Study Session 4  Private Wealth Management
 
　　Reading 10. Managing Individual Investor Portfolios
　　The candidate should be able to:
　　a. discuss how source of wealth, measure of wealth, and stage of life affect an individual investors’ risk tolerance;
　　b.explain the role of situational and psychological profiling in understanding an individual  investor;
　　c. compare the traditional finance and behavioral finance models of investor decision making;
　　d. explain the influence of investor psychology on risk tolerance and investment choices;
　　e. explain the use of a personality typing questionnaire for identifying an investor’s personality type;
　　f. compare risk attitudes and decision- making styles among distinct investor personality types, including cautious, methodical, spontaneous, and individualistic investors;
　　g. explain the potential benefits, for both clients and investment advisers, of hav ing a formal investment policy statement;
　　h. explain the process involved in creating an investment policy statement;
　　i. distinguish between required return and desired return and explain the impact these have on the individual investor’s investment policy;
　　j. explain how to set risk and return objectives for individual investor portfolios and discuss the impact that ability and willingness to take
　　risk have on risk tolerance;
　　k. discuss each of the major constraint categories included in an individual investor’s investment policy statement;
　　l. prepare and justify an investment policy statement for an individual investor;
　　m. determine the strategic asset allocation that is most appropriate for an individual investor’s specific investment objectives and constraints
　　n. compare Monte Carlo and traditional deterministic approaches to retirement planning and explain the advantages of a Monte Carlo approach.
　　　
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