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INTERVAL FUNDS: ADDRESSING THE NEEDS OF HIGH-NET-WORTH INVESTORS

From the Investments & Wealth Monitor

Interval funds can help broaden investment exposures and provide access to less-liquid asset classes for retail investors.

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Articles and White Papers

COVID-19 LEAVES MUNIS BOWED BUT NOT BROKEN

From the Investments & Wealth Monitor

Declines in employment, output, and consumption caused by the pandemic have left states and municipalities struggling with funding. This article explores the implications for municipal bonds.

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PRIVATE EQUITY FOR THE MASSES: THE OFFICIAL END OF THE ILLIQUIDITY PREMIUM

From the Investments & Wealth Monitor

Investing in private equity generally is considered a strategy that sophisticated and wealthy individuals, endowments, pensions, and family offices use to earn outsized returns relative to the broad equity markets. These institutional-style investors generally take a different view of their portfolios than the average individual investor, who is used to liquid, transparent, highly regulated, minute-to-minute valuation of investments.

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NATIONALISM AND GLOBALIZATION AFTER COVID-19

From the Investments & Wealth Monitor

Since the Great Recession, investors have watched the U.S. dollar and U.S. equities outperform their peers in the face of a destabilizing world order. Global economic policy uncertainty surged to the highest levels on record as investors faced a decade of political and geopolitical power struggle, financial turmoil, revolution, war, and trade war, culminating in a global pandemic and recession. Although policy uncertainty has subsided from its 2020 peak—and investors have begun to rotate out of U.S. assets—it is not clear how much further it will subside. Geopolitical risk had pushed policy uncertainty to new highs long before COVID. Will geopolitical risk continue to decline in the aftermath of the Donald Trump presidency? If so, the global economy can recover unimpeded, and the rotation into international equities, commodities, cyclical economies, and value stocks can continue enthusiastically.

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INVESTING AMID THE CROSSCURRENTS OF NATIONALISM AND GLOBALIZATION

From the Investments & Wealth Monitor

Rarely has the global investment backdrop been as tumultuous and fluid as it is today. Even with the inauguration of Joseph Biden as 46th U.S. president, and the collective belief that the United States is back and ready to embrace a more multilateral world, it’s not business as usual. History has shown that major crises often lead to fundamental shifts in economic activity and social behavior, and this time will be no different. Notably, in the post-pandemic world, investors will need to navigate between the shifting contours of globalization and the rise of nationalism.

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IS MODERN PORTFOLIO THEORY STILL MODERN?

From the Investments & Wealth Monitor

Modern portfolio theory (MPT) assumes that investors are risk averse, meaning that given two portfolios that offer the same expected return, investors will prefer the less risky portfolio. The implication is that a rational investor will not invest in a portfolio if a second portfolio exists with a more favorable profile of risk versus expected return. MPT has a number of inherent limitations. This article addresses some of the limitations of MPT and evaluates alternative techniques for allocating capital.

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MODEL PORTFOLIOS: SIMPLIFY, SCALE, AND SUCCEED WITH MODEL PORTFOLIOS

From the Investments & Wealth Monitor

Model portfolios are increasingly popular as a means of leveraging the expertise of third-party managers. Advisors should embrace these new building blocks in meeting client needs.

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ANDREW ANG, PHD: INCLUDING FACTOR INVESTING IN PORTFOLIO DESIGN

From the Journal of Investment Consulting

Andrew Ang, managing director of the global investment management corporation BlackRock, Inc., coordinates the company’s factor investing, an investment strategy targeting broad, persistent factors that shape returns across asset classes. In February 2020, Andrew Ang spoke with members of the Journal of Investment Consulting editorial advisory board about factor investing—its fundamental economic basis, its past performance, and its role in the future.

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INVESTING IN A 'POST-60/40' MARKET REGIME

From the Investments & Wealth Monitor

Advisors need to adapt to changing market environments, demographics, and evolving investor needs. They may choose to build portfolios or access a manager with the expertise.

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Institute Blog: Investment Sense


Professional Development

CERTIFIED INVESTMENT MANAGEMENT ANALYST® (CIMA®) CERTIFICATION DEADLINE APPROACHING                               

Applications Due May 10

Spring forward in your career with a Certified Investment Management Analyst® (CIMA®) certification. Apply by May 10, 2021, to get started with Chicago Booth this spring. On average, CIMA® certificants earn more, oversee more client wallet share, and bring in more revenue. You can earn your certification in as little as six to nine months.

