WHARTON PRIVATE WEALTH MANAGEMENT PROGRAM
Delivering best in class investor education for the Next Generation

The 2017 Private Wealth Management Program at Wharton will be held on April 30–May 5, 2017 in Philadelphia and July 30–August 3, 2017 in San Francisco.

Given recent market events, many families seek more education on how to better protect their wealth. Wealth in transition may arrive predictably, or suddenly. Preparedness is a major concern for all families with substantial assets. For 20 years, The Wharton School and the Institute for Private Investors (IPI) have helped families meet the complex challenge of wealth management education.

Many families find that investment decisions are difficult to make, especially after a family has sold a business or when younger family members are first asked to help make decisions about a family’s portfolio. To gain the foundation of knowledge necessary to oversee substantial private wealth, Wharton offers Private Wealth Management, a five-day residential program annually at the University of Pennsylvania, and a four-day program (new in 2013) held at Wharton San Francisco.

The program, first designed for IPI in 1999, allows participants to increase their depth of knowledge in key areas of wealth management, while having the unusual opportunity to meet and work with others, like themselves, who are part of a family with substantial assets. The case study for the program is directly related to private wealth management issues and current market challenges.

The Wharton School
Wharton is also one of the world's best-known centers of investment finance. The faculty involved in the Private Wealth Management program has had extensive experience in the investment industry, educating professionals as well as providing consulting advice about investments.
An immersive, interactive and intellectually challenging, five-day wealth management program in collaboration with the Wharton School of the University of Pennsylvania.
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The Wharton School

Founded in 1881 as the first collegiate business school, the Wharton School of the University of Pennsylvania is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. With a broad global community and one of the most published business school faculties, Wharton creates economic and social value around the world. The School has 5,000 undergraduate, MBA, executive MBA and doctoral students; more than 9,000 annual participants in executive education programs; and a powerful alumni network of 95,000 graduates. 

Wharton is also one of the world's best-known centers of investment finance. The faculty involved in the Private Wealth Management program has had extensive experience in the investment industry, educating professionals as well as providing consulting advice about investments.

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Faculty
Wharton faculty scheduled to instruct at the Private Wealth Management Program are highlighted below. These faculty members are actively involved in the CFA Institute, Securities Industry Institute and Investment Management Consultants Association (IMCA) programs at Wharton. In addition, you will be able to call on the expertise of guest lecturers invited by IPI.
Wharton faculty scheduled to instruct at the Private Wealth Management Program are highlighted below.
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Faculty

Wharton faculty scheduled to instruct at the Private Wealth Management Program are highlighted below. These faculty members are actively involved in the CFA Institute, Securities Industry Institute and Investment Management Consultants Association (IMCA) programs at Wharton. In addition, you will be able to call on the expertise of guest lecturers invited by IPI.

Richard C. Marston is the James R.F. Guy Professor of Finance and Economics and is also Director of the George Weiss Center for International Financial Research. He holds an A.B. degree from Yale University, a B. Phil. from Oxford University, and a Ph.D. from the Massachusetts Institute of Technology. He was awarded a Fulbright and Rhodes Scholarship, and most recently, the Sanwa Bank Prize in International Finance. Dr. Marston will serve as Academic Director for the Institute for Private Investors’ Private Wealth Management Program.

 Dr. Marston’s research focus is on international financial markets and exchange rates. He is the author and editor of five books on international finance including his most recent work, International Financial Integration Among the Major Industrial Countries. He holds senior editorial positions in several journals, including Journal of International Economics, Journal of International Money and Finance and the Journal of Economic Literature. He has conducted programs in investment management for the Investment Management Consultants Association, the Securities Industry Association and Pension Fund Program at Wharton, for Nomura Securities in Singapore, for the Asian Securities Industry Association in the Philippines, Taiwan and Malaysia, for Daiwa Securities in Japan, for Seminarium in Argentina, Chile, and Mexico, as well as for a number of American securities firms and money managers.

Charlotte B. Beyer founded the Institute for Private Investors (IPI) in 1991, after 20 years on Wall Street, to help improve the relationship between wealthy investors and their financial advisors. Then in 1999 she collaborated with The Wharton School to create the first-of-its-kind private wealth management curriculum for families with substantial assets. Named an Aresty Fellow in 2016, Beyer continues to teach in this program twice a year.

