Оглавление
Stoute Kees. Help, I'm Rich!
Foreword
Disillusioned
Adding Value
Acknowledgments
About the Author
Part One. INTRODUCTION
Chapter 1. Toward a Trusted and Value-Adding Private Banking Industry
Shaken Confidence
Building Trust and Confidence
Why This Book?
Part One. Conclusion
Part Two. INVESTMENTS
Chapter 2. Why Should I Invest?
The Risks of Staying in Cash
What Does This Mean?
Conclusion
Chapter 3. An Investment Approach That Suits You
The First Meeting
The Risk–Return Profile
Conclusion
Chapter 4. Risks? What Risks?
Common Investment Risks
Risk Management Strategies
Conclusion
Chapter 5. The Essence of Discipline
Investment Rules and Principles
Conclusion
Chapter 6. Who Is Managing Your Assets?
Level of Personal Involvement
Wealth Manager Selection
Conclusion
Part Two. Conclusion
Part Three. CREDIT
Chapter 7. Loans – Pursuing Burdensome Opportunities
The Rationale for Borrowing – General
The Rationale for Borrowing – The Rich
Risks of Borrowing
Rules of the Credit Game
Conclusion
Part Three. Conclusion
Part Four. LIFE INSURANCE
Chapter 8. Life Insurance – A General Introduction
General Applications of Life Insurance
Types of Life Insurance
Conclusion
Chapter 9. The Rich Also Benefit from Life Insurance
The Rich Person’s Rationales for Life Insurance
Conclusion
Chapter 10. Life Insurance – Common Considerations
Some Life Insurance Considerations
Conclusion
Chapter 11. Life Insurance and Your Private Banker
Roles of Your Private Banker
Conclusion
Part Four. Conclusion
Part Five. WEALTH STRUCTURING
Chapter 12. What Is Wealth Structuring?
A True Story to Learn From
Wealth Structuring: What Is It?
Conclusion
Chapter 13. Purposes of Wealth Structuring
Purposes of Wealth Structuring during Life
Purposes of Wealth Structuring after Death (= Legacy)
Conclusion
Chapter 14. Wealth Structuring Tools and Vehicles
Common Wealth Structuring Tools and Vehicles
Conclusion
Chapter 15. Wealth Structuring – Common Considerations
Wealth Structuring Considerations
Conclusion
Chapter 16. Wealth Structuring and Your Private Banker
Roles of Your Private Banker
Conclusion
Part Five. Conclusion
Part Six. PSYCHOLOGY OF WEALTH
Chapter 17. How Wealth Can Undermine Emotional Maturity
A Harsh Reality
The Curse of Wealth
Conclusion
Chapter 18. Raising Wealthy Children – So Many Obstacles
Isolation
Pressurizing Expectations
Self-Esteem Issues
Abundance of Choice
Mismatch between Appearance and Being
Egocentrism
Conclusion
Chapter 19. Raising Wealthy Children – The Need for Awareness
A Basic Concept of Happiness
Success Factors of Education
Beware: There Are Limitations
Conclusion
Chapter 20. Psychology and Your Private Banker
Roles of Your Private Banker
Conclusion
Part Six. Conclusion
Epilogue
Appendix
Equity
Private Equity
IPO
Bond (or Fixed Income)
Convertible Bond
Mutual Fund
Hedge Fund
ETF
Derivatives
Structured Products
Currencies
Commodities
Precious Metals
Real Estate
Collectibles
Отрывок из книги
You don't know who is swimming naked until the tide goes out.” The truth of this famous Warren Buffett phrase became painfully clear during and immediately after the financial crisis in 2008. To a large extent, private banking had evolved into a sales industry. To drum up revenue, private bankers were instructed by their managers to sell. Targets and key performance indicators (KPIs) drove the business – not clients.
As long as the markets went up, nobody questioned this and it did not pose a serious issue. Almost every product seemed to perform well, so who cared whether clients were properly advised?
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Deterrence-based, or rule-based, trust is the most fundamental, basic level of trust. It means that the behavior of other people is to a large extent predictable thanks to rules and regulations. The likelihood that the other abides by the rules is high due to the anticipated repercussions of not complying.
With regard to private banking, the regulator is the main actor when it comes to increasing deterrence-based trust levels. In almost every jurisdiction, often in an internationally coordinated fashion, the regulator has indeed taken firm steps in an effort to regain the confidence that was lost by the financial crisis. Therefore the focus has been very much on minimizing conflicts of interests and increasing quality.
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