private wealth management

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a discuss the purpose of estate planning and explain the basic concepts of domestic estate planning, including estates, wills, and probate; b explain the two principal forms of wealth transfer taxes and discuss the impact of important non-tax issues, such as legal system, forced heirship, and marital property regime; c determine a family’s core capital and excess capital, based on mortality probabilities and Monte Carlo analysis; d evaluate the relative after-tax value of lifetime gifts and t

"a explain the psychological considerations, investment risk, and tax issues related to concentrated holdings of low-basis stock; b discuss how exposure to stock-specific risk is expected to change over the entrepreneurial, executive, and investor stages of an individual’s “equity holding life;” c explain individual investors’ attitudes toward holding their own company stock during the entrepreneurial, executive, and investor stages; d critique the effectiveness of outright sales, exchange fu

"a explain the concept and discuss the characteristics of “human capital” as a component of an investor’s total wealth; b discuss the earnings risk, mortality risk, and longevity risk associated with human capital and explain how these risks can be reduced by appropriate portfolio diversification, life insurance, and annuity products; c explain how asset allocation policy is influenced by the risk characteristics of human capital and the relative relationships of human capital, financial capit

"a contrast a defined-benefit plan to a defined-contribution plan, from the perspective of the employee and employer and discuss the advantages and disadvantages of each; b discuss investment objectives and constraints for defined-benefit plans; c evaluate pension fund risk tolerance when risk is considered from the perspective of the 1) plan surplus, 2) sponsor financial status and profitability, 3) sponsor and pension fund common risk exposures, 4) plan features, and 5) workforce characteris

a contrast the assumptions concerning pension liability risk in asset-only and liability-relative approaches to asset allocation; b discuss the fundamental and economic exposures of pension liabilities and identify asset types that mimic these liability exposures; c compare pension portfolios built from a traditional asset-only perspective to portfolios designed relative to liabilities and discuss why corporations may choose not to implement fully the liability mimicking portfolio."