French

MODULES FINAL
D’Expert en Finance et Investissements
Copyright  2014, AZEK
AZEK, Feldstrasse 80, 8180 Bülach, T +41 44 872 35 35, F +41 44 872 35 32, [email protected], www.azek.ch
Table des matières
1.
Modules deuxième semestre ............................................................ 1
1.1
Wealth Management ................................................................................. 1
1.2
Real Estate, Relationship Management and Behavioural Finance ........... 2
1.3
Ethique, Droit, Fiscalité et Planification financière .................................... 3
1.
Modules deuxième semestre
1.1
Wealth Management
Basic concepts
Expected outcomes
Mean and variance
Safety first rules
Shortfall criterion
Expected utility theory
Utility functions
Indifference curves and risk aversion
Expected utility rule
Asset and liability categories
Assets and funds
Stocks
Bonds
Real estate
Alternative assets
Hedge funds
Structured products
Liabilities
Mortgages
Other liabilities
Clients profiles
Return objectives
Risk tolerance/aversion
Time horizon
Liquidity need
Taxes
Positive/negative screening
Values and preferences (ethical finance, environmental, social and governance criteria
in investments
Financial plan (client’s assets and liabilities assessment)
Base currency
Assets description
Liabilities description
Revenue and evolution of the revenue
Consumption and evolution of the consumption
Surplus calculation
Time horizon
Opportunity costs and real options
Marginal tax rate
Asset Allocation, portfolio choice and management styles
Constraints of the client
Assets description
Determination of the optimal portfolio and the corresponding asset allocation with the
client
Periodical review of the assumptions and cooperation with the research and economic
forecast departments
Fund selection
Mutual funds
Fund selection process
Tax considerations
Page 1
1.2
Real Estate, Relationship Management and Behavioural Finance
Real estate
Valuation of real estate
Traditional methods
Hedonic valuation
Real estate Indices
Integration of real estate into the multi-asset portfolio
Return and risk of real estate
Correlation between the returns on various asset classes
Determining the share of real estate in optimal portfolios
Financing of real estate
Mortgages and real property collateral
The market for mortgage debt
Financial structure of real estate investors: debt and equity
Mortgage contract features
Mortgage valuation and pricing
Relationship Management
The basics of interpersonal relationship
Rationale and structure of the interpersonal relationship
Effectiveness vs. Efficiency
The psychological contract
Family Business
The Effectiveness Side
Being effective in managing a WM relationship
Highlights on Basics and Effectiveness
Readings on Effectiveness
Efficiency
Being efficient in managing a WM relationship
Highlights on Efficiency
Readings on Efficiency
Behavioural Finance
Decision Theory
Prospect Theory
Expected Utility
Mean-Variance Analysis and Optimal Asset Allocation
Product Design
Ladder Pop
Optimal Product Design
Behavioural Biases on:
Information Selection
Information Processing
Decision and Feedback
Diagnostic
Construction and Use of the Questions
Knowledge and Investment Experience
Psychology and Emotions
Client’s Diagnostic Profile
Dynamic Asset Allocation
Investment Horizon
Rebalancing
Risk Profiling
The Risk Cube: Evaluating information
Questionnaire: Collecting information from investors
Portfolio Construction: Delivering an investment strategy
Reporting: Explaining the characteristics of an investment solution
Page 2
1.3
Ethique, Droit, Fiscalité et Planification financière
Ethique
Directives ASB
Code de déontologie de la SFAA (Handbook of Best Practice)
International Standards and Principles on Business, Human Rights and Sustainability
Droit
Droit bancaire
Bases légales
Secret bancaire
Blanchiment d’argent et droit pénal économique
Coopération internationale entre autorités
Infractions punissables d’après le code pénal
Comptes et contrats bancaires
Droit civil
Droit de la famille
Droit successoral
Droit immobilier
Trusts
Activités financières cross border
Aspects d’ordre général touchant l’activité cross border
Activité transfrontière de Suisse depuis l’étranger
Activité financière à l’étranger depuis la Suisse
Gestion de fortune et conseil à la clientèle
Cadre juridique suisse applicable à la gestion de fortune
Exercice du mandat à la lumière des Directives ASB sur le mandat de gestion
Rémunération du gérant de fortune
Gestion d’avoirs de caisses de pension
Fonds de placement et leur gestion
Produits structurés
Perspectives d’avenir : rapport de la FINMA sur la distribution
Fiscalité
Fiscalité suisse
Souveraineté fiscal
Interprétation du droit fiscal
Rapport fiscal et ses composantes
Impôt sur le revenu et la fortune des personnes physiques
Impôt sur le bénéfice et le capital des personnes morales
Impôt anticipé
Droits de timbre
Droit fiscal international
Page 3