{"product_id":"retirement-portfolios-isbn-9780470556818","title":"Retirement Portfolios","description":"\u003cp\u003eRetirement portfolio guidance for finance professionals\u003c\/p\u003e \u003cp\u003eRetirement is one of the most important parts of the financial planning process. Yet only two percent of financial advisors describe themselves as competent in retirement planning.\u003c\/p\u003e \u003cp\u003eConstructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It is imperative that financial advisors be equipped and ready to create appropriate retirement portfolios. That's why Michael Zwecher-a leading expert on retirement income-has created \u003ci\u003eRetirement Portfolios.\u003c\/i\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExamines how portfolios should be prepped in advance so that the transition from \"working\" portfolio to retirement portfolio is smooth and seamless\u003c\/li\u003e \u003cli\u003eOutlines how to create a portfolio that will provide income, continue to generate growth, and protect assets from disaster\u003c\/li\u003e \u003cli\u003eDetails the differences in managing a retirement portfolio versus managing portfolios during asset accumulation years\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe ability to create retirement portfolios and manage their risks are skills you must possess to be an effective financial advisor. \u003ci\u003eRetirement Portfolios\u003c\/i\u003e will help you develop these essential skills and gain a better understanding of the entire process.\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Framing the Problem\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Portfolio Focus and Stage of Life 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA “Balanced” Portfolio Approach May Not Last Through Retirement 4\u003c\/p\u003e \u003cp\u003eRetirement Saving versus Retirement Income: An Illustration 10\u003c\/p\u003e \u003cp\u003eProducts versus Solutions 11\u003c\/p\u003e \u003cp\u003eSummary 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Top-Down View\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Short Primer on Economic Models of Retirement Income 13\u003c\/p\u003e \u003cp\u003eAn Overview of Economic Models of Retirement Income 14\u003c\/p\u003e \u003cp\u003eReconciling Retirement Income Portfolio Construction with Accumulation 15\u003c\/p\u003e \u003cp\u003eThe Dynamics of Risk Aversion 19\u003c\/p\u003e \u003cp\u003eSeparation between Flooring and Upside 21\u003c\/p\u003e \u003cp\u003eFully Funded versus Underfunded Flooring 22\u003c\/p\u003e \u003cp\u003eMonetizing Mortality 23\u003c\/p\u003e \u003cp\u003eTaking Market Risk 23\u003c\/p\u003e \u003cp\u003eRisk Is Risk, Is It Not? 24\u003c\/p\u003e \u003cp\u003eRisk, Uncertainty, and Risk Aversion 25\u003c\/p\u003e \u003cp\u003eSummary 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 The Importance of Lifestyle Flooring 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAmount of Flooring: A Balance Sheet View 28\u003c\/p\u003e \u003cp\u003eRetirement Requires Outcomes, Not Just Expectations 30\u003c\/p\u003e \u003cp\u003eConsumption Needs 32\u003c\/p\u003e \u003cp\u003eYes\/No Planning 33\u003c\/p\u003e \u003cp\u003eThe Window for Maintaining Lifestyle 34\u003c\/p\u003e \u003cp\u003eThe Bedrock Floor 36\u003c\/p\u003e \u003cp\u003eThe Aspirational Floor 37\u003c\/p\u003e \u003cp\u003eThe Finished Floor 38\u003c\/p\u003e \u003cp\u003eNominal versus Real Flooring 38\u003c\/p\u003e \u003cp\u003eTypes of Flooring 42\u003c\/p\u003e \u003cp\u003eChoosing a Flooring Type 45\u003c\/p\u003e \u003cp\u003eSummary 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Monetizing Mortality Annuities and Longevity Insurance 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk Pooling 50\u003c\/p\u003e \u003cp\u003ePure Longevity Insurance 50\u003c\/p\u003e \u003cp\u003eAnnuities 52\u003c\/p\u003e \u003cp\u003eComplex Annuities 54\u003c\/p\u003e \u003cp\u003eCredit Risk and Insurance 55\u003c\/p\u003e \u003cp\u003eSummary 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Flooring with Capital Markets Products 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGovernment-Issued Securities 60\u003c\/p\u003e \u003cp\u003eCreating a Floor of Strips 61\u003c\/p\u003e \u003cp\u003eTIPS 63\u003c\/p\u003e \u003cp\u003eMunicipal Securities 65\u003c\/p\u003e \u003cp\u003eCorporate Securities and Other Financial Products 66\u003c\/p\u003e \u003cp\u003eSummary 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Adapting Portfolios for Retirement Income\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Building Retirement Income Portfolios 