Gannon Tailored Wealth Management

Exploring the Cause and Effect of Financial Success
1. Auflage 2019
ISBN: 978-3-319-99780-3
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 191 Seiten

Reihe: Progress in Mathematics

The meaning of wealth has become one of the least understood concepts of our time.  Whether you desire wealth, have wealth, or wish to redistribute wealth, the roadmaps to success have been painted over by outdated financial models, politically charged rhetoric, and the mistaken belief that at its core wealth is simply a number.  Tailored Wealth Management meets you where you are:  a new college graduate, a retiring CEO, a journeyman carpenter, or a compassionate philanthropist.  The book educates readers with a deeper understanding of their place on the national and global scales of wealth.  It proves that the term 'wealthy' can apply as fittingly to a gas station attendant as it does to a gas company president.  It empowers the reader with the causes and effects that allow wealth to accumulate, to produce income, and to re-shape society through responsible gifting and philanthropy.As American household wealth has recently crossed through $100 trillion, investors have become polarized between ineffective complexity versus blind 'hope' simplicity.  The under-funded pensions, retirement accounts, and social safety nets are a result of a failure of the status quo.  Life, liberty, and the pursuit of happiness are not only inalienable rights but achievable goals open to the masses rather than the few.  Tailored Wealth Management topples the walls that have quarantined families and individuals from becoming wealthy, staying wealthy, or passing the same on to the next generation and our communities. This book provides solutions for the active, passive, small, and large investor arming the reader with the causes that lead to the effect of success. 

Niall is a Private Wealth Advisor to ultra-high-net-worth investors and lead member of the Gannon Group.  He has been recognized as one of the nation's top 100 Financial Advisors by Barron's and Registered Rep.   He is author of Investing Strategies for the High Net-Worth Investor: Maximize Returns on Taxable Portfolios (McGraw-Hill, 2009).  In 2018 he published The Efficient Valuation Hypothesis in Seeking Alpha.  Niall has appeared on CNBC & National Public Radio and been quoted in the New York Times, Wall Street Journal, and Barron's.  His research has been featured or quoted in ten books and academic articles by other authors. Niall has addressed the CFA Institute, Institute for Private Investors, Portfolio Management Institute, Family Office Exchange and Tiger 21. Niall is affiliated through various roles with the Institute for Private Investors, CFA® Institute Committee for Investment Policy, The Papal Foundation, Roman Catholic Foundation and Cor Jesu Academy. He co-founded the Rev. James Kisero Children's clinic in the village of Bolo, Kenya.  He is a past board member of Junior Achievement, Connections to Success, St. Louis Variety, St. Louis Irish Arts and the Annual Catholic Appeal. Niall received the Silver Congressional Award, President's Volunteer Service Award, alumnus of the year at The Citadel School of Business, PMI Portfolio Manager of the Year Award, and is a member of The Order of St. Louis the King.  He is a graduate of The Citadel and served in the US Army Reserve as an M1-Abrams tank platoon commander.

Autoren/Hrsg.

Gannon, Niall J.

