Behavioural finance for private banking:
A complete framework for applications of behavioral finance in private banking, Behavioural Finance for Private Banking considers client needs specific to private banking like personal circumstances, objectives, and attitude to risk. This book includes the theoretical foundations of investment decis...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester
Wiley
2008
|
| Series: | Wiley finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Summary: | A complete framework for applications of behavioral finance in private banking, Behavioural Finance for Private Banking considers client needs specific to private banking like personal circumstances, objectives, and attitude to risk. This book includes the theoretical foundations of investment decision-making, an introduction to behavioral biases, an explanation of cultural differences in global business, a guide to asset allocation over the life cycle of the investment, and several case studies to illustrate how can be applied. A must-read for anyone in private banking, this book demonstrates how to satisfy client needs. |
| Physical Description: | XXIII, 245 S. Ill., graph. Darst., Kt. |
| ISBN: | 0470779993 9780470779996 |
Staff View
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| adam_text |
Contents
List of Figures
ix
List of Tables
xiii
Notation
xv
Preface
xxi
1
Introduction
1
1.1
The private banking business
1
1.2
Current challenges in private banking
3
1.3
Improving service quality with behavioural finance
6
1.4
Conclusion
9
2
Decision Theory
11
2.1
Introduction
12
2.2
Mean-variance analysis
14
2.3
Expected utility theory
22
2.4
Prospect theory
35
2.5
Prospect theory and the optimal asset allocation
50
2.6
A critical view on mean-variance theory
59
2.7
A critical view on expected utility axioms
63
2.8
Comparison of expected utility, prospect theory, and
mean-variance analysis
64
2.9
Conclusion
65
3
Behavioural Biases
67
3.1
Information selection biases
68
3.2
Information processing biases
70
3.3
Decision biases
82
3.4
Decision evaluation biases
87
3.5
Biases in
intertemporal
decisions
88
3.6
Behavioural biases and speculative bubbles
91
3.7
Cultural differences in the behavioural biases
95
viii Contents
4
Risk Profiling
105
4.1
Dealing with behavioural biases
105
4.2
The risk profiler and its benefits
106
4.3
Designing a risk profiler: Some general considerations
108
4.4
Implemented risk profilers: Case study of the former Bank Leu
109
4.5
A risk profiler based on the mean-variance analysis
114
4.6
Integrating behavioural finance in the risk profiler
117
4.7
Case study: Comparing risk profiles
127
4.8
Conclusion
134
5
Product Design
135
5.1
Case study: "Ladder Pop"
136
5.2
Case study:
"DAX Sparbuch" 143
5.3
Optimal product design
149
5.4
Conclusion
155
6
Dynamic Asset Allocation
157
6.1
The optimal tactical asset allocation
158
6.2
The optimal strategic asset allocation
171
6.3
Conclusion
184
7
Life Cycle Planning
187
7.1
Case study
:
Widow
Kassel 187
7.2
Main decisions over time
189
7.3
Consumption smoothing
189
7.4
The life cycle hypothesis
190
7.5
The behavioural life cycle hypothesis
192
7.6
The life cycle asset allocation problem
194
7.7
The life cycle asset allocation of an expected utility maximizer
195
7.8
The life cycle asset allocation of a behavioural investor
198
7.9
Life cycle funds
202
7.10
Conclusion
206
8
Structured Wealth Management Process
207
8.1
The benefits of a structured wealth management process
209
8.2
Problems implementing a structured wealth management process
210
8.3
Impact of the new process on conflicts of interests
210
8.4
Learning by "cycling" through the process
211
8.5
Case study: Credit
Suisse
211
8.6
Mental accounting in the wealth management process
217
8.7
Conclusions
226
9
Conclusion and Outlook
229
9.1
Recapitulation of the main achievements
229
9.2
Outlook of further developments
229
References
231
Index
237
¡ehavioural
finance for private banking
Thorsten
Hens and
Kremeňa
Bachmann
Behavioural Finance for Private Banking provides advisors of private clients with both the
appropriate framework for their task as well as a collection of practical tools to support their
The book begins with a brief introduction to the current challenges of the private banking
