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Trading Strategies Using Technical Indicators: An Active Portfolio Management Approach 使用技术指标的交易策略:一种积极的投资组合管理方法
Journal of Wealth Management Pub Date : 2023-04-29 DOI: 10.3905/jwm.2023.1.210
Samveg A. Patel
{"title":"Trading Strategies Using Technical Indicators: An Active Portfolio Management Approach","authors":"Samveg A. Patel","doi":"10.3905/jwm.2023.1.210","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.210","url":null,"abstract":"The study aims to evaluate the effectiveness of active trading strategies developed using technical indicators against the buy-and-hold passive investment strategy. It uses the simple moving average (SMA), Bollinger band (BB), and moving average convergence divergence (MACD) as technical indicators to generate the buy and sell signals. The study uses the data of treasury bills as a proxy for a risk-free portfolio and the Nifty Total Return Index (TRI) as a proxy for a risky equity portfolio in daily frequency from June 30, 1999, to March 31, 2021. It creates the cumulative wealth index for the sample period using active portfolio management based on the buy and sell signals generated using various technical indicators. The findings suggest that SMA and MACD trading strategies provide better risk-adjusted returns than buy-and-hold and Bollinger band trading strategies. Also, the shorter days moving average outperforms the longer days moving average trading strategy. The trading strategies perform better during the bear market than the bull market.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"138 - 151"},"PeriodicalIF":0.0,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44479751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Rise of the Integrated Advisor 综合顾问的兴起
Journal of Wealth Management Pub Date : 2023-04-25 DOI: 10.3905/jwm.2023.1.208
T. McCullough
{"title":"The Rise of the Integrated Advisor","authors":"T. McCullough","doi":"10.3905/jwm.2023.1.208","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.208","url":null,"abstract":"This article looks at the developing role of the integrated advisor, their common characteristics, and the opportunities and challenges of providing integrated management to ultra-high net worth (UHNW) families. With increasing complexity in capital markets, financial services and family dynamics, there is a heightened need for integration of the many diverse components of family wealth. But not every advisor can or wants to provide integrated advice and management. There are four markers of an effective integrated advisor—Mastery, Mindset, Method, and Maturity—that make them well suited to serve complex families that need holistic advice and management of their affairs. This article is intended to provide additional confidence to both clients and practitioners as they navigate this developing field.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"50 - 60"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48882488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Wealth Management Thought Leadership Is for Foxes 财富管理思想领导力适合狐狸
Journal of Wealth Management Pub Date : 2023-04-25 DOI: 10.3905/jwm.2023.1.206
Gordon B. Fowler
{"title":"Wealth Management Thought Leadership Is for Foxes","authors":"Gordon B. Fowler","doi":"10.3905/jwm.2023.1.206","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.206","url":null,"abstract":"Wealth management has evolved over the past 25 years into a stand-alone professional discipline with a growing body of thought leadership. This has spawned a new generation of thought leaders—foxes—who have the ability to fuse knowledge from multiple legal, financial, economic, and social science disciplines. Thinking like a fox yields helpful wealth management insights that take a multi-disciplinary approach to wealth management. The author discusses how those insights have guided his development as a professional and, at his firm, led to the development of a Goals-Based Wealth Management approach to help clients maximize multi-generational wealth as well as the innovative work to establish a taxonomy for four types of mission aligned investments. But what might impact wealth management next, and what innovation in thought leadership might result? Three relevant trends for the practice of wealth management could be an aging world demographic, the retreat from post-Cold War globalism, and a growth in interest in mission-aligned investing.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"8 - 13"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46635263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Coming to Portfolios Near You: Investment Ideas You Should Be Paying More Attention To (The Sequel) 走近你的投资组合:你应该更加关注的投资理念(续篇)
Journal of Wealth Management Pub Date : 2023-04-25 DOI: 10.3905/jwm.2023.1.209
Scott D. Welch
