Modern asset allocation for wealth management (Record no. 2946)
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| fixed length control field | 04608nam a22002177a 4500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20220706153420.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 220706b ||||| |||| 00| 0 eng d |
| 020 ## - INTERNATIONAL STANDARD BOOK NUMBER | |
| International Standard Book Number | 9781119566946 |
| 082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER | |
| Classification number | 332.6 |
| Item number | BER |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Berns, David M. |
| 245 ## - TITLE STATEMENT | |
| Title | Modern asset allocation for wealth management |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Name of publisher, distributor, etc. | John Wiley & Sons, Inc. |
| Place of publication, distribution, etc. | New Jersey |
| Date of publication, distribution, etc. | 2020 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | xiii, 120 p. |
| 365 ## - TRADE PRICE | |
| Price type code | USD |
| Price amount | 39.95 |
| 504 ## - BIBLIOGRAPHY, ETC. NOTE | |
| Bibliography, etc. note | TABLE OF CONTENTS<br/>Preface vii<br/><br/>Acknowledgments xiii<br/><br/>Chapter 1 Preliminaries 1<br/><br/>Expected Utility 2<br/><br/>Introduction 2<br/><br/>MPT is an Approximation 5<br/><br/>Higher Moment Motivation 8<br/><br/>Modernized Preference Motivation 13<br/><br/>A Modern Utility Function 15<br/><br/>Returns-Based EU Maximization 21<br/><br/>Estimation Error 23<br/><br/>Introduction 23<br/><br/>Minimizing Estimation Error 24<br/><br/>Reducing Sensitivity to Estimation Error 28<br/><br/>A Modern Definition of Asset Allocation 30<br/><br/>Chapter 2 The Client Risk Profile 33<br/><br/>Introduction 33<br/><br/>Measuring Preferences 34<br/><br/>Risk Aversion 34<br/><br/>Loss Aversion 39<br/><br/>Reflection 41<br/><br/>Lottery Question Sizing 43<br/><br/>Incorporating Goals 43<br/><br/>Preference Moderation via SLR 43<br/><br/>Discretionary Wealth 48<br/><br/>Comparison with Monte Carlo 51<br/><br/>Comparison with Glidepaths 52<br/><br/>Chapter 3 Asset Selection 55<br/><br/>Introduction 55<br/><br/>Moment Contributions 57<br/><br/>Overview 57<br/><br/>Calculation 59<br/><br/>Utility Contribution 62<br/><br/>Mimicking Portfolios 63<br/><br/>A New Asset Class Paradigm 66<br/><br/>Overview 66<br/><br/>A Review of Risk Premia 67<br/><br/>From Assets to Asset Classes 73<br/><br/>Chapter 4 Capital Market Assumptions 79<br/><br/>Introduction 79<br/><br/>Using History as Our Forecast 81<br/><br/>Background 81<br/><br/>Estimation Error and Sample Size 83<br/><br/>Stationarity: Does History Repeat? 89<br/><br/>Adjusting Forecasts 91<br/><br/>Pre-Tax Adjustments 91<br/><br/>Post-Tax Adjustments 93<br/><br/>Chapter 5 Portfolio Optimization 97<br/><br/>Introduction 97<br/><br/>Optimization Results 98<br/><br/>To MPT or Not to MPT? 103<br/><br/>Asset Allocation Sensitivity 105<br/><br/>Final Remarks 109<br/><br/>Bibliography 111<br/><br/>Index 113 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | An advanced yet practical dive into the world of asset allocation, Modern Asset Allocation for Wealth Management provides the knowledge financial advisors and their robo-advisor counterparts need to reclaim ownership of the asset allocation component of their fiduciary responsibility. Wealth management practitioners are commonly taught the traditional mean-variance approach in CFA and similar curricula, a method with increasingly limited applicability given the evolution of investment products and our understanding of real-world client preferences. Additionally, financial advisors and researchers typically receive little to no training on how to implement a robust asset allocation framework, a conceptually simple yet practically very challenging task. This timely book offers professional wealth managers and researchers an up-to-date and implementable toolset for managing client portfolios. <br/><br/>The information presented in this book far exceeds the basic models and heuristics most commonly used today, presenting advances in asset allocation that have been isolated to academic and institutional portfolio management settings until now, while simultaneously providing a clear framework that advisors can immediately deploy. This rigorous manuscript covers all aspects of creating client portfolios: setting client risk preferences, deciding which assets to include in the portfolio mix, forecasting future asset performance, and running an optimization to set a final allocation. An important resource for all wealth management fiduciaries, this book enables readers to:<br/><br/>Implement a rigorous yet streamlined asset allocation framework that they can stand behind with conviction<br/>Deploy both neo-classical and behavioral elements of client preferences to more accurately establish a client risk profile<br/>Incorporate client financial goals into the asset allocation process systematically and precisely with a simple balance sheet model<br/>Create a systematic framework for justifying which assets should be included in client portfolios<br/>Build capital market assumptions from historical data via a statistically sound and intuitive process<br/>Run optimization methods that respect complex client preferences and real-world asset characteristics<br/>Modern Asset Allocation for Wealth Management is ideal for practicing financial advisors and researchers in both traditional and robo-advisor settings, as well as advanced undergraduate and graduate courses on asset allocation. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Portfolio management |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Asset allocation |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Investments |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Source of classification or shelving scheme | Dewey Decimal Classification |
| Koha item type | Book |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Collection code | Bill No | Bill Date | Home library | Current library | Shelving location | Date acquired | Source of acquisition | Cost, normal purchase price | Total Checkouts | Full call number | Accession Number | Date last seen | Date checked out | Copy number | Cost, replacement price | Price effective from | Koha item type |
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| Dewey Decimal Classification | Finance & Accounting | TB675 | 10-06-2022 | Indian Institute of Management LRC | Indian Institute of Management LRC | General Stacks | 07/06/2022 | Technical Bureau India Pvt. Ltd. | 2101.37 | 1 | 332.6 BER | 002666 | 11/28/2024 | 11/09/2024 | 1 | 3196.00 | 07/06/2022 | Book |