Wealth Management: On-site Syllabus



Wealth Management2 CreditsBU.232.730.XX [NOTE: Each section must have a separate syllabus.][Day & Time][Start & End Dates][Semester / ex: Fall 2019][Location / ex: Harbor East]Instructor[Full Name]Contact Information[Email Address][Phone Number, ###- ###-#### (Optional)]Office Hours[Specify the day and time of the 2 hours that will be dedicated to office hours each week. For evening classes, faculty may wish to hold their office hours by phone or email. While faculty are permitted to state “and by appointment,” office hours should not be held exclusively by appointment.]Required Texts & Learning MaterialsDalton, Michael A. (2016). Personal financial planning theory and practice, 9th edition. Kaplan, Inc.All necessary supplementary reading materials will be made available on Blackboard.Course Description and OverviewThis course provides strategies for coordinating financial planning for high-net-worth individuals. Students will become skilled at identifying and dealing appropriately with clients’ goals, needs, and problems in the areas of investment and investment planning.This course is designed for students interested in pursuing a career in Wealth Management. This course is designed to address the importance of taxation, retirement, capital accumulation and estate planning for an individual.Wealth Management broadly defined consists of investment advisory services made available to clients. Clients may include: retail investors, high net-worth individuals, family offices, institutional investors, pension funds, sovereign wealth funds, etc. The fiduciary responsibilities inherent in Wealth Management will be stressed throughout this course. Moreover, students should gain a deep understanding of the relevant issues when recommending investments to potential clients. The course will train students how to optimally manage investments in light of the many known and unknown risks and constraints. Students will learn how to better position their advice by establishing trust and understanding the client’s needs. This course will not only cover the most recent topics currently being debated within the Wealth Management industry but also review the prior academic knowledge regarding Wealth Management. The goal will be to obtain a keen understanding of the arguments on the opposing sides of the current and past issues in Wealth Management.Prerequisite(s)BU.231.620 OR BU.910.611 OR BU.234.610Statement about Finance and Social ResponsibilityThe effectiveness and perceived integrity of finance have been tested in recent years. Along with preventable excesses and regrettable distortions, financial innovation has, however, always been an effective means for society to achieve its goals, from insurance to consumption to saving. The power of financial innovation as a generator of inclusive prosperity and widespread well-being can (and should be) reclaimed. In this context, optimization of shareholder’s value, for instance, may not be the only metric along which financial success is measured and should be placed, along with other traditional finance metrics, in the broader context of its contribution to society. To this extent, Carey encourages technical, non-ideological, exchanges of ideas leading to a better understanding of the broader role of finance as a force for shared prosperity. We will incorporate a reading or an in-class discussion of current events that provides an initial opportunity for technical discussions of these issues as they relate to the topics covered in Wealth Management.Learning ObjectivesBy the end of this course, students will be able to: Gain knowledge of the Global Wealth Management industryGain factual knowledge of all aspects of the financial planning process and the impact of inflation, interest and taxes on financial decision-makingConstruct and analyze personal financial statementsComprehend traditional assets and their historical behaviorUnderstand fiduciary responsibilitiesUnderstand non-traditional investments Apply benchmarksIdentify the need for and suitability of life, health, disability, and property insuranceApply course material to establish investment policies that are consistent with client goals and objectivesTo view the complete list of the Carey Business School’s general learning goals and objectives, visit the Carey website.Attendance Participation is part of your course grade. Students are expected to attend all scheduled class sessions. Failure to attend class will result in an inability to achieve the objectives of the course. Full attendance and active participation are required for you to succeed in this course. The structure of this class makes your individual study and preparation outside the class very important. Reading the assigned chapters/handouts before class will greatly assist your understanding of the lecture.Assignments AssignmentLearning ObjectivesWeightHomework 11–910%Homework 21–910%Homework 3 (in-class presentation)1–910%Class Participation 1–920%Comprehensive Final Exam1–950%Total100%Homework assignments: Students can work on these in groups (maximum 3 people) but do not have to do so, if students so choose. The assignments will be graded ++ (turned in and well-crafted), + (turned in and not-so-well-crafted), and – (not turned in). Exams and assignments are designed so that students who obtain a high grade have clearly demonstrated their extra effort and interest in