Inhaltsverzeichnis

1;Dedication;5
2;Acknowledgments;6
3;Contents;8
4;List of Figures;10
5;List of Tables;11
6;List of Exhibits;12
7;Part I: The Landscape of Wealth Around the World;13
7.1;1: Introduction;14
7.2;2: Average Americans: Stories of “Ordinary” Success;17
7.2.1;The Cause, the Money Habit; the Effect, a Nest Egg;18
7.2.2;The Cause, Downsizing, and Reprioritizing; the Effect, Quitting Debt, and the Rat Race;20
7.2.3;The Cause, Frugality and Investing Wisely; the Effect, the Joy of Giving;21
7.2.4;The Cause, Modest Expectations; the Effect, Living Life to Its Fullest;22
7.2.5;The Cause, Total Commitment and Hard Work; the Effect, Reaching Your Goal;23
7.2.6;How “Ordinary” Becomes Extraordinary;24
7.3;3: Wealth: How Much Do You Need; How Much Is Enough;26
7.3.1;Real People; Real Measures of Wealth;27
7.3.2;Relative Definitions of Wealth;29
7.3.3;Wealth and Happiness;31
7.4;4: The Growth of American Wealth: Its Impact on the Average Household Compared with the Forbes 400;33
7.4.1;Dynamics Behind the Growth in Wealth;36
7.5;5: The Six Robbers of Wealth and How to Avoid Them;43
7.5.1;Wealth Robber # 1: Late Starts;43
7.5.2;Wealth Robber # 2: Spending and Small Indulgences;44
7.5.3;Wealth Robber # 3: Mistakes;45
7.5.4;Wealth Robber # 4: Taxes;49
7.5.5;Wealth Robber #5: Inflation;50
7.5.6;Wealth Robber # 6: Fees;51
7.5.7;Investor Beware;52
7.6;6: The Wealth Lifecycle: From Building It to Passing It On;53
7.6.1;Stage 1: Youth;54
7.6.2;Stage 2: Young Adult;55
7.6.3;Stage 3: The Middle Years;56
7.6.4;Stage 4: Late Middle Age;56
7.6.5;Stage 5: Final Decade before Retirement;57
7.6.6;Stage 5: Parenthood;58
7.6.7;Stage Six: Twilight Years;59
8;Part II: Technical Aspects of Tailored Wealth Management;62
8.1;7: The Efficient Valuation Hypothesis: The Long View;63
8.1.1;Forecasting Long-Term Portfolio Returns: The Efficient Valuation Hypothesis;64
8.1.2;Hypothesis;65
8.1.3;Method Description;65
8.1.4;Time Period;66
8.1.5;Annualized Returns;66
8.1.6;P/E;66
8.1.7;Earnings Yield;66
8.1.8;Return: EY;66
8.1.9;Results;68
8.1.10;Conclusions;69
8.1.11;References;70
8.2;8: Asset Allocation: Choices and Challenges;71
8.2.1;Allocation Alone Is Not the Answer: Quality Counts;72
8.2.2;Asset Allocation by Type of Investor;74
8.2.2.1;Family Office and College Endowment Investors;74
8.2.2.2;Individual Investors;75
8.2.2.3;Do-It-Yourself Asset Allocation;75
8.2.2.4;Copycat Investors;77
8.2.2.5;Balanced Mutual Fund Investors;78
8.2.3;The Investment Consultant as Asset Allocator;79
8.2.4;Dual-Role Asset Allocator and Manager;79
8.2.5;Deciding How to Invest: Do-It-Yourself versus Funds versus Financial Advisor;80
8.3;9: Defining Moment: Your Objectives, Assumptions, and Other Factors Affecting Long-Term Returns;83
8.3.1;Impact of Taxes on Portfolio Returns;87
8.3.2;Strategies to Enhance Returns;89
8.3.2.1;Factors to Consider;90
8.3.2.2;Different Strokes for Different Goals;91
8.3.3;The Role of Long-Term Assumptions on Objectives;91
8.3.4;The Impact of Your Time Horizon on Your Investment Strategy;94
8.3.5;What to Do When All Your Eggs Are in One Basket;96
8.4;10: Taxation at the Top: Its Long-Term Effect on the Assets;99
8.4.1;The Income Tax: An Historical Perspective;100
8.4.2;Adjusting Your Portfolio to Suit the Income Tax Times;104
8.4.3;Adjusting Your Portfolio to Suit the Capital Gains Tax Times;105
8.4.4;Adjusting Your Portfolio to Suit the Estate Tax Times;108
8.4.5;Adjusting Your Portfolio to Suit the Gift Tax Times;113
8.4.6;Conclusions;115
8.5;11: Portfolio Optimization: The Impact of Taxation, Turnover, and Time Horizon on Net Returns;116
8.5.1;Effect of a High Tax Bracket on After-Tax Returns on Stocks 1957 to 2017;117
8.5.2;Impact of State of Residence on After-Tax Returns;122
8.5.3;Impact of High Turnover Rates on Gross Returns;122
8.5.4;The Role of Time Horizon as a Predictor of Investment Results;123
8.5.5;The Role of Time Horizon on Decision to Liquidate a Portfolio;126
8.5.6;After-Tax Impact on the Decision to Invest in Bonds versus Equities;126
8.6;12: Building Your Investment Team;131
8.6.1;Deciding How to Invest: Do-It-Yourself versus Fund Manager versus Financial Advisor;131
8.6.1.1;Do-It-Yourself Investor;131
8.6.1.2;Fund Manager;132
8.6.1.3;Financial Advisor;133
8.6.2;How to Select a Financial Advisor;133
8.6.2.1;Types of Financial Advisors;134
8.6.2.2;Additional Skills to Look for in a Financial Advisor;136
8.6.3;How to Select the Other Teammates;136
8.6.3.1;Family Attorney;137
8.6.3.2;What to Look for in a Family Office Executive;138
8.6.3.3;What to Look for in a CPA;139
8.6.3.4;What to Look for in an Executive Director of a Family Foundation or Donor-Advised Fund;140
8.6.3.5;What to Look for in an Insurance Broker and Agent;141
8.6.3.6;What to Look for in a Philanthropy Manager and Other À la Carte Professionals;142
8.6.4;The Last Step in the Selection Process;142
8.7;13: Educational Resources for Investors;143
8.7.1;The Value of a Great Book;143
8.7.2;Targeted Reports Provide Unique Perspectives;145
8.7.3;Peer Groups Broaden Horizons;146
8.7.4;Conclusion;149
9;Part III: Successful Spending, Philanthropy, Gifting and Estate Planning;150
9.1;14: Spending: How Much Is Too Much?;151
9.1.1;To Spend or Not to Spend;153
9.1.1.1;Decisions: When to Spend It, What to Spend It On;154
9.1.1.2;The Joy of Spending;156
9.1.2;When Spending Goes Wrong;158
9.1.3;Conclusion;158
9.2;15: Philanthropy: What You Need to Know to Donate Wisely;159
9.2.1;Donations to Religious Organizations;160
9.2.2;Donations to Other Organizations;161
9.2.3;Enlightened Giving;162
9.2.4;The Joy of Giving;163
9.2.5;The Value of Giving;164
9.2.6;Tailored Philanthropy for the Wealthy Family;165
9.2.7;Protect Yourself from Giving Going Awry;166
9.2.7.1;Focus of Giving: Determining Your Purpose;167
9.2.7.2;Altruistic Giving Through Non-Traditional Channels;168
9.2.7.3;A Word of Warning;169
9.2.7.4;The “Given Pledge”: How You Can Give Like a Billionaire;170
9.2.7.5;Tell Your Family;173
9.3;16: Gifting and Estate Planning: Determining the Right Time to Transfer Wealth;174
9.3.1;The Mathematics of Giving;176
9.3.2;Giving Now versus Giving Later;177
9.3.2.1;Pros and Cons of Different Trusts;177
9.3.2.2;Pros and Cons of a Simple Wealth Transfer;179
9.3.3;Choosing an Estate Plan That Fits Your Values;179
9.3.4;Maintaining Your Estate Plan;180
9.3.5;Before You Start, Make Sure You’re Clear;181
9.4;17: Epilogue;182
10;Index;183