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePortfolio Sleeves for Retirement Income 72\u003c\/p\u003e \u003cp\u003ePortfolio Intuition 76\u003c\/p\u003e \u003cp\u003eBasic Portfolio Constructs 77\u003c\/p\u003e \u003cp\u003eGeneral Accumulation Plans for Retirement Income 81\u003c\/p\u003e \u003cp\u003eTaxes and Retirement Income Portfolios 81\u003c\/p\u003e \u003cp\u003eSummary 85\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFlooring Allocations 88\u003c\/p\u003e \u003cp\u003eLongevity Allocations 93\u003c\/p\u003e \u003cp\u003ePrecautionary Allocations 96\u003c\/p\u003e \u003cp\u003eDiscretionary Equity Allocations: Assets with Risk 97\u003c\/p\u003e \u003cp\u003eSummary of Allocations 99\u003c\/p\u003e \u003cp\u003eSummary 103\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Managing Portfolios for Retirement Income\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Rebalancing Retirement Income Portfolios 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRebalancing the Discretionary Wealth Subportfolio 108\u003c\/p\u003e \u003cp\u003eRebalancing the Functional Components 109\u003c\/p\u003e \u003cp\u003eRaising the Floor 111\u003c\/p\u003e \u003cp\u003eSummary 112\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Active Risk Management for Retirement Income Portfolios 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStatic Example 118\u003c\/p\u003e \u003cp\u003eThe View from the Capital Markets Line 121\u003c\/p\u003e \u003cp\u003eRisk Management and Expected Returns 122\u003c\/p\u003e \u003cp\u003eSimple Rules: For Passive and Active Risk Management 122\u003c\/p\u003e \u003cp\u003eAn Inelegant but Simple Plan 124\u003c\/p\u003e \u003cp\u003eHigh-Water Mark Flooring 125\u003c\/p\u003e \u003cp\u003eThe Cushion 126\u003c\/p\u003e \u003cp\u003eRisk Rules: Periodic Rebalancing 128\u003c\/p\u003e \u003cp\u003eRisk Rules: More Active Rebalancing 130\u003c\/p\u003e \u003cp\u003eCPPI and Volatility 132\u003c\/p\u003e \u003cp\u003eTaxation and Active Management 133\u003c\/p\u003e \u003cp\u003eLocking in Flooring: Long End versus Short End 134\u003c\/p\u003e \u003cp\u003eA Quick Note on Usability, Scalability, and Approaches Other Than Liability Matching 135\u003c\/p\u003e \u003cp\u003ePlaying with Fire in a Retirement Income Portfolio 135\u003c\/p\u003e \u003cp\u003eSummary 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR Making It Happen\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 The Transition Phase 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat the Transition Is About 142\u003c\/p\u003e \u003cp\u003eThe Order of Transition 144\u003c\/p\u003e \u003cp\u003eA Diffi cult Transition 146\u003c\/p\u003e \u003cp\u003eWhen to Transition 148\u003c\/p\u003e \u003cp\u003eMaking the Transition Seamless 150\u003c\/p\u003e \u003cp\u003eCreating a Business Model that Includes a Natural Transition 152\u003c\/p\u003e \u003cp\u003eSudden Transitions 153\u003c\/p\u003e \u003cp\u003eSummary 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Putting Together the Proposal 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLaying Out Client’s Assets to Show Current Status 156\u003c\/p\u003e \u003cp\u003eMinimally Invasive Surgery: Reconfi guration Proposal 158\u003c\/p\u003e \u003cp\u003eLifestyle and Flooring Types 160\u003c\/p\u003e \u003cp\u003eAccumulation Plan Types 160\u003c\/p\u003e \u003cp\u003eAllocations 161\u003c\/p\u003e \u003cp\u003ePassive Versus Active Risk Management 163\u003c\/p\u003e \u003cp\u003eSummary 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Market Segmentation 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSegmentation for Traditional Portfolios 168\u003c\/p\u003e \u003cp\u003eSegmentation for Retirement Income Portfolios 169\u003c\/p\u003e \u003cp\u003eSummary 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Products and Example Portfolios 177 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview of Products Offered 177\u003c\/p\u003e \u003cp\u003eManaging Expectations around Outcomes 184\u003c\/p\u003e \u003cp\u003eExample Portfolios 185\u003c\/p\u003e \u003cp\u003eSummary 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Preparing Your Client for a Retirement Income Portfolio 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKnow Your Resources 207\u003c\/p\u003e \u003cp\u003eLifestyle and Life Cycle 210\u003c\/p\u003e \u003cp\u003eRisks to Your Retirement Lifestyle 212\u003c\/p\u003e \u003cp\u003eLifestyle and Flooring Types 214\u003c\/p\u003e \u003cp\u003eWhat the Adviser Needs from the Client 221\u003c\/p\u003e \u003cp\u003eSummary 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Salvage