CFA三级写作课后题（2020.12）8.docx

2020年12月CFA三级写作题PRIVATEWEALTHMANAGEMENT今年由于疫情的缘故，CFA考试被迫延期。虽然给了大家更多的复习时间，但也不可掉以轻心。近年来，CFA考试的难度在逐步提高，并且在三级中更偏向实务与理论结合的考察。相比2019年考纲，2020年考纲发生了较多的变化。其中关于经济学的部分，更名为资本市场预期，并进行了重大改变；衍生产品与资产配置中的外汇管理合并在一起，并进行了较大的改写；另类投资的内容完全重新改写；交易与业绩评估合并在一起，并重新编写。而一向是考试重点的私人财富管理和机构组合管理也发生了较大变化，其中私人财富管理的第一个RCading重新编写，而机构组合管理也进行了重新编写，这些变化需引起考生重视。为了全面应对考试，我们全面推出了的各种学习平台，如金程网校、手机APP、金程CFA答疑等活动，请各位充分利用。如有学术问题，请登录至金程网校提问。祝大家好运，顺利通过CFA三级考试，加油!PrivateWealthManagementCase1:HenlopenMcZhaoHenlopenMcZhaoisaprivatewealthmanager.AfterasuccessfulintroductorymeetingwithNescopeckCree,sheismeetingagainwiththisnewclienttoplanawealthmanagementstrategy.McZhaoseeksadditionalpersonalinformationfromCree.McZhaolearnsthatCreeis45yearsoldandiscurrentlyemployedasanattorney.Creehasanumberofspecificfinancialgoalsthathewishestoachieveinthefuturebuthasnoparticularreturnobjectiveforhisportfolio.Becausehehasbeeninvestingfor20years,Creeiscomfortablewithmoderatelevelsofmarketvolatility.Hisemploymentprovidesforhiscurrentexpenses,soCree'sliquidityrequirementsareminimal.Creepreferstohavehisenvironmentalandsocialconcernsreflectedinhisinvestmentchoices.1.DiscussadditionalpersonalinformationthatMcZhaoshouldgatherfromCreeinordertoproperlyadvisethisnewclient.Solution:McZhaoshouldobtainthefollowingadditionalpersonalinformationfromCree:Familysituation:Maritalstatus,childrenandgrandchildren,agesoffamilymembersIdentification:Copyofdriver'slicenseorpassportAdditionalcareerinformation:Futureaspirationsforcareer,business,andretirementInvestmentbackgroundMoredetailsonfinancialgoalsandrisktoleranceMcZhaohasalreadylearnedaboutCree,scurrentemployment,experiencewithmarketvolatility,interestinmeetingspecificgoalsratherthanaparticularreturnobjective,lowcurrentliquidityneeds,andinvestmentpreferencesbasedonhisenvironmentalandsocialconcerns.NowthatCreehasbecomeaprivateclient,astartingpointoftherelationshipisforMcZhaotolearnabouthisclient'sfamilysituation,suchasmaritalstatus,childrenandgrandchildren,andagesoffamilymembers.McZhaoshouldalsoobtainproofofclientidentification(copyofdriver'slicenseorpassport).Cree,semploymentandcareerinformationisimportant,asisdiscussionabouthisfuturecareer,business,andretirementaspirations.Inaddition,wealthmanagersshouldassesstheclienfsinvestmentbackground.Aspartoftheinvestmentbackgroundconversation,thewealthmanagershoulddeterminewhethertheclienthasanexplicitreturnobjectiveorspecificinvestmentpreferences.Finally,adetailedconversationabouttheclient,sfinancialobjectives/goalsandrisktoleranceispartofthepersonal-information-gatheringprocess.McZhaothenfocusesonCree'sfinancialgoals:in10years.Creedoesnotknowwhattoexpectintermsofcollegecosts.Creeplanstoretireatage62andexpectstoneed$80,000peryeartofundhisretirementlifestyle.Heisconcernedthatanincreasinglevelofmedicalexpensesforhimselfandhiswifemayreducehisfinancialassets.Creeexpectstopurchaseanapartmentbuildinginthreeyearsandplanstousetherentalincomefromthisinvestmentpropertytohelpfundhisretirementneeds.Cree,swifeenjoysdonatingtophilanthropiccauses.Shecurrentlydonates$10,000peryear,butbythetimeCreeretires,shehopestoincreasethisamountto$30,000peryear.Creecollectsantiquefurnitureandbudgets$15,000peryearforadditionstohiscollection.Hementionsthatthisyearzsantiquepurchasewillbehisnextlargeexpenseandcurrentlyhasthehighestpriorityofallhisgoals.2.DiscusstheissuesrelatingtoCree,s:i.goalquantification.ii.igoalprioritization.Solution:Withrespecttogoalquantification,Creehasquantifiedhisretirementspendingneeds,thecosttomaintainhisantiquepurchases,andhiswife'sphilanthropicsupport.McZhaoshouldworkwithCreetohelpestimatethecostsforhischildren*suniversityexpensesandwhatheexpectstopayfortheinvestmentproperty.Withrespecttogoalprioritization,eventhoughCreebelievesthathishighestpriorityishisnextbigexpense($15,000forthisyear'sadditionstohisantiquecollection),thetimingofthatexpenseshouldnotbethesoledeterminantofitspriority.McZhaoneedstodiscusswithCreewhichofhisgoalsaremostimportant.ThepurchasesofexpensiveantiquesandthelargephilanthropiccontributionsmayadverselyaffectCree'sabilitytofundhisretirementlifestyle.Therefore,McZhaoshouldhelpCreeconsiderreevaluatinghispriorities.McZhaocontinuesthediscussionwithCreeinordertoevaluatehisdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals:Retirement:Creeconsidersretirementalong-termgoalandiswillingtoendurea10%dropinexpectedretirementspending.However,heisveryconcernedwithhavingsufficientfundstocovermedicalexpenses.Investmentproperty:Creeseestheinvestmentpropertyasasourceofstableincome,soitisveryimportanttohimtopurchasethebuilding.Herealizesthatmaintenanceandrepairexpenseswillbenecessary,andhealsoconsidersthoseveryimportantPhilanthropy:Cree,swifestronglyinfluenceshimtofundherphilanthropiccauses,andhewantsmaintainher$10,000peryearcontributionsandnotincreasethatamount.Antiquefurniture:Creeiswillingtoreduceoreliminatehisspendingonantiquefurniture.3.DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.GoalDegreeofRiskToleranceJustificationRetirementLowerHigherInvestmentPropertyLowerHigherPhilanthropyLowerHigherAntiqueFurnitureLowerHigherSolution:DetermineCree,sdegreeofrisktoleranceassociatedwitheachofthefollowingindividualgoals.Justifyeachresponse.GoalDegreeofRiskToleranceJustificationRetirementLowerRetirementisalong-termgoal.Creeiswillingtoincuramoderatedropinhisplannedexpenses,sohelikelyhasahigherrisktoleranceforthatgoal.Creeisconcernedaboutpayingfuturemedicalexpensesinretirement,andsincehisretirementisstill17yearsinthefuture,helikelyhasahigherrisktolerancewiththemedicalexpensesgoal.HigherInvestmentPropertyLowerBecausetheinvestmentpropertyisanimportantnear-termgoal,Creelikelyhasalowerrisktolerancewiththisgoal.Similarly,helikelyhasalowerrisktolerancewiththegoaloffundingmaintenanceandrepairsfortheproperty.HigherPhilanthropyLowerCree,swife'sinfluenceregardingtheirphilanthropicgivingmakesCreeunwillingtostophiscontributionscompletely,butheHigherbelievesshewillacceptmaintainingtheircontributionsratherthanincreasingthemsubstantially.Asaresult,Creelikelyhasahigherrisktolerancewiththisgoal.AntiqueFurnitureLowerHigherCreeislikelyhighlyrisktolerantwithhisgoalofpurchasingantiquefurniture,becauseheiswillingtocutthatexpensealtogether.Case2:SharfeptoZikSharfeptoZ汰，aprivatewealthmanager,ismeetingwithaclient,GarbanzoPatel,inordertocreateaninvestmentpolicystatement(IPS)forPatel,supcomingretirement.Patelestimatesthathewillrequire200,000peryear,withannualincreasesforinflation,duringretirement.Patel,sprimaryspendinggoalsduringretirementaretoprovideforhisfamily,sneedsandmaintainhisretirementlifestyle.Hissecondarygoalsaretofundhisphilanthropicactivitiesandleaveasignificantinheritancetohischildren.Duringhisretirement,Patelwillreceiveunionpensionpaymentsof50,000peryearwithannualincreasesforinflation.Inhissparetime,Patelrunsasmallbusinessthatprovideshimwithanannualincomeof120,000andisvaluedat1million.Hewillcontinuerunninghisbusinessduringretirement.Patelholdsaportfolioofsecuritiesvaluedatapproximately4million.Theportfolioprimarilycontainsdividend-payingstocksandinterest-bearingbonds.Patelhasreinvestedallthesedistributionsbackintohisportfoliobutanticipatesthatafterretirementhemayneedtousesomeofthedistributionstofundhisexpenses.Patelplanstobuyavacationhomeinthreeyears.Hisbudgetforthevacationhomeisapproximately