{"title":"Coming to Portfolios Near You: Investment Ideas You Should Be Paying More Attention To (The Sequel)","authors":"Scott D. Welch","doi":"10.3905/jwm.2023.1.209","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.209","url":null,"abstract":"Back in the fall of 2007, I published an article in The Journal of Wealth Management (JWM) entitled, “Coming to Portfolios Near You: Investment Ideas You Should Be Paying More Attention To” (Welch 2007). Fifteen years later (less time than between the two Top Gun movies!) and in honor of the 25th anniversary of JWM, how did those predictions hold up and, more importantly, where might we be heading over the next 10–15 years?","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"76 - 87"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49162737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Family Office Industry Supports the Evolving Family Enterprise 家族办公室行业支持不断发展的家族企业
Journal of Wealth Management Pub Date : 2023-04-21 DOI: 10.3905/jwm.2023.1.205
Sara Hamilton
{"title":"The Family Office Industry Supports the Evolving Family Enterprise","authors":"Sara Hamilton","doi":"10.3905/jwm.2023.1.205","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.205","url":null,"abstract":"The dramatic growth of the family office industry in the 1980s was sparked by new liquidity running through hundreds of business-owning families. In an effort to preserve and expand their wealth, they needed a professional financial office so they could focus on broadening their business endeavors or living unencumbered lives. Over the past 40 years, the family office industry has expanded into much more than an entity to preserve family wealth; rather, it acts as a vehicle for investment diversification, risk management, and next-generation engagement, along with opportunities for impact. This article maps changes over the past four decades, and nine themes emerge about what will create opportunities and challenges for enterprising families and their family offices.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"61 - 68"},"PeriodicalIF":0.0,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43600374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why Multi-Phase Withdrawal Strategies Beat Proportional Withdrawal Strategies 为什么多阶段退出策略优于比例退出策略
Journal of Wealth Management Pub Date : 2023-04-03 DOI: 10.3905/jwm.2023.1.204
William R Reichenstein, W. Meyer
{"title":"Why Multi-Phase Withdrawal Strategies Beat Proportional Withdrawal Strategies","authors":"William R Reichenstein, W. Meyer","doi":"10.3905/jwm.2023.1.204","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.204","url":null,"abstract":"Fidelity and Schwab recommend proportional withdrawal strategies in retirement. Proportional withdrawal strategies ignore the rising and falling pattern of marginal tax rates due to the taxation of Social Security benefits and income-based Medicare premiums. We present several cases that demonstrate that multi-phase withdrawal strategies that navigate this marginal-tax-rates pattern can add substantial additional value to retirees’ portfolios compared to proportional withdrawal strategies.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"35 - 51"},"PeriodicalIF":0.0,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45985560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Looking Back at the Past 25 Years and Forward to the Next 25 回顾过去25年，展望未来25年
Journal of Wealth Management Pub Date : 2023-04-01 DOI: 10.3905/jwm.2023.1.203
J. Brunel
{"title":"Looking Back at the Past 25 Years and Forward to the Next 25","authors":"J. Brunel","doi":"10.3905/jwm.2023.1.203","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.203","url":null,"abstract":"Earlier in the second half of the 20th century, asset management evolved dramatically as it became common practice to revisit certain principles which had underpinned the institutional world: the introduction of quantitative practices in general and the “discovery” of the efficient frontier in particular forced a rethink of risk-taking and thus portfolio construction. Index investing probably is the single most visible development still visible today. The private wealth world waited longer to embark on the same path of reformation, but made up for its initial lateness by innovating at a fast pace since the early 1990s. Three crucial changes accompanied a gradual shift from the inherited wealth, as the main client, to the advent of new wealth, which was arguably more prepared to ask for new approaches. The recognition that taxes matter and that tax day is everyday was, chronologically, the first, though it capitalized in part on work that had been carried out in the institutional world with certain insurance companies. The advent of open architecture simply reflected a reality which already existed in the institutional world, but was not necessarily appreciated by managers who were “product-driven.” This allowed a broadening of the strategies offered to individuals, including the use of alternative and illiquid strategies. Finally, the recognition of the fact that individuals have multiple goals, multiple time horizons, and different risk tolerances for different goals brought Goals-Based Wealth Management, with a key catalyst being the work of Das, Markowitz, Scheid, and Statman in 2010. Looking ahead, one can see that a lot still has to be done, with an important element probably involving the integration of insurance into the wealth management mix.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"14 - 19"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49069458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Goals-Based Investing and JWM: Where They Have Been, Where They Are Headed 基于目标的投资和JWM:他们曾经在哪里，他们将走向哪里
