D Expert en Finance et Investissements

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