Indispensable advice for building a lasting financial legacy
Building wealth is hard to do, but maintaining that wealth across generations is even more challenging. In The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors + Website, wealth advice expert Gregory Curtis reveals the investment secrets of the world's wealthiest families, so that financial planners, fund managers, and wealthy individuals everywhere can follow in their footsteps. Outlining the best practices for preserving and growing wealth, the book details exactly how to build a lasting financial legacy in the face of taxes, inflation, investment costs, and the conflicts of interest that are endemic to the financial advisory business.
Wealthy families are at the very heart of America's exceptionalism, of the vigor, resilience, and creativity that have made the U.S. the most successful nation in history. The Stewardship of Wealth's discusses the crucial role private wealth continues to play in America's remarkable economic and cultural success and the issues wealthy families and their advisors face, presenting a step-by-step guide to better managing liquid wealth.
Reveals the wealth management strategies employed by America's wealthiest families and their financial managers
Explores the challenges to ensuring that money stays in the family, from portfolio design to manager selection to monitoring investment performance, and much more
Details the essential steps for ensuring a lasting financial legacy
An examination of the key issues involved in managing private wealth, especially for affluent families, The Stewardship of Wealth + Website is the ultimate guide to building a financial legacy that will last.
Note: The ebook version does not provide access to the companion files.
Table of Contents
- Series Page
- Title Page
Part One: The Importance of Private Capital
- Chapter 1: Wealth in America
Chapter 2: Creative Capital
- A (Brief) Moral History of Capitalism
- The Ancients
- Moral Arguments for Capitalism
- Creative Capital in America
- Higher Education: The Case of St. John's College
- Politics: The Conservative Resurgence
- New Business Ideas: Venture Capital in America
- Creative Capital and Vibrant Societies
- Why Do Creative Capitalists Persist?
- The Indispensable Nation
- Conclusion: Underdogs and Bullies
Part Two: The Stewardship of Wealth
Chapter 3: Are We Living in a Permanent Financial Crisis?
- The End of History (Again)
- A Permanent Financial Crisis?
- The Cause of the Crisis Matters
- The Industrial Revolution and Its Aftermath
- The Great (and Strange) Experiment
- Seize the Means of Production!
- The Power to Tax Is the Power to Destroy—Societies
- “Borrowing … the Disease Is Incurable”
- Now What?
- But, First, a Note about Germany
- Investing Capital in a (Very) Uncertain World
- Conclusion: A World At Risk
Chapter 4: Risk
- Families and Investment Risk
- The Law of Supply and Demand (Again)
- Idiosyncratic Ideas about Risk
- Real Risks: Those Embedded in the Process of Investing
- Variance Drain
- Behavioral Finance: Are We Hard-Wired for Failure?
- Edith and the Headwinds She Faces
- What Should Edith Do?
- Conclusion: Preserving Wealth Is Hard Slogging
- Chapter 5: The Collapse of Ethical Behavior
- Chapter 6: Finding the Right Advisor
- Chapter 7: Making Family Investment Decisions
- Chapter 8: Trusts
- Chapter 3: Are We Living in a Permanent Financial Crisis?
Part Three: The Rich Get Richer
- Chapter 9: Designing Taxable Investment Portfolios
- Chapter 10: Adding Value to Family Investment Portfolios
- Chapter 11: Investing in U.S. and Non-U.S. Equities
- Chapter 12: Investing Globally
- Chapter 13: Investing in Real Assets
- Chapter 14: Investing in Fixed Income
- Chapter 15: Investing in Hedge Funds
Chapter 16: Investing in Private Equity
- Why Invest in PE?
- Persistence of Returns
- The Importance of Diversification
- Private Equity Returns
- The Return Characteristics of PE Investments
- Gaining Exposure to Private Equity
- PE Funds of Funds
- A Global Asset Class
- Illiquidity and the J-Curve Effect
- Ramping Up to Your Target Allocation
- Waterfall Analysis
- Secondary PE Investing
- The Evolution of Secondary Investing
- Secondary Investing Strategies
- Identifying High-Quality Secondary Funds
- Conclusion: The Ultimate Aspirational Asset
- Chapter 17: Working with Money Managers
- Chapter 18: Managing Investment-Related Taxes
- Chapter 19: Asset Location and Implementation
- Chapter 20: Monitoring and Rebalancing Taxable Portfolios
- Chapter 21: Investment Policy Statements
- Chapter 22: Miscellaneous Challenges for Private Investors
- Afterword: On Happiness
- About the Companion Website
- About the Author
- Title: The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, + Website
- Release date: November 2012
- Publisher(s): Wiley
- ISBN: 9781118321867