industry before identifying the foundations of behavioural finance
-
decision theory. The
book addresses the many psychological traps (behavioural biases) that are commonly
observed along a typical decision-making process and in particular, how these biases differ
across different cultures, something which is of vital importance for any bank offering
private banking services worldwide. The authors then show how to integrate these insights
into a tool of highly practical relevance
-
a risk profiler. The book also covers structured
products
-
and how to evaluate them both from an expected utility theory perspective and
from a prospect theory point of view. Moreover, the authors explain how to design
structured, tailor-made products for private clients. The dynamics of investing are then
explored by demonstrating which investor will rebalance their portfolio during the course of
investments and which one will take their profits or increase risks providing a foundation for
common investment advice like the age rule. The book concludes with wealth management
showing how a typical advisory process should be structured to make the best use of the
services the bank can offer, integrating personal asset-liability management, life cycle
aspects, a risk profiler, a strategy implementation, and a well-suited documentation.
In particular, readers will learn:
How to assess the client's risk profile;
How to find an optimal asset allocation according to client's risk profile;
Which investment products are optimal from client's perspective;
When it is wise to rebalance the portfolio during the course of investments, and when
it is better to take the profits or to increase the risks;
The foundation of some commonly used rules of thumb and when are they wrong;
How to adjust the asset allocation over the life cycle.
A balance is made throughout the book between written explanations, examples, and case
studies, with the use of some mathematics to deepen understanding. With a unique focus on
client advisory as opposed to asset pricing, Behavioural Finance for Private Banking provides
valuable insights and will enable practitioners to improve service quality at every step along
the wealth management process. |
| adam_txt |
Contents
List of Figures
ix
List of Tables
xiii
Notation
xv
Preface
xxi
1
Introduction
1
1.1
The private banking business
1
1.2
Current challenges in private banking
3
1.3
Improving service quality with behavioural finance
6
1.4
Conclusion
9
2
Decision Theory
11
2.1
Introduction
12
2.2
Mean-variance analysis
14
2.3
Expected utility theory
22
2.4
Prospect theory
35
2.5
Prospect theory and the optimal asset allocation
50
2.6
A critical view on mean-variance theory
59
2.7
A critical view on expected utility axioms
63
2.8
Comparison of expected utility, prospect theory, and
mean-variance analysis
64
2.9
Conclusion
65
3
Behavioural Biases
67
3.1
Information selection biases
68
3.2
Information processing biases
70
3.3
Decision biases
82
3.4
Decision evaluation biases
87
3.5
Biases in
intertemporal
decisions
88
3.6
Behavioural biases and speculative bubbles
91
3.7
Cultural differences in the behavioural biases
95
viii Contents
4
Risk Profiling
105
4.1
Dealing with behavioural biases
105
4.2
The risk profiler and its benefits
106
4.3
Designing a risk profiler: Some general considerations
108
4.4
Implemented risk profilers: Case study of the former Bank Leu
109
4.5
A risk profiler based on the mean-variance analysis
114
4.6
Integrating behavioural finance in the risk profiler
117
4.7
Case study: Comparing risk profiles
127
4.8
Conclusion
134
5
Product Design
135
5.1
Case study: "Ladder Pop"
136
5.2
Case study:
"DAX Sparbuch" 143
5.3
Optimal product design
149
5.4
Conclusion
155
6
Dynamic Asset Allocation
157
6.1
The optimal tactical asset allocation
158
6.2
The optimal strategic asset allocation
171
6.3
Conclusion
184
7
Life Cycle Planning
187
7.1
Case study
:
Widow
Kassel 187
7.2
Main decisions over time
189
7.3
Consumption smoothing
189
7.4
The life cycle hypothesis
190
7.5
The behavioural life cycle hypothesis
192
7.6
The life cycle asset allocation problem
194
7.7
The life cycle asset allocation of an expected utility maximizer
195
7.8
The life cycle asset allocation of a behavioural investor
198
7.9
Life cycle funds
202
