysts Journal (July/August 2003):
4 Contents vii CHAPTER 15 Investing with a Tax-Efficient Eye 345 Robert N. Gordon Reprinted from CFA Institute Conference Proceedings: Wealth Management (October 2005): CHAPTER 16 Diversifying Concentrated Holdings 361 Scott D. Welch Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 200l): CHAPTER 17 Hedging Low-Cost-Basis Stock 373 Robert N. Gordon Reprinted from AIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001): PART III: TAX-EFFICIENT WEALTH ACCUMULATION CHAPTER 18 Tax-Advantaged Savings Accounts and Tax-Efficient Wealth Accumulation 387 Reprinted from The Research Foundation of CFA Institute (June 2005). CHAPTER 19 After-Tax Asset Allocation 475 William Reichenstein, CFA Reprinted from the Financial Analysts Journal (July/August 2006): CHAPTER 20 Withdrawal Location with Progressive Tax Rates 485 Reprinted from the Financial Analysts Journal (November/December 2006): PART IV: AFTER-TAX PERFORMANCE MEASUREMENT CHAPTER 21 After-Tax Performance Evaluation 507 James M. Poterba Reprintedfrom AIMR Conference Proceedings: Investment Counseling for Private Clients II (August 2000):58-67.
5 viii Contents CHAPTER 22 Taxable Benchmarks: The Complexity Increases 521 Lee N. Price, CFA ReprintedfromAIMR Conference Proceedings: Investment Counseling for Private Clients III (August 2001) CHAPTER 23 Explaining After-Tax Mutual Fund Performance 535 James D. Peterson; Paul A. Pietranico, CFA; Mark W. Riepe, CFA; and Fran Xu, CFA Reprintedfromthe Financial Analysts Journal (January/February 2002): About the Contributors 553 Index 555
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