Apply Now

INVESTING IN THE FUTURE OF ASIA – INNOVATION IS THE NEW GROWTH DRIVE

ACE Academy EdTalk
On-Demand

David Dali, Head of Portfolio Strategy, Matthews Asia
Michael Oh, CFA, Portfolio Manager, Matthews Asia

The economic growth drivers in Asia are evolving. As income in the region continues to reach new levels, investors are beginning to see shifts in the economies and new investment opportunities are being formed in more sophisticated industries. As older industries recede and newer business models take their place, innovative companies are reshaping Asia’s investment landscape. In this presentation, David Dali, Head of Portfolio Strategy, and Michael Oh, CFA, Portfolio Manager, share their perspectives on:

  • The macro environment of Asia and emerging markets during their economic recovery
  • Key concepts for non-US equity exposure that investors should consider
  • Why Asia is ripe for innovative companies and types of investment opportunities
  • How to optimize your asset allocation and access to innovation themes.

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TOOLS OF THE TRADE: UNDERSTANDING ETF LIQUIDITY AND TRADING

ACE Academy EdTalk
On-Demand


Ed Rosenberg
Senior Vice President, Head of Exchange Traded Funds, American Century

Given the flow of investor money into exchange-traded funds (ETFs), it's clear that they are becoming an increasingly preferred investment vehicle. Although ETF liquidity can seem complex, Ed Rosenberg, Senior Vice President, Head of Exchange Traded Funds, American Century, will explore the various sources of liquidity for ETFs. He will also explore the ETF trading ecosystem and the important players who can help you execute efficient trades.

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IMPACT INVESTING

ACE Academy Masterclass
April 26

Livestream + On-Demand

Katherine Fitzgerald

Kathleen Fitzgerald
Adjunct Associate Professor of Management and Senior Director of Academic Support,
University of Chicago, Booth School of Business

Join the impact investing session with Kathleen Fitzgerald from Chicago Booth. What is impact investing and why have individual and institutional investors become increasingly motivated to make investments that reflect their values and achieve impact goals? In this session we will explore the answers to these questions and consider specific aspects of the industry, including: (1) the evolution of impact investing and forecasted impacts of COVID-19; (2) discussing opportunities and preferences with clients; (3) impact investment products and asset classes; (4) metrics for prioritizing and selecting investments; and (5) measuring financial and non-financial returns from impact investments.

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Institute Announcements

  • Exceptional Advisor Week Is April 26-May 2

    Exceptional Advisor Week brings the value of executive education into focus and affords individuals opportunities to pursue long-term goals that will have an impact on communities for years to come. Throughout the week we will be featuring a variety of ways for you to learn how to differentiate yourself and be an Exceptional ...
  • Latest Episode of the Exceptional Advisor Podcast Focuses on the Future of Sustainable Investing

    Robert Powell, the editor of Retirement Daily at The Street, interviews William "Bill" Burckart, co-founder, president, and chief operating officer at The Investment Integration Project (TIIP), and Bob Dannhauser, CFA®, FRM, CAIA®, senior advisor at TIIP and previously head of global private wealth management ...
  • ACE Academy Set to Elevate Advisor Expectations and Take the Virtual Learning Environment by Storm

    On April 26–27, 2021, ACE Academy will bring together highly accomplished and highly sought-after all-stars such as Nobel Laureates Robert Merton, PhD, from MIT and Sir Angus Deaton from Princeton University. The program also features global economist Dambisa Moyo, PhD, and Raghuram Rajan, PhD, Professor ...

Institute Events


Online Education and Podcasts

CREATING A ROBUST PLAN FOR EMOTIONAL INVESTORS

On-Demand Recording

Hear from Jay Mooreland, with this newly available on-demand recording. For decades the financial industry has focused on reducing investment volatility but has ignored the problem of investor behavior volatility. Many risks are known and understood by financial advisors, but this presentation will help advisors tackle the risks of investors bailing on their investment strategy by teaching them how to create and deliver a tailored strategy that accounts for the irrationality of the investor. The goal is to improve investor adherence to their financial plan.

