Behavioral Finance for Private Banking: From the Art of Advice to the Science of Advice (Wiley Finance) 2nd Edition
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From the Inside Flap
Sound investment theory doesn't always translate well into private financial advising because clients come with a diverse mix of emotional, cultural, and biological biases. After all, they are human. As financial advisors, it's often difficult to custom fit investment strategies to the personal traits of private investors. Behavioral Finance for Private Banking offers a prescriptive framework to personalize investment decisions with insights from behavioral psychology.
From assessing a client's behavioral biases to building an optimal portfolio and successfully managing it over time, this practical guide serves as a deep resource of up-to-date information and robust tools for the everyday advisor. In addition to fresh insights and the latest best practices from the original authors, fellow thought leader at BhFS, Enrico De Giorgi joins this Second Edition to offer greater depth of coverage into the mathematics behind the strategic solutions inside.
In addition to illuminating the useful research and theories behind behavioral finance, this comprehensive reference for the real world also debunks the most common myths about investor behavior and offers concrete approaches to handling each type of investor personality. New advisors and experienced ones, alike, can add a valuable layer to their skillsets by mastering how to:
- Expertly align asset allocation and investment products to client risk profiles and perspectives
- Understand which clients will rebalance, take profits, or increase risk during the lifecycle of their portfolios
- Apply the latest findings in behavioral finance to enhance your wealth management process
Grow wealth in a way personally advantageous to each client with Behavioral Finance for Private Banking, Second Edition.
From the Back Cover
Praise for Behavioral Finance for Private Banking
"This book provides investment professionals with skills they need to help investors craft sensible portfolios that are suitable for the financial world as it is. The world we face is one in which investors have psychological needs that go beyond mean-variance efficiency, systematic biases that interfere with perfect rationality, and financial markets which do not efficiently impound information into prices. Readers of this book will come away with a set of tools that provide them with a competitive advantage when it comes to providing clients with realistic advice that is tailored to their situations." ―Hersh Shefrin, Mario L. Belotti Professor of Finance, Santa Clara University
"This book provides a long-needed connection between decision theory and finance theory while―and this is its strongest point―connecting with applications throughout. Its main novelty is the use of recent behavioural insights, where the authors are best equipped for this task because they are leading experts. It leads to much more realistic understandings of investors, inefficient markets without arbitrage corrections, optimal financial advices in private banking, and so on, bringing scientific insights into what could only be an art in the past. This book is a must for everyone interested in the practical relevance of modern finance." ―Peter Wakker, Professor of Decisions Under Uncertainty, Econometric Institute of Erasmus School of Economics (ESE), Rotterdam
"The ongoing fintech revolution is one of the major challenges of private banking. To master it, a thorough understanding of investor behavior is necessary. Behavioral Finance for Private Banking shows how scientific methods support practitioners in mastering the challenges of the next decade integrated in a convincingly smart advice process." ―Marianne Wildi, CEO, Hypothekarbank Lenzburg
"Exciting times beckon us as we now stand at the crossroads of multiple paradigm shifts. Take Tesla's self-driving car, which spurred the public's enthusiasm while the regulators acknowledge the need for a paradigm shift in traffic policies. The book Behavioral Finance for Private Banking is the Tesla of the Private Banking world. For decades, the industry grapples with the 'gut feel' to advise, using fear and greed to instigate regrettable decisions. The discipline offers predictive power to transform the entire wealth industry. In this new world, the financial auto-pilot is personalized to give the client a safe, enjoyable and cost-efficient ride." ―Michael Gerber, CEO, 360F (Singapore) Pte Ltd
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