the subject, through their own reading and additional practice. Without a substantial amount of practice, it may be difficult to succeed in this course. Makeup Exam PolicyMakeup exams may be available only to students who have a legitimate excuse for missing an exam such as death in the immediate family, etc. If a student misses an exam unexpectedly because of last minute illness or accident, the student should contact the instructor when she/he is available, with documentation of the situation.GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance as determined by the instructor. The grade of A- is awarded only for excellent performance. The grades of B+ and B are awarded for good performance. The grades of B-, C+, C, and C- are awarded for adequate but substandard performance.?The grades of D+, D, and D- are not awarded at the graduate level (undergraduate only). The grade of F indicates the student’s failure to satisfactorily complete the course work.Please note that for Core and Foundation courses, a maximum of 25% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.3. For Elective courses, a maximum of 35% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.4. (For classes with 15 students or fewer, the class GPA cap is waived.)Tentative Course CalendarThe instructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.WeekTopicReadingAssignments1IntroductionFiduciary ResponsibilitiesCurrent Global Wealth DynamicsPotential ClientsUnderstanding the External EnvironmentChapters 1, 2, 3, 6 Capgemini ReportsHWK1 Assigned 2Personal Financial StatementsEstablishing Financial DirectionIncome Tax PlanningEducation FundingChapters 4, 5, 7, 13 3Introduction to Insurance and Risk Management Managing Life, Health & Disability RisksPersonal Property and LiabilitySocial SecurityChapters 8, 9, 10, 11HWK1 DueHWK2 Assigned 4Long-Term Perspective on Traditional AssetsEndowment ModelRisk ParityPermanent PortfolioSiegel’s Chapters 1, 2 Supplements5New Investments ApproachesHedge FundsPrivate EquityReal EstateReal AssetsSupplements HWK2 DueHWK3 Assigned 6Operational Due DiligencesSupplements 7Retirement Planning Basic Retirement PlansPractice of Financial PlanningChapters 15, 16, 18HWK3 Due(in class presentation)8Comprehensive Final Exam Reading ListArnott, R. (2012). “The Glidepath Illusion,” Fundaments, Research Affiliates, September. Asness, C. S., Moskowitz, T. J., & Pedersen, L. H. (2009). “Value and Momentum Everywhere.” NBER/AQR. Gross, B. (2012). “Cult Figures.” PIMCO Investment Outlook, August. Humphreys, J. et al. (2010). “Educational Endowments and the Financial Crisis: Social Costs and Systemic Risks in the Shadow Banking System.” Center for Social Philanthropy Tellus Institute. Hurst, B. K., Johnson, B., & Ooi, Y. H. (2010). “Understanding Risk Parity.” AQR Capital Management. Hurst, B. K., Ooi, Y. H., & Pedersen, L. H. (2012). “A Century of Evidence on Trend-Following Investing.” AQR Capital Management. Keating, C., & Shadwick, W. F. (2002). “An Introduction to Omega.” The Finance Development Centre Limited. Liew, J. (2011). “Chapter 37: Equity Hedge Fund Strategies.” CAIA Level II Book. Carey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Disability ServicesStudents with disabilities who require accommodations for this course should be registered with Disability Support Services and provide a copy of their accommodation letter as soon as possible. If you have not yet registered with Disability Support Services, please contact them to discuss your needs and begin the registration process (carey.disability@jhu.edu or 410-234-9243). For more information, please visit the Disability Support Services webpage.Academic Ethics PolicyCarey expects graduates to be innovative business leaders and exemplary global citizens. The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an exemplary citizen. The objective of the Academic Ethics Policy (AEP) is to create an environment of trust and respect among all members of the Carey academic community and hold Carey students accountable to the highest standards of academic integrity and excellence.It is the responsibility of every Carey student, faculty member, and staff member to familiarize themselves with the AEP and its procedures. Failure to become acquainted with this information will not excuse any student, faculty, or staff from the responsibility to abide by the AEP. Please contact the Student Services office if you have any questions. For the full policy, please visit the Academic Ethics Policy webpage.Student Conduct CodeThe fundamental purpose of the Johns Hopkins University’s regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically. Please contact the Student Services office if you have any questions. For the full policy, please visit the Student Conduct Code webpage.Student Success CenterThe Student Success Center offers free online and in-person one-on-one and group coaching in writing, presenting, and quantitative courses. For more information on these services and others, or to book an appointment, please visit the Student Success Center website.Other Important Policies and ServicesStudents are encouraged to consult the Student Handbook and Academic Catalog and Student Services and Resources for information regarding other policies and services.Copyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Academic Ethics Policy. ................
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