Business Knowledge for IT in Private Wealth Management: A Complete Handbook for IT Professionals

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The fastest growing sector of the financial services industry requires professionals from the fastest growing industry in history. There are reports of a shortage of private bankers and wealth managers across the globe and consequently a shortage of business-aligned IT professionals that support the business. Private banks and wealth management firms are stocking up on IT staff - and they're less fussy. "Business Knowledge for IT in Private Wealth Management" is packed with information that will ensure that IT professionals become as knowledgeable about the business of private wealth management as their business counterparts. The information contained therein includes: overview of private wealth management including discussions of boutique PWMs and family offices; recent trends in the private management industry; portfolio construction; and, regulatory and tax issues and the systems used in private wealth management firms and family offices. Contributors to this book include Chris Skinner Chairman of The Financial Services Club and Chief Executive of Balatro, International Private Banking Systems, Odyssey , Thomson, Pyxis Mobile, Taylor Young Investments, Oracle, FinObjects , Pulse Software and more. '"Business Knowledge for IT in Private Wealth Management" is an invaluable handbook for professionals working in private wealth management and crossovers. It is targeted at IT professionals such as: Project Managers; Application Developers; Development Managers; Test Managers; Business Analysts; Data Analysts; Systems Analysts; Test Analysts; Support Analysts; Database Administrators; and, HR staff responsible for IT recruitment. This book is concise ensuring that readers don't get distracted by superfluous information. Table Of Contents Preface Acknowledgements Contents Introduction 1. Overview of Private Wealth Management Introduction Definition of Private Wealth Management History behind Private Banking The Perception of Wealth The Relative Dimension of Wealth The Link between Wealth and Happiness The World’s Richest People Difference between Private Wealth Management and Retail Banking Who is a Private Wealth Manager/Private Banker? What do Private Wealth Managers do? How do Private Wealth Managers make money? The Wealthy as Luxury Consumers Size and Structure of Global PWM Market Key attributes of Major Financial Centres in managing International PWM Boutique Private Wealth Managers Family Offices Multi-Family Offices Eight Golden Rules of Wealth Management 2. The Clients Introduction Types of Clients Key Characteristics Client Trends Sources of Wealth Typical Indulgences of the Wealthy Case Study What do Clients want from Private Wealth Managers? Client Acquisition Client Retention Client Segmentation Multiple Segmentation Criteria Strategies for matching Clients with Capabilities Case Study 3. Business Environment Introduction Environmental Factors General Environment Operational Environment 4. Products and Services in PWM Introduction Evolution of Products and Services Equity Investment Products Fixed Income Investment Products Structured Products Alternative Investment Products Services 5. Distribution Channels and Service Delivery Introduction Overview of Distribution Channels Open Architecture Traditional Distribution Channels Emerging Distribution Channels Tailoring Investment Advisory to Investor Behaviour Service Delivery 6. Trends in PWM Industry Introduction Growth of Core Satellite Investing The impact of MiFID on Private Wealth Managers (PWMs) The Proliferation of Art Investment The Increasing Use of Property Derivatives Growth of Islamic Private Wealth Management Growth of Gold Investing Growth of Diamond Investing Growth of Green Investing and Alternative Fuels Increasing Popularity of Fine Wines as Investments Increasing Popularity of Forestry as an Investment Increasing Popularity of Racehorse Ownership and Investing in Bloodstock Growth of Philanthropy Popularity of Private Wealth Management with an Investment Banking Touch Universal Banks Rebranding of Private Banking Business Sovereign Wealth Funds as Drivers of Assets 7. Portfolio Construction Introduction Players in Portfolio Construction Advisory and Discretionary Portfolios The Investment Process Methodology Asset Allocation and Strategy Asset Allocation in the Global Private Wealth Market Managing the Portfolio Equity Investment for Private Clients Thematic Investing The Yale Investment Management Model Performance Measurement 8. Regulatory and Tax Issues Introduction Regulatory Issues in Private Wealth Management Tax Issues Tax Initiatives 9. Common Systems Used in the PWM Industry Introduction The Use of IT Systems in Private Wealth Management The Private Wealth Management Technology Market To Build or To Buy Selecting Technology and Software for a Family Office Profiles of Systems Other Systems 10.IT projects in PWM Introduction Project Management Life Cycle Project Management Today List of Project Types Implementation Case Studies Service-Oriented Architecture Adoption of Hardware-based Remote Management Implementation of Hardware-assisted Virtualisation 11. Common Terminology Used in PWM Introduction List of Terms 12. The Future The Future: What does it hold for PWM in Business and IT? Globalisation of the Wealth Management Industry Renewed Focus on Wealth Transfer Future Wealth Explosion Promising Geographical Locations Increasing Demands from Clients Role of Technology Conclusion Appendix Skills Required in Private Banking/Wealth Management List of Useful Websites Useful Job Boards Specialist Recruitment Agencies Bibliography