Operations, Mistakes, and Fallacies 223\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMistakes and Fallacies 224\u003c\/p\u003e \u003cp\u003eHow to Dig Out of a Hole 228\u003c\/p\u003e \u003cp\u003eSummary 233\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX A\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistory of Theoretical Developments in Life-Cycle Planning 235\u003c\/p\u003e \u003cp\u003eThe Model 235\u003c\/p\u003e \u003cp\u003eRising Lifestyles and Habit Formation 238\u003c\/p\u003e \u003cp\u003eEmpirical Studies of Life-Cycle Behavior 241\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX B\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Professionals Can Maximize the Usefulness of this Book 243\u003c\/p\u003e \u003cp\u003eTransaction-Oriented Salespeople 243\u003c\/p\u003e \u003cp\u003eAsset Gatherers 245\u003c\/p\u003e \u003cp\u003eInsurance Planners 246\u003c\/p\u003e \u003cp\u003eFinancial Planners 247\u003c\/p\u003e \u003cp\u003ePortfolio Managers 248\u003c\/p\u003e \u003cp\u003eNotes 251\u003c\/p\u003e \u003cp\u003eGlossary 265\u003c\/p\u003e \u003cp\u003eReferences 271\u003c\/p\u003e \u003cp\u003eIndex 275\u003c\/p\u003e  \u003cp\u003e\"A very practical and well argued philosophy for retirement funding that will make sense to practitioners.\" (\u003cem\u003eJournal of Pensions, Economics and Finance,\u003c\/em\u003e July 2011)    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eMICHAEL J. ZWECHER\u003c\/b\u003e is a leading expert on retirement income. He has created guidance, designed products, tools, and portfolio constructions that appeal to the financial advisor community and their clients. Zwecher co-chairs the curriculum committee of the Retirement Income Industry Association. He spent over ten years at Merrill Lynch, holding senior roles in risk management and wealth management, where he ran the Investment Management Strategic Solutions team in the Financial Products Group. Prior to Merrill, he was a consultant with Deloitte, an assistant professor at the Graduate School of Business Administration at Fordham University, and a visiting associate professor at the University of Wisconsin–Madison. Zwecher holds a PhD in finance from the University of Wisconsin–Madison.     \u003c\/p\u003e\u003cp\u003eRetirement is one of the most important parts of the financial planning process. Yet only a small percentage of financial advisors describe themselves as competent when it comes to creating portfolios designed to meet retirement needs. \u003c\/p\u003e\u003cp\u003eConstructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It's imperative that financial advisors be equipped and ready to create appropriate retirement portfolios. That's why Michael Zwecher—a leading expert on retirement income—has created \u003ci\u003eRetirement Portfolios\u003c\/i\u003e as well as the companion \u003ci\u003eRetirement Portfolios Workbook.\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eRetirement Portfolios\u003c\/i\u003e, Zwecher provides you with complete coverage of the most important issues in this field. Page by page, he shows you what it takes to protect your client's retirement and aspirations. Divided into four comprehensive parts, this reliable resource: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eExamines how portfolios should be prepped in advance so that the transition from \"working\" portfolio to retirement portfolio is smooth \u003ci\u003eand\u003c\/i\u003e seamless\u003c\/li\u003e \u003cli\u003eOutlines how to create a portfolio that will provide income, continue to generate growth, and protect assets from disaster\u003c\/li\u003e \u003cli\u003eDetails the differences in managing a retirement portfolio versus managing portfolios during asset-accumulation years\u003c\/li\u003e \u003cli\u003eDiscusses how to maximize the usefulness of retirement portfolios in your business—whether it's transaction-based or fee-based, institutional or retail\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe ability to create retirement portfolios and manage their risks are skills you must possess to be an effective financial advisor. \u003ci\u003eRetirement Portfolios\u003c\/i\u003e will help you develop these essential skills and gain a better understanding of the entire process.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989957656805,"sku":"NP9780470556818","price":80.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470556818.jpg?v=1761786026","url":"https:\/\/k12savings.com\/es\/products\/retirement-portfolios-isbn-9780470556818","provider":"K12savings","version":"1.0","type":"link"}