Foreword.
Preface.
Acknowledgments.
Part One Introduction to Advising Ultra-Affluent Clients.
Chapter 1 Who Are the Ultra-Affluent?
Defining the Ultra-Affluent.
Quantifying Ultra-Affluence Among Total Global Wealth.
Looking to the Future.
A World of Opportunities for Advisors.
Chapter 2 Understanding the Mindset of the Ultra-Affluent Client.
Why Advising the Ultra-Affluent Is Different.
What Ultra-Affluent Clients Value in an Adviser.
Building Relationships by Asking Questions and Listening to the Answers.
Matching Client with Advisor.
Consultant Questionnaire.
Conclusion.
Chapter 3 Wealth Attitudes, Aspirations, and Investor Behavior of Ultra-Affluent Clients.
Family Aspirations.
Wealth Attitudes of Ultra-Affluent Clients
Where Psychology Meets Finance.
Investor Biases.
Conclusion.
Chapter 4 Noninvestment Best Practices.
The Challenges Associated with Wealth.
Guidelines for Sustaining Multigenerational Wealth.
Conclusion.
Part Two Investment Strategies for Ultra-Affluent Clients and Family Offices.
Chapter 5 Practices of the Best Investment Organizations.
Differences between Endowments and Private Investors.
Investment Committees.
Investment Policy Statements.
Key Considerations for Portfolio Oversight.
Conclusion.
Chapter 6 Asset Allocation Considerations for Ultra-Affluent Clients and Family Offices.
What Is Asset Allocation?
The Importance of Assumptions in the Asset Allocation Selection Process.
The Importance of Asset Allocation.
Considerations in Asset Allocation for Individual Investors.
Chapter 7 Domestic and International Equity.
Introduction to U.S. and International Equity Securities.
The Five-Step Equity Strategy Process.
Chapter 8 Domestic and International Bonds.
Introduction to Bonds.
Descriptions of Bond Asset Classes.
Chapter 9 Private Equity.
What Is Private Equity and How Does It Work?
Three Primary Types of Private Equity Investments.
Creating a Customized Private Equity Program.
Chapter 10 Hedge Funds.
What Is a Hedge Fund?
Hedge Fund Investing by UACs and Family Offices.
A History of Hedge Funds.
The Legal Environment of Hedge Funds.
Hedge Fund Strategies.
Manager Selection.
Chapter 11 Real Assets.
The Portfolio Benefits of Real Assets.
Real Estate: A Long-Term Inflation Hedge.
Natural Resources.
Part Three Multigenerational Considerations for Ultra-Affluent Clients and Family Offices.
Chapter 12 Selecting an Adviser.
Trust: The Key Ingredient.
How UACs Select an Advisor.
Questions for Prospective Advisers.
Conclusion.
Chapter 13 Selecting a Custodian and Investment Vehicle Structure.
Custodial Services.
Investment Vehicle Structure.
Conclusion.
Chapter 14 Considerations for Creating a Family Office.
What Is a Family Office?
Challenges of Wealth.
Practical Reasons to Create a Family Office.
Challenges of Running a Family Office.
Services Provided by a Family Office.
Administrative Considerations for Establishing a Family Office.
Considerations for Establishing a Private Trust Company.
Conclusion.
Chapter 15 Wealth Transfer Planning.
Estate Planning Basics.
Conclusion.
Part Four Special Topics for Ultra-Affluent Clients and Family Offices.
Chapter 16 Concentrated Equity Risk Management.
What Constitutes a Concentrated Equity Position?
Concentrated Stock Risk Minimization Strategies.
Conclusion.
Chapter 17 Family Governance.
Generational Division.
Family Governance: An Essential Part of Successful Wealth Transfer.
The Incredible Family.
Policies.
Stages of Development.
Conclusion.
Chapter 18 Risk Management and Asset Protection.
Family Office Risk Management.
Individual Family Member Risk Management.
Legal Asset Protection.
Conclusion.
Chapter 19 Philanthropy.
Philanthropic Strategy Development through Asking Questions.
Mission Statement.
Implementation of Philanthropic Strategy.
Best Practices of Giving Large Gifts to Colleges and Universities.
Appendix: The Next Generation: Redefining the Philanthropic Landscape.
Chapter 20 Multigenerational Asset Allocation Strategies.
Different Asset Allocations for Different Generations.
Single Allocation for an Entire Family.
Customized Asset Allocation by Generation or Family Unit.
Asset Allocation Targeting.
The Behavioral Finance Approach to Asset Allocation.
Conclusion.
Notes.
Index.
