{"product_id":"goalsbased-wealth-management-9781118995907","title":"GoalsBased Wealth Management","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eTake a more active role in strategic asset allocation\u003c\/b\u003e \u003cp\u003e\u003ci\u003eGoals-Based Wealth Management\u003c\/i\u003e is a manual for protecting and growing client wealth in a way that changes both the services and profitability of the firm. Written by a 35-year veteran of international wealth education and analysis, this informative guide explains a new approach to wealth management that allows individuals to take on a more active role in the allocation of their assets. Coverage includes a detailed examination of the goals-based approach, including what works and what needs to be revisited, and a clear, understandable model that allows advisors to help individuals to navigate complex processes. The companion website offers ancillary readings, practice management checklists, and assessments that help readers secure a deep understanding of the key ideas that make goals-based wealth management work.\u003c\/p\u003e \u003cp\u003eThe goals-based wealth management approach was pioneered in 2002, but has seen a slow evolution and\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One The Integrated Wealth Management Challenge\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Many Interrelated Disciplines 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMultiple Sources of Capital 11\u003c\/p\u003e \u003cp\u003eExpanding on the Corporate Analogy 13\u003c\/p\u003e \u003cp\u003eMultiple Interactions 16\u003c\/p\u003e \u003cp\u003eEducating Future Generations and Wealth Transfers 18\u003c\/p\u003e \u003cp\u003eThe Make or Buy Decision 20\u003c\/p\u003e \u003cp\u003eThe Creation of a Wisdom Council 21\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 An Example of a Crucial Interaction: Tax-Efficiency 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Tax Bite and Its Impact on Compound Returns 24\u003c\/p\u003e \u003cp\u003eA New Analysis of Capital Losses 25\u003c\/p\u003e \u003cp\u003eAn Expanded Definition of Active Management 26\u003c\/p\u003e \u003cp\u003eApplicability to Both Asset and Security Decisions 27\u003c\/p\u003e \u003cp\u003eAbandoning the Murky Middle: The Barbell Portfolio 29\u003c\/p\u003e \u003cp\u003eThe Potential Role and Limits of Derivative Strategies 31\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Need for a Financial Interpreter 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Makes Markets Work? 36\u003c\/p\u003e \u003cp\u003eAsset Classes, Sub-Asset Classes, and Strategies 38\u003c\/p\u003e \u003cp\u003eDeveloping Reasonable Expectations 39\u003c\/p\u003e \u003cp\u003ePerformance Analysis and Reporting 42\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Investment Policy Formulation: Goals-Based Allocation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 A Brief Journey through Institutional Theory 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFive Important Features of the Typical Institutional Investment Organization 50\u003c\/p\u003e \u003cp\u003eA Quick Detour via Asset Liability Management 55\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Mapping Institutional and Individual Issues 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe First Crucial Difference 59\u003c\/p\u003e \u003cp\u003eA Second Important Difference 61\u003c\/p\u003e \u003cp\u003eA Different Way of Defining Risk 62\u003c\/p\u003e \u003cp\u003eThe Law of Large Numbers 63\u003c\/p\u003e \u003cp\u003eImplications 64\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Goals-Based Strategic Asset Allocation 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Basic Principle 67\u003c\/p\u003e \u003cp\u003eInitial Theoretical Objections 70\u003c\/p\u003e \u003cp\u003eAn Academic Imprimatur 71\u003c\/p\u003e \u003cp\u003eA Few Simple Principles 72\u003c\/p\u003e \u003cp\u003eIt Changes Everything 74\u003c\/p\u003e \u003cp\u003eAn Interesting Implication 76\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 77\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Goals-Based Wealth Management Implementation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Dealing with the Implications of the Process 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCovering a Set Number of Bases 81\u003c\/p\u003e \u003cp\u003eMapping Asset Classes and Strategies to Goals 85\u003c\/p\u003e \u003cp\u003eUnderstanding Limitations 