1.4million.Patelhasnotdecidedyethowhewillfundthispurchase.1.PreparetheInvestmentObjectivessectionofPateKsIPS.Solution:Purpose:SupportPatel,slifestyleinretirement(higherpriority),provideforfamily*sneeds(higherpriority),fundphilanthropicactivities(lowerpriority),provideinheritanceforchildren(lowerpriority)Anticipatedannualneed:200,000,withannualincreasesforinflationAnnualneedmetwith:Incomefromsmallbusiness(approx.120,000),pension(50,000withannualinflationincreases),portfoliodistributionsIntenttopurchaseof1.4millionvacationhomeinthreeyearsZikshouldassistinquantifyingphilanthropicandbequestgoalsanddetermininghowtofundthevacationhomepurchase.ThepurposeofthisportfolioistosupportGarbanzoPateKslifestyleinretirement,toprovideforhisfamily,sneedsztofundhisphilanthropicactivities,andtoprovideaninheritanceforhischildren.Patel'sprimaryobjectiveistoprovideforhisfamily'sneedsandsupporthislifestyleduringhisretirement.Thephilanthropicandbequestobjectivesarelowerpriorities.Tomeetallhisobjectives,Patelanticipatesneeding200,000peryear,withannualincreasesforinflation.Hiscashneedswillbeprimarilysatisfiedthroughincomefromhissmallbusinessofapproximately120,000peryearandhisunionpensionpaymentsof50,000peryear.Thebytakingdistributionsfromhisportfolio.Patelalsointendstopurchaseavacationhomeinthreeyearsandplanstopayapproximately1.4million.Patelhasnotarticulatedspecificamountsforhisphilanthropicactivitiesorhischildren'sinheritances.ZikshouldworkwithPateltoquantifyhisphilanthropicandbequestgoalsandtodecideonthebestwaytofundthepurchaseofhisvacationhome,PatelhasbeenworkingwithZikfor10years.Atthebeginningofthe10-yearperiod,ZikforecastedthattheequitiesinPatesportfoliowouldoutperformtheirbenchmarkandthatthebondswouldmatchtheirbenchmark.Now,attheendofthe10-yearperiod,equitieshaveoutperformedthebenchmark,butwithhighervolatilitythanthebenchmark.Inaddition,thebondsintheportfoliomatchedtheirbenchmarkperformance,butwithlowervolatilitythanthebenchmark.However,returnsandvolatilityarewithinIPSspecificationsforbothequitiesandbonds.PatelstatedhisgoalstoZikatthebeginningofthe10-yearperiodandhasnotchangedthem.Patel'splanistoretirethisyear,andhewantstobeabletosupportaspecifiedannualspendinglevel.Zik,soriginalcapitalsufficiencyanalysismodeleda6%rateofreturn,andPatel,sportfoliohasearnedslightlymorethanthatoverthe10-yearperiod.Zik,smostrecentcapitalsufficiencyanalysisshowsthattheportfolioandstrategyareverylikelytomeetPatesneedsashetransitionsintoretirement.ZikhasfollowedtheguidelinesstatedintheoriginalIPSintermsofrebalancingtheportfolio,maintaininganongoingdialogwithPatel,andcoordinatingthestrategywithPatel'sretirementandphilanthropicgoals.Althoughfeeshaveremainedunchangedatl%zZikhasbeenabletoreduceexpensesforequitiesby20bpsandforbondsby12bps.2.EvaluatethesuccessofZikzsinvestmentprogramforPatelintermsof:i.goalachievement.ii.processconsistency.iii.portfolioperformance.Solution:Byallthreecriteria,Zikhasbeensuccessful.Goalachievement:PateKsportfoliohasachieveditsgoalswithanacceptableamountofrisk;itsreturnandvolatilityhaveremainedwithintheoriginalIPSspecifications.Theportfolioremainslikelytosucceedasanongoingstrategy,withoutmeaningfulisverylikelytomeetPateKsretirementneeds.Processconsistency:ZikhasfollowedtheguidelinesstatedintheoriginalIPS,hasmaintainedanongoingdialoguewithPatel,hascoordinatedthestrategywithPatesretirementandphilanthropicgoals,andhasevenmanagedtoreduceexpenses.Portfolioperformance(overthe10-yeartimehorizon):TheequityportionofPateKsportfoliooutperformeditsbenchmarkbuthadhighervolatilitythanthebenchmark.Thebondportionoftheportfoliomatcheditsbenchmarkbuthadlowervolatilitythanthebenchmark.TheperformanceofbothequitiesandbondsremainedwithintheoriginalIPSspecifications.Fortheoverallportfolio,Ziktargeteda6%rateofreturn,andtheportfoliohasslightlyexceededthatlevelovertheperiod.Aftereveryregularmonthlyrebalancing,ZiksendsanemailtoPatelwithaportfolioreport.Zik,sportfolioreportcontainsthefollowing:AnassetallocationreportthatreflectsstrategicassetallocationtargetsAdetailedperformancereportthatincludesindividualassetclassandsecurityperformanceAyear-to-dateperformancesummaryreportandahistoricalperformancereportstartingfromtheinceptionofPatesinvestmentstrategy1.RecommendadditionalinformationthatZikcouldprovidetoenhancehisportfolioreportsforPatel.Solution:Zikzsportfolioreportingcanbemademoreeffectivebyincludingthefollowingitems:Atransactiondetailsreportshowingcontributions,withdrawals,interestanddividends,andcapitalappreciationforthecurrentperiodApurchaseandsalereportforthecurrentperiodCurrencyexposurereportdetailingtheeffectsofexchangeratefluctuationsAbenchmarkreportthatshowstheperformanceofPatesequityandbondportfoliosrelativetotheirrespectivebenchmarksandtheoverallportfolioperformancerelativetoablendedbenchmark(basedonweightsthatareappropriateforPateKsholdings)Anaccompanyingletterthatprovidesmarketcommentary,investmentcontext,education,andotheradviceCase3:ValSiliValSili,age22zhasjustgraduatedfromcollegeandbeginsmakingambitiousfuturefinancialplans.Thefourstagesofhisplanaresummarizedbelow.Siliwouldliketohaveoutsidefinancialadviceateachofthesestages.Stage1Age22-26:Siliplanstoworkasasoftwaredeveloperinastartupcompany,wherehewillearnbothasalaryandstockoptions.Hewillsaveasmuchashecantoinvest,buthisportfoliowillberelativelysmall,andhewillbewillingtopayonlylowmanagementfees.Siliwouldliketouseasophisticatedmean-varianceoptimizationtechniqueforassetallocation,althoughhewilllimithisinvestmentstoexchange-tradedfundsandmutualfunds.Stage2Age26-30:Siliwillhavereachedamoreseniorpositioninthecompany.Heplanstohaveaccumulatedassetsof$350,000,andhisinvestmentfocuswillbeonbuildinghisportfolio.Siliwillwanthelpwithhisincreasingfinancialplanningneedsandwillbeabletoaffordthefeesofaprofessionalwealthmanager.Stage3Age30-36:Siliplanstoexercisehisstockoptionstobuyalargequantityofthecompan/sstockatapricesignificantlybelowitsmarketvalue.Theproceedsshouldincreasehisportfoliovalueto$8million.Siliwillquithisjobtostarthisownsoftwarecompany.Siliwillbeinterestedinmoresophisticatedinvestmentswithlongertimehorizons,greaterrisk,andlessliquidity.Hewillalsowantspecializedadvisersfortaxes,legalissues,andinvestmentstrategies.Stage4AfterAge36:Siliwillsellhissoftwarecompanyfor$200millionandretire.Hewillspendhisretirementtravelingonhisprivatejetandcollectingartworkforhiscollection;therefore,hewillneedadviceonacquiringhigh-endassets.Thesubstantialincreaseinthevalueofhisinvestmentportfoliowillallowhimtohaveamulti-generationaltimehorizon.Hewillrequireawiderrangeofinvestmentadvisoryservices,includingcomplextaxplanning,estateplanning,andbillpaymentservices.1.DeterminetheclientsegmentoradvisertypethatismostappropriateforeachstageofSilsplan.Justifyeachresponse.DeterminetheclientsegmentoradvisertypethatismostappropriateforeachstageofSili'splan.Justifyeachresponse.StageI-Age22-26ClientSegment/AdviserType:Justification:Stage2Age26-30ClientSegment/AdviserType:Justification:Stage3Age30-36ClientSegment/AdviserType:Justification:Stage4AfterAge36ClientSegment/AdviserType:Justification:Solution:DeterminetheclientsegmentoradvisertypethatismostappropriateforeachstageofSili'splan.Justifyeachresponse.StageI-Age2226ClientSegment/AdviserType:Robo-Adviser(partofthemassaffluentclientsegment)Justification:Robo-adviserssupportadvanc