7.10
Conclusion
206
8
Structured Wealth Management Process
207
8.1
The benefits of a structured wealth management process
209
8.2
Problems implementing a structured wealth management process
210
8.3
Impact of the new process on conflicts of interests
210
8.4
Learning by "cycling" through the process
211
8.5
Case study: Credit
Suisse
211
8.6
Mental accounting in the wealth management process
217
8.7
Conclusions
226
9
Conclusion and Outlook
229
9.1
Recapitulation of the main achievements
229
9.2
Outlook of further developments
229
References
231
Index
237
¡ehavioural
finance for private banking
Thorsten
Hens and
Kremeňa
Bachmann
Behavioural Finance for Private Banking provides advisors of private clients with both the
appropriate framework for their task as well as a collection of practical tools to support their
The book begins with a brief introduction to the current challenges of the private banking
industry before identifying the foundations of behavioural finance
-
decision theory. The
book addresses the many psychological traps (behavioural biases) that are commonly
observed along a typical decision-making process and in particular, how these biases differ
across different cultures, something which is of vital importance for any bank offering
private banking services worldwide. The authors then show how to integrate these insights
into a tool of highly practical relevance
-
a risk profiler. The book also covers structured
products
-
and how to evaluate them both from an expected utility theory perspective and
from a prospect theory point of view. Moreover, the authors explain how to design
structured, tailor-made products for private clients. The dynamics of investing are then
explored by demonstrating which investor will rebalance their portfolio during the course of
investments and which one will take their profits or increase risks providing a foundation for
common investment advice like the age rule. The book concludes with wealth management
showing how a typical advisory process should be structured to make the best use of the
services the bank can offer, integrating personal asset-liability management, life cycle
aspects, a risk profiler, a strategy implementation, and a well-suited documentation.
In particular, readers will learn:
How to assess the client's risk profile;
How to find an optimal asset allocation according to client's risk profile;
Which investment products are optimal from client's perspective;
When it is wise to rebalance the portfolio during the course of investments, and when
it is better to take the profits or to increase the risks;
The foundation of some commonly used rules of thumb and when are they wrong;
How to adjust the asset allocation over the life cycle.
A balance is made throughout the book between written explanations, examples, and case
studies, with the use of some mathematics to deepen understanding. With a unique focus on
client advisory as opposed to asset pricing, Behavioural Finance for Private Banking provides
valuable insights and will enable practitioners to improve service quality at every step along
the wealth management process. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Hens, Thorsten 1961- Bachmann, Kremena 1976- |
| author_GND | (DE-588)138727082 (DE-588)138727171 |
| author_facet | Hens, Thorsten 1961- Bachmann, Kremena 1976- |
| author_role | aut aut |
| author_sort | Hens, Thorsten 1961- |
| author_variant | t h th k b kb |
| building | Verbundindex |
| bvnumber | BV035099138 |
| callnumber-first | H - Social Science |
| callnumber-label | HG1978 |
| callnumber-raw | HG1978 |
| callnumber-search | HG1978 |
| callnumber-sort | HG 41978 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 300 QK 320 QK 820 |
| ctrlnum | (OCoLC)603612992 (DE-599)GBV575211989 |
| dewey-full | 332.1/230688 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.1/230688 |
| dewey-search | 332.1/230688 |
| dewey-sort | 3332.1 6230688 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV035099138 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:13:32Z |
| indexdate | 2024-07-20T04:39:10Z |
| institution | BVB |
| isbn | 0470779993 9780470779996 |
| language | English |
| lccn | 2008038617 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016767143 |