87\u003c\/p\u003e \u003cp\u003eDealing with Client Objections 88\u003c\/p\u003e \u003cp\u003eA Three-Phase Process 90\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 91\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Creating Goals Modules 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeveloping General Capital Market Expectations 93\u003c\/p\u003e \u003cp\u003eDescribing Sufficiently Generic and Specific Goals 95\u003c\/p\u003e \u003cp\u003eCreating Constraints Appropriate to Each Goal 98\u003c\/p\u003e \u003cp\u003eOptimizing the Composition of Each Module 103\u003c\/p\u003e \u003cp\u003eA Possible Example 107\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Working to Understand Client Goals and Goal Allocations 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIdentifying Crucial Initial Client Constraints 111\u003c\/p\u003e \u003cp\u003eDetermining Whether Any Constraint Is a Show-Stopper 114\u003c\/p\u003e \u003cp\u003eTime Horizon and Required Probability of Success 115\u003c\/p\u003e \u003cp\u003eSettling on the Appropriate Module 120\u003c\/p\u003e \u003cp\u003eSizing Assets Needed to Meet Each Goal 122\u003c\/p\u003e \u003cp\u003eA Possible Example 123\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Finalizing a Goals-Based Policy Allocation 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTwo Possible Approaches 129\u003c\/p\u003e \u003cp\u003eWorking from Assets and Modules to a Whole 131\u003c\/p\u003e \u003cp\u003eDescription of Deviation Ranges 132\u003c\/p\u003e \u003cp\u003eOur Original Example, Modified and Completed 136\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 145\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Managing the Portfolio Tactically 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Complexity in the Absence of a Systematic Tool 150\u003c\/p\u003e \u003cp\u003eIntroducing the Concept of a Tilt Model 153\u003c\/p\u003e \u003cp\u003eFive Possible Variations on the Same Theme 156\u003c\/p\u003e \u003cp\u003eA Major Pitfall 159\u003c\/p\u003e \u003cp\u003eA Possible Example 161\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 169\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Portfolio Reporting 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Current Challenge 173\u003c\/p\u003e \u003cp\u003eA Simple Analogy 178\u003c\/p\u003e \u003cp\u003eAdding Taxes Makes Things Even More Complex 180\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 181\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Managing an Advisory Practice\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 The Currently Typical Firm Structure 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMany Chiefs and Few Indians 188\u003c\/p\u003e \u003cp\u003eThe Root of the Challenge 189\u003c\/p\u003e \u003cp\u003eContrary Examples in the Legal and Medical Fields 191\u003c\/p\u003e \u003cp\u003eA Simple Illustration 193\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Teams Versus Individuals 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eToo Many Disciplines for Anyone to Master All of Them Fully 197\u003c\/p\u003e \u003cp\u003eSpecialists, When Left Alone, Lead to Silos 199\u003c\/p\u003e \u003cp\u003eThe Crucial Role of the Team Coach 200\u003c\/p\u003e \u003cp\u003eOnly One Individual Can Play That Role 203\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 An Alternative Structure 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Primordial Role of the Advisor 205\u003c\/p\u003e \u003cp\u003eThe Missions the Advisor Should Not Accept 207\u003c\/p\u003e \u003cp\u003eThe Difference Between Must and Does Not Need to Be Tailored 209\u003c\/p\u003e \u003cp\u003eImagining a Different Firm and Process Architecture 212\u003c\/p\u003e \u003cp\u003eThe Kind of Leverage That Can Be Built 217\u003c\/p\u003e \u003cp\u003eDealing with Objections 218\u003c\/p\u003e \u003cp\u003eA Difficult Decision 222\u003c\/p\u003e \u003cp\u003eSummary and Conclusions 225\u003c\/p\u003e \u003cp\u003eConclusion 227\u003c\/p\u003e \u003cp\u003eAbout the Companion Website 233\u003c\/p\u003e \u003cp\u003eAbout the Author 235\u003c\/p\u003e \u003cp\u003eIndex 237\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406964138327,"sku":"9781118995907","price":35.62,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118995907.jpg?v=1730497714","url":"https:\/\/bookcurl.com\/products\/goalsbased-wealth-management-9781118995907","provider":"Book Curl","version":"1.0","type":"link"}