Advising Ultra-Affluent Clients and Family Offices -- Contents -- Foreword -- Preface -- Acknowledgments -- Part One: Introduction to Advising Ultra-Affluent Clients and Family Offices -- Chapter 1: Who Are the Ultra-Affluent? -- DEFINING THE ULTRA-AFFLUENT -- QUANTIFYING ULTRA-AFFLUENCE AMONG TOTAL GLOBAL WEALTH -- LOOKING TO THE FUTURE -- A WORLD OF OPPORTUNITIES FOR ADVISERS -- Chapter 2: Understanding the Mindset of the Ultra-Affluent Client -- WHY ADVISING THE ULTRA-AFFLUENT IS DIFFERENT -- WHAT ULTRA-AFFLUENT CLIENTS VALUE IN AN ADVISER -- BUILDING RELATIONSHIPS BY ASKING QUESTIONS AND LISTENING TO THE ANSWERS -- MATCHING CLIENT WITH ADVISER -- CONSULTANT QUESTIONNAIRE -- CONCLUSION -- Chapter 3: Wealth Attitudes, Aspirations, and Investor Behavior of Ultra-Affluent Clients -- FAMILY ASPIRATIONS -- WEALTH ATTITUDES OF ULTRA-AFFLUENT CLIENTS -- WHERE PSYCHOLOGY MEETS FINANCE -- INVESTOR BIASES -- CONCLUSION -- Chapter 4: Noninvestment Best Practices -- THE CHALLENGES ASSOCIATED WITH WEALTH -- GUIDELINES FOR SUSTAINING MULTIGENERATIONAL WEALTH -- CONCLUSION -- Part Two: Investment Strategies for Ultra-Affluent Clients and Family Offices -- Chapter 5: Practices of the Best Investment Organizations -- DIFFERENCES BETWEEN ENDOWMENTS AND PRIVATE INVESTORS -- INVESTMENT COMMITTEES -- WHAT IS THE BEST ENDOWMENT GOVERNANCE STRUCTURE? -- INVESTMENT POLICY STATEMENTS -- KEY CONSIDERATIONS FOR PORTFOLIO OVERSIGHT -- CONCLUSION -- Chapter 6: Asset Allocation Considerations for Ultra-Affluent Clients and Family Offices -- WHAT IS ASSET ALLOCATION? -- THE IMPORTANCE OF ASSUMPTIONS IN THE ASSET ALLOCATION SELECTION PROCESS -- THE IMPORTANCE OF ASSET ALLOCATION -- CONSIDERATIONS IN ASSET ALLOCATION FOR INDIVIDUAL INVESTORS -- Chapter 7: Domestic and International Equity -- INTRODUCTION TO U.S. AND INTERNATIONAL EQUITY SECURITIES.

THE FIVE-STEP EQUITY STRATEGY PROCESS -- Chapter 8: Domestic and International Bonds -- INTRODUCTION TO BONDS -- DESCRIPTIONS OF BOND ASSET CLASSES -- Chapter 9: Private Equity -- WHAT IS PRIVATE EQUITY AND HOW DOES IT WORK? -- THREE PRIMARY TYPES OF PRIVATE EQUITY INVESTMENTS -- CREATING A CUSTOMIZED PRIVATE EQUITY PROGRAM -- Chapter 10: Hedge Funds -- WHAT IS A HEDGE FUND? -- HEDGE FUND INVESTING BY UACs AND FAMILY OFFICES -- A HISTORY OF HEDGE FUNDS -- THE LEGAL ENVIRONMENT OF HEDGE FUNDS -- HEDGE FUND STRATEGIES -- MANAGER SELECTION -- Chapter 11: Real Assets -- THE PORTFOLIO BENEFITS OF REAL ASSETS -- REAL ESTATE: A LONG-TERM INFLATION HEDGE -- NATURAL RESOURCES -- Part Three: Multigenerational Considerations for Ultra-Affluent Clients and Family Offices -- Chapter 12: Selecting an Adviser -- TRUST: THE KEY INGREDIENT -- HOW UACs SELECT AN ADVISER -- QUESTIONS FOR PROSPECTIVE ADVISERS -- CONCLUSION -- Chapter 13: Selecting a Custodian and Investment Vehicle Structure -- CUSTODIAL SERVICES -- INVESTMENT VEHICLE STRUCTURE -- CONCLUSION -- Chapter 14: Considerations for Creating a Family Office -- WHAT IS A FAMILY OFFICE? -- CHALLENGES OF WEALTH -- PRACTICAL REASONS TO CREATE A FAMILY OFFICE -- CHALLENGES OF RUNNING A FAMILY OFFICE -- SERVICES PROVIDED BY A FAMILY OFFICE -- ADMINISTRATIVE CONSIDERATIONS FOR ESTABLISHING A FAMILY OFFICE -- CONSIDERATIONS FOR ESTABLISHING A PRIVATE TRUST COMPANY -- CONCLUSION -- Chapter 15: Wealth Transfer Planning -- ESTATE PLANNING BASICS -- CONCLUSION -- Part Four: Special Topics for Ultra-Affluent Clients and Family Offices -- Chapter 16: Concentrated Equity Risk Management -- WHAT CONSTITUTES A CONCENTRATED EQUITY POSITION? -- CONCENTRATED STOCK RISK MINIMIZATION STRATEGIES -- CONCLUSION -- Chapter 17: Family Governance -- GENERATIONAL DIVISION.

FAMILY GOVERNANCE: AN ESSENTIAL PART OF SUCCESSFUL WEALTH TRANSFER -- THE INCREDIBLE FAMILY -- POLICIES -- STAGES OF DEVELOPMENT -- CONCLUSION -- Chapter 18: Risk Management and Asset Protection -- FAMILY OFFICE RISK MANAGEMENT -- INDIVIDUAL FAMILY MEMBER RISK MANAGEMENT -- LEGAL ASSET PROTECTION -- CONCLUSION -- Chapter 19: Philanthropy -- PHILANTHROPIC STRATEGY DEVELOPMENT THROUGH ASKING QUESTIONS -- MISSION STATEMENT -- IMPLEMENTATION OF PHILANTHROPIC STRATEGY -- PHILANTHROPIC INVESTING -- BEST PRACTICES OF GIVING LARGE GIFTS TO COLLEGES AND UNIVERSITIES -- APPENDIX: THE NEXT GENERATION: REDEFINING THE PHILANTHROPIC LANDSCAPE -- Chapter 20: Multigenerational Asset Allocation Strategies -- DIFFERENT ASSET ALLOCATIONS FOR DIFFERENT GENERATIONS -- SINGLE ALLOCATION FOR AN ENTIRE FAMILY -- CUSTOMIZED ASSET ALLOCATION BY GENERATION OR FAMILY UNIT -- ASSET ALLOCATION TARGETING -- THE BEHAVIORAL FINANCE APPROACH TO ASSET ALLOCATION -- CONCLUSION -- Notes -- Index.