1 Hour of CE Credit.

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THE FUTURE OF SUSTAINABLE INVESTING

Exceptional Advisor Podcast

Robert Powell, the editor of Retirement Daily at The Street, interviews William "Bill" Burckart, co-founder, president, and chief operating officer at The Investment Integration Project (TIIP), and Bob Dannhauser, CFA®, FRM, CAIA®, senior advisor at TIIP and previously head of global private wealth management at CFA Institute, about the future of sustainable investing.

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TAX ALPHA

On-Demand Recording

High-net-worth clients want much more than simple investment tax-efficiency. Gain enhanced VIP access to Steve Siegel, a faculty member for the CPWA® certification at the University of Chicago and Yale University, as he provides 2021 tax insight and actionable tax strategies for high-net-worth clients.

4 Hours of CE Credit.

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AN INTRODUCTION TO ALTERNATIVE INVESTMENTS

Course

This course begins with a high-level overview of alternative investments, including general characteristics of alternative investments, the categories of alternative investments, and the benefits of including alternatives in a portfolio. Subsequent modules delve into the history and strategies of hedge funds, private equity, and real estate. The series concludes with discussion of risk management issues and appropriate measures of risk and return for alternatives. The presenter for each section of the course is Devin Ekberg, CIMA®, CPWA®, CFA®, Chief Learning Officer and Managing Director of Content Development at the Investments & Wealth Institute®.

4 Hours of CE Credits.

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REGIME CHANGES THAT CAN LEAD TO VALUE OVERTAKING GROWTH

Exceptional Advisor Podcast

Matthew D. Miskin, CFA®, co-chief investment strategist at John Hancock Investment Management, discusses the trend toward passive investing and various asset classes.

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GLOBALIZATION IN A POST PANDEMIC WORLD

On-Demand Recording

Even before the global pandemic hit in earnest in early 2020, there was notable evidence that globalization—the tenet that had buttressed 30 years of global economic progress—was unwinding, and that rising protectionism would drive global growth lower.

1 Hour of CE Credit.

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FINANCIAL MARKET TRANSPARENCY THEORY

Exceptional Advisor Podcast

Paolo Sironi, bestselling author and IBM fintech advisor in finance and economics, talks about financial market transparency theory.

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PRIVATE MARKET EXPOSURES FOR HIGH-NET-WORTH CLIENTS

On-Demand Recording

As new products make private equity available to a much broader range of your clients, the question remains: Which styles of private equity are best suited for today's environment? How do you choose, and how do you implement those choices across the client base? Bob Rice, senior advisor to Macquarie Investment Management, will address key learning objectives, including the differences between styles of private equity and their return-risk characteristics; key considerations in manager selection and diligence; and how registered and unregistered product structures impact deployment.

1.5 Hours of CE Credit.

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BUILDING BETTER OUTCOMES: A FACTOR-BASED APPROACH

On-Demand Recording

Investing in factors can help improve portfolio outcomes, enhance diversification, and help manage risk. However, different types of factor investing come with different benefits and potential challenges. Advisors will explore how to best select factor strategies and how to implement factors into portfolios, including evaluating single vs. multifactor strategies. Factor performance, costs, and tax considerations, and factor-based investing will also be explored.

1 Hour of CE Credit.

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INVESTMENT PORTFOLIOS FOR HIGH-NET-WORTH CLIENTS

On-Demand Recording

Portfolios for high-net-worth clients are more sophisticated than portfolios for the average affluent client. They require enhanced access to asset classes and products, such as private equity, alternatives, impact investing, and derivatives. These portfolios may also involve leverage and lending and require an elite advisor to manage all the moving parts.

4 Hours of CE Credit.

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WEATHERING THE STORM

Exceptional Advisor Podcast

Noel Pacarro Brown, CIMA®, CPWA®, first vice president at Morgan Stanley, delves into strategies for overcoming difficult and uncertain financial climates. Her insights include client communication, alignment, and understanding.

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THRIVING THROUGH THE NEW LANDSCAPE

Exceptional Advisor Podcast

Kevin M. Sánchez, CIMA®, CPWA®, CFP®, former Institute board chair, talks about thriving despite a global pandemic and economic uncertainty. He discusses using behavioral finance tools to make his clients feel comfortable and secure, and the importance of educating clients.

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