| oclc_num | 603612992 |
| open_access_boolean | |
| owner | DE-703 DE-945 DE-92 DE-11 DE-384 |
| owner_facet | DE-703 DE-945 DE-92 DE-11 DE-384 |
| physical | XXIII, 245 S. Ill., graph. Darst., Kt. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley finance |
| spelling | Hens, Thorsten 1961- Verfasser (DE-588)138727082 aut Behavioural finance for private banking Thorsten Hens and Kremena Bachmann Chichester Wiley 2008 XXIII, 245 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Wiley finance A complete framework for applications of behavioral finance in private banking, Behavioural Finance for Private Banking considers client needs specific to private banking like personal circumstances, objectives, and attitude to risk. This book includes the theoretical foundations of investment decision-making, an introduction to behavioral biases, an explanation of cultural differences in global business, a guide to asset allocation over the life cycle of the investment, and several case studies to illustrate how can be applied. A must-read for anyone in private banking, this book demonstrates how to satisfy client needs. Private banks Investments / Psychological aspects Finance / Psychological aspects Banks and banking / Customer services Wealth / Management Bank Psychologie Banks and banking Customer services Finance Psychological aspects Investments Psychological aspects Wealth Management Private Banking (DE-588)4833663-4 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Finanzpsychologie (DE-588)4154423-7 gnd rswk-swf Investition (DE-588)4027556-5 gnd rswk-swf Private Banking (DE-588)4833663-4 s Finanzpsychologie (DE-588)4154423-7 s DE-604 Investition (DE-588)4027556-5 s Kreditwesen (DE-588)4032950-1 s 1\p DE-604 Bachmann, Kremena 1976- Verfasser (DE-588)138727171 aut Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016767143&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016767143&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Hens, Thorsten 1961- Bachmann, Kremena 1976- Behavioural finance for private banking Private banks Investments / Psychological aspects Finance / Psychological aspects Banks and banking / Customer services Wealth / Management Bank Psychologie Banks and banking Customer services Finance Psychological aspects Investments Psychological aspects Wealth Management Private Banking (DE-588)4833663-4 gnd Kreditwesen (DE-588)4032950-1 gnd Finanzpsychologie (DE-588)4154423-7 gnd Investition (DE-588)4027556-5 gnd |
| subject_GND | (DE-588)4833663-4 (DE-588)4032950-1 (DE-588)4154423-7 (DE-588)4027556-5 |
| title | Behavioural finance for private banking |
| title_auth | Behavioural finance for private banking |
| title_exact_search | Behavioural finance for private banking |
| title_exact_search_txtP | Behavioural finance for private banking |
| title_full | Behavioural finance for private banking Thorsten Hens and Kremena Bachmann |
| title_fullStr | Behavioural finance for private banking Thorsten Hens and Kremena Bachmann |
| title_full_unstemmed | Behavioural finance for private banking Thorsten Hens and Kremena Bachmann |
| title_short | Behavioural finance for private banking |
| title_sort | behavioural finance for private banking |
| topic | Private banks Investments / Psychological aspects Finance / Psychological aspects Banks and banking / Customer services Wealth / Management Bank Psychologie Banks and banking Customer services Finance Psychological aspects Investments Psychological aspects Wealth Management Private Banking (DE-588)4833663-4 gnd Kreditwesen (DE-588)4032950-1 gnd Finanzpsychologie (DE-588)4154423-7 gnd Investition (DE-588)4027556-5 gnd |
| topic_facet | Private banks Investments / Psychological aspects Finance / Psychological aspects Banks and banking / Customer services Wealth / Management Bank Psychologie Banks and banking Customer services Finance Psychological aspects Investments Psychological aspects Wealth Management Private Banking Kreditwesen Finanzpsychologie Investition |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016767143&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016767143&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT hensthorsten behaviouralfinanceforprivatebanking AT bachmannkremena behaviouralfinanceforprivatebanking |