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Yale School of Management

Advanced Investment and Wealth Strategies

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Description

Designed for alumni and current students of Yale’s EMBA-Asset Management, and CIMA® and CPWA® certification programs, this special two-day event delivers the latest in investment and wealth management expertise.

Immerse yourself in subjects like behavioral finance, retirement and tax planning, portfolio managememt, and family dynamics with Yale faculty and program practitioners. Earn 16 units of continuing education credit while gaining deeper insight into various areas of expertise. In addition to elevating your skills and knowledge, widen your network and connect with program peers.

All classes will be held in the Yale School of Management’s state-of-the-art Edward P. Evans Hall, a modern jewel nestled in Yale’s campus.

Leave this rigorous yet rewarding program with new ideas and fresh perspectives to add more value to your company and clients.

Curriculum

SUNDAY

5:00pm-6:00pm, Welcome Reception

MONDAY

8:00am-9:15am, Part I: Advisor Alpha: The Value of Advice

John Nersesian

Delivering and pricing financial advice has become increasingly challenging. Investors demand more from their advisors, and the ability to deliver and articulate the client-centric benefits in a compelling manner are paramount to future success. This discussion will help advisors identify, measure and communicate their significant contribution to successful investor experiences and outcomes.

8:00am-9:15am, Part II: Manager Selection and Evaluation: Key Performance Metrics

John Nersesian

This program provides a dive into the quantitative performance metrics used by consultants to evaluate managers and interpret their performance. Material is presented in a practical context providing the advisor increased confidence in client conversations.

9:30am-10:45am, Executive Compensation Planning

John Nersesian

Senior executives often accumulate significant exposure to company shares through restricted stock grants, employee stock options and other benefit programs. This discussion focuses on financial planning topics specific to corporate executives, in particular concentrated stock positions, employee stock options and net unrealized appreciation strategies.

11:00am-12:15pm, Family Wealth Planning: Preparing the Next Generation

John Nersesian

A primary goal of today’s wealthy is to effectively transfer not just financial resources, but the values of stewardship and social responsibility, to the next generation. This discussion identifies some of the current challenges in the wealth landscape and provides a curriculum to educate the next generation.

1:15-2:15pm, The Psychology of Financial Decisions - Part I

2:30-3:30pm, The Psychology of Financial Decisions - Part II

Gal Zauberman

The basic premise of this session is to further our discussion of the psychology of individual decision making in the context of financial products and services, and how better understating this psychology can improve advice and decisions and increase well-being. This interactive session will consider the effect of context, uncertainty, and time in decisions, with focus on the role of actual and perceived constraint.

3:45-5:00pm, TBD

TUESDAY

8:00am-9:15am, Applying Behavioral Finance to Investment Management - making smarter decisions, and building and managing more effective portfolios

Professor Toby Moskowitz, Yale SOM

This presentation covers a review of the main ideas in behavioral finance and how they apply to markets. Particular attention is paid to how behavioral biases can influence investment decisions and lead to suboptimal portfolios. The presentation concludes with how to be aware of and combat these biases to improve portfolio construction and make better investment decisions.

9:30am-10:45am, Smart Beta and Factor Investing Research and Application - developing new strategies for portfolio management

Professor Toby Moskowitz, Yale SOM

This presentation covers the research on factor investing, which has provided the backbone for new strategies dubbed “smart beta.” We will go through some of the academic work behind this form of investing and talk about the different applications of these factors for investing and constructing better portfolios.

11:00am-12:00pm, Psychological Drivers of Asset Prices and Investor Behavior

Professor Nick Barberis, Yale SOM

Over the past 20 years, a large body of research has used ideas from psychology to shed light on financial markets, and specifically on asset market fluctuations, the performance of investment strategies, trading volume, and the formation and collapse of bubbles. This talk provides a succinct summary of the key ideas in this research, with particular emphasis on extrapolation of the past, overconfidence, and prospect theory.

12:45pm-1:45pm, Popularity: A Bridge Between Classical and Behavioral Finance

Professor Roger Ibbotson, Yale SOM

Popularity embraces how much anything is liked, recognized, or desired. We apply this concept to assets and securities to explain the premiums and so-called anomalies in security markets, especially the stock market. Popularity represents the demand for a security and thus is an important determinant of prices for a given set of expected cash flows. In classical finance, investors are risk averse, i.e. risk is unpopular. The largest risk premium is the equity risk premium . There are many premiums in the market that may or may not be related to risk, but all are related to investing in something that is unpopular in some way. These include market frictions in classical finance (e.g. less liquidity), as well as the emotional preferences and cognitive errors that stem from behavioral finance.

2:00pm-3:15pm, Cutting Edge Income Tax Planning Developments & Opportunities

Michael Kitces

Recent tax law changes have marked the dawn of a new environment for income and estate tax planning – there are no more scheduled fiscal cliffs and no more sunset provisions, and instead the outcome of the American Taxpayer Relief Act was ‘permanent’ tax legislation. Of course, permanent only remains so until another Act of Congress changes it, but nonetheless the new tax environment, with its new top tax brackets for income taxes, long-term capital gains, and qualified dividends, along with the new Medicare taxes, have created new planning complexities. In this session, we look at the planning opportunities in today’s environment, from Roth conversions and capital gains harvesting to asset location and AMT planning, and how to strategize on income planning issues going forward.

3:30pm-4:45pm, Strategies For Managing Sequence Of Return Risk In Retirement

Michael Kitces

For long-term investors, the reality is that even if markets are volatile for a period of time, as long as the portfolio stays invested, returns can average out in the long run. In the case of retirees, however, ongoing spending withdrawals introduce the possibility that if the portfolio experiences weak returns early on, it could be depleted entirely before the good returns finally show up. As a result, retirees must consider this “sequence of returns” risk when planning for retirement, and strategies to manage it, from reducing spending in the first place, to engaging in more dynamic asset allocation to reduce risk exposure, or dynamic spending strategies to adapt spending withdrawals to market changes along the way!

Who should attend

Alumni and current students of Yale’s EMBA-Asset Management, and CIMA and CPWA certification programs.

Experts

John Nersesian is managing director of wealth management services at Nuveen Investments, where his group provides wealth management and practice development education and consulting support to advisors. His experience includes work as a financial advisor to corporate executives, affluent families...
Tobias J. Moskowitz, who joined the faculty in 1998, studies asset pricing, portfolio choice, risk sharing, market efficiency, real estate markets and finance, empirical corporate finance, and the business and analytics of sports. He has explored topics as diverse as momentum in stock returns, lo...
Professor Barberis’ research focuses on behavioral finance—in particular, on applications of cognitive psychology to understanding investor trading behavior and the pricing of financial assets.  He has published extensively in the top economics and finance journals, gives frequent presentations a...
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