The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors: 811 (Wiley Finance)
Product ID: 723074689
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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. Review: Family office book for investors and families - "Family office book" would have been a better title of this book. I can recommend this book to everybody who is new to private wealth management. It helps to understand the needs of the ultra wealthy families (for the investment manager) and to design processes to find the right manager (for wealthy families). Gregory Curtis claims to be a professional finance manager but if you read between the lines you discover that many aspects of modern finance seems "mistic" to him and that he lacks understanding of some parts. His recommendation for index funds (ETFs) is driven by survivorship bias and will not deliver the results an investor (or Gregory) might hope for. Review: Good book but too much belief in active management - I am a firm believer in low-cost index fund investing. Therefore, I do not believe that active management of mutual funds adds any value, and the return is usually lower than an index fund after expenses are figured in. Curtis advocates active management and believes you can pick out managers that will giver returns exceeding passive index fund management. He does advocate using index funds for US large caps and wants a manager who sells losers to offset gains for tax purposes. My research on the Vanguard stock index funds shows that Vanguard is incredibly tax efficient with regards to managing their index funds. Curtis also reviews the age-old discussion about whether small caps really outperform large caps. He argues that if commissions and spreads are figured in, small caps may not really outperform large caps. Curtis advocates having 8 to 10% of your stock asset allocation invested in emerging market stocks. The most interesting thing I found in this book was Curtis's formulation of the three strategies used in the 20th century for redistributing wealth. In time sequence, the first strategy tried was for the government to seize control of the means of production. The second strategy was tax the income of the wealth. The third strategy is government borrowing. He notes that the demands for services by the citizens always quickly overwhelm the capacity of each strategy to redistribute wealth. Curtis also points out that rebalancing your portfolio does not apply to really wealthy families. People with less than $1 million in net worth probably have retirement accounts that can be used for rebalancing without paying any taxes. If you have $100 million, you probably have less than $1 million in retirement funds, and therefore you can do tax-free annual rebalancing. Except for his belief in active management, I really can't argue with any of Curtis's recommendations. I think you will get more bang for your buck by reading Stuart Lucas's book Wealth than reading this book.
| Customer Reviews | 4.4 out of 5 stars 6 Reviews |
D**H
Family office book for investors and families
"Family office book" would have been a better title of this book. I can recommend this book to everybody who is new to private wealth management. It helps to understand the needs of the ultra wealthy families (for the investment manager) and to design processes to find the right manager (for wealthy families). Gregory Curtis claims to be a professional finance manager but if you read between the lines you discover that many aspects of modern finance seems "mistic" to him and that he lacks understanding of some parts. His recommendation for index funds (ETFs) is driven by survivorship bias and will not deliver the results an investor (or Gregory) might hope for.
A**.
Good book but too much belief in active management
I am a firm believer in low-cost index fund investing. Therefore, I do not believe that active management of mutual funds adds any value, and the return is usually lower than an index fund after expenses are figured in. Curtis advocates active management and believes you can pick out managers that will giver returns exceeding passive index fund management. He does advocate using index funds for US large caps and wants a manager who sells losers to offset gains for tax purposes. My research on the Vanguard stock index funds shows that Vanguard is incredibly tax efficient with regards to managing their index funds. Curtis also reviews the age-old discussion about whether small caps really outperform large caps. He argues that if commissions and spreads are figured in, small caps may not really outperform large caps. Curtis advocates having 8 to 10% of your stock asset allocation invested in emerging market stocks. The most interesting thing I found in this book was Curtis's formulation of the three strategies used in the 20th century for redistributing wealth. In time sequence, the first strategy tried was for the government to seize control of the means of production. The second strategy was tax the income of the wealth. The third strategy is government borrowing. He notes that the demands for services by the citizens always quickly overwhelm the capacity of each strategy to redistribute wealth. Curtis also points out that rebalancing your portfolio does not apply to really wealthy families. People with less than $1 million in net worth probably have retirement accounts that can be used for rebalancing without paying any taxes. If you have $100 million, you probably have less than $1 million in retirement funds, and therefore you can do tax-free annual rebalancing. Except for his belief in active management, I really can't argue with any of Curtis's recommendations. I think you will get more bang for your buck by reading Stuart Lucas's book Wealth than reading this book.
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