Journal of Wealth Management Pub Date : 2023-03-31 DOI: 10.3905/jwm.2023.1.201
F. Parker
{"title":"Goals-Based Investing and JWM: Where They Have Been, Where They Are Headed","authors":"F. Parker","doi":"10.3905/jwm.2023.1.201","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.201","url":null,"abstract":"The Journal of Wealth Management has played a key role in supporting research that benefits individual investors. What began as concern over taxes, has grown into its own branch of portfolio theory, now known as goals-based investing. Though originally a behavioral adaptation to mean-variance portfolio theory, goals-based investing now boasts its own normative and axiomatic support, as well as making way for behavioral considerations. I review the story of these ideas over the last quarter-century and highlight the role JWM has played in supporting them.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"29 - 38"},"PeriodicalIF":0.0,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41975953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From Financial Advisers to Well-Being Advisers 从财务顾问到幸福顾问
Journal of Wealth Management Pub Date : 2023-03-31 DOI: 10.3905/jwm.2023.1.202
M. Statman
{"title":"From Financial Advisers to Well-Being Advisers","authors":"M. Statman","doi":"10.3905/jwm.2023.1.202","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.202","url":null,"abstract":"Well-being is more than financial well-being. The domains of well-being also include family and friends, health, both physical and mental, education, work and activities, values, religion and spirituality, and more. Whereas many financial advisers see themselves as wealth managers, focusing on maximizing clients’ wealth, well-being advisers strive to maximize clients’ well-being. Financial advisers must evolve into well-being advisers if they are to compete for today’s clients and future ones, because many of the traditional services of financial advisers, whether portfolio asset allocation or portfolio rebalancing, are now generic, provided by robo-advisers at lower costs. Well-being advisers enhance not only the well-being of their clients but also their own, turning a job and career into a vocation whereby they do good for themselves as they do good for their clients.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"70 - 75"},"PeriodicalIF":0.0,"publicationDate":"2023-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45234778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Democratizing Wealth Management 财富管理民主化
Journal of Wealth Management Pub Date : 2023-03-25 DOI: 10.3905/jwm.2023.1.200
A. Berkin
{"title":"Democratizing Wealth Management","authors":"A. Berkin","doi":"10.3905/jwm.2023.1.200","DOIUrl":"https://doi.org/10.3905/jwm.2023.1.200","url":null,"abstract":"Over the past 25 years, as access to pensions has declined and longevity has increased, people have needed to bear increasing responsibility for their financial well-being. Fortunately, wealth management has become democratized in that time, bringing to a greater number of people the techniques that once were available only to institutions and the very wealthy. Alpha, the value added relative to an appropriate risk-adjusted benchmark, has been shrinking for a variety of reasons. However, factor-based investing has grown, offering a convenient way to access the premiums once assigned to alpha. Tax-aware mutual funds have become more common, while the rise of exchange-traded funds allows investors to defer capital gains. Continuing advances in efficiency have enabled separately managed accounts to be offered for lower assets and at lower costs. The appropriate vehicle depends on the specifics of the investor, the characteristics of the strategy, and the type of account where it is held. Wealth management should continue to evolve to meet the needs of investment professionals and those they serve.","PeriodicalId":39998,"journal":{"name":"Journal of Wealth Management","volume":"26 1","pages":"21 - 28"},"PeriodicalIF":0.0,"publicationDate":"2023-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45356995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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