Beyer also launched the Investor Education Collaborative in 2004 to continue to spread the message of IPI, where she served as CEO for 21 years until her retirement in 2012. In 2015 Family Wealth Report awarded Beyer a Lifetime Achievement citation for her "tangible legacy" that "championed the interests of private investors." This past spring

Beyer was recognized by IMCA® for key innovations and thought leadership with the J. Richard Joyner Wealth Management Impact award. A graduate of Hunter College, Beyer also attended the University of Pennsylvania and the Stern/NYU Graduate School of Business Administration. She is a past President of the Board of Trustees of the Westover School, an all-girls school, and in 2012 founded the Principle Quest Foundation, a private foundation whose mission is to support innovative education and mentoring programs for women. From 2009-2012 Beyer served as Vice Chair of the Board of Trustees of the Museum of American Finance.

She currently serves on the global association board of 100 Women in Finance, the investment committee of a public pension plan and on the Advisory Board of Institutional Investor's Journal of Wealth Management.

Christopher C. Geczy is an Assistant Professor in the Finance Department of The Wharton School at the University of Pennsylvania. His current research focuses on various topics including risk management, multifactor models, the performance of managed funds, various aspects of equity lending and short selling, and shareholder agreements among parties to firms. His work has appeared in various books and scholarly journals including the Journal of Finance, the Journal of Financial Economics, and the Journal of Political Economy. It has also been covered in The Wall Street Journal, The New York Times, the Financial Times, Forbes, SmartMoney Magazine, on CNBC’s Squawk Box, and in numerous other media outlets.

 Professor Geczy is a Fellow of the Wharton Financial Institutions Center and has been the New York Stock Exchange Fellow and the Geeweax-Turker Fellow at the Rodney L. White Center for Financial Research at Wharton. He has a B.A. in Economics from the University of Pennsylvania and a Ph.D. in Finance and Econometrics from the Graduate School of Business at the University of Chicago. Before his studies at Chicago, Professor Geczy worked for the Board of Governors of the Federal Reserve System, Washington, D.C., in its Division of Research and Statistics. He regularly teaches investment management, and co-created the first full course on hedge funds at The Wharton School along with a number of executive education courses. He has taught AIMR-accredited professional risk management courses through the University of Chicago’s Graduate School of Business. Dr. Geczy also has appeared often in the annual Institute of the Securities Industry Association®, speaking about hedge funds and alternative investments. He is on the Economic Advisory Board of the NASDAQ, serves on the editorial board of the Journal of Alternative Investments, is a Founding Board Member of the Mid-Atlantic Hedge Fund Association, and serves on the curriculum and exam committees of the Chartered Alternative Investment Analyst Association.

Professor Geczy has consulted for clients in the areas of asset allocation, hedge fund portfolio analysis and development, financial risk management, and the development of investment and trading strategies.
 

Joseph Gyourko’s research interests include real estate finance, local public finance and urban economics. Formerly Co-editor of Real Estate Economics, Professor Gyourko also serves on the editorial boards of various real estate economics and finance journals. Professor Gyourko is (Non-resident) Senior Fellow at The Brookings Institution and a Trustee of the Urban Land Institute (ULI). In addition, he serves as an ex officio member of the Real Estate Roundtable’s Research Committee. Finally, Professor Gyourko serves on the board of EII Realty Securities, a real estate mutual fund, and is a Senior Advisor to and Board Member of AMC Delancey, a private real estate company headquartered in Philadelphia. Professor Gyourko received his B.A. from Duke University and a Ph.D. in Economics from the University of Chicago.

Jeff Jaffe, a leading authority on asset allocation, has written widely on the topics of investment styles and stock returns, international investment returns, market anomalies, and the effects of information on security prices. He has been recognized for his outstanding teaching. Professor Jaffe has co-authored several textbooks on finance and is a frequent contributor to finance and economic journals.

Craig MacKinlay has been a faculty member at Wharton since 1984. He is a Research Associate of the National Bureau of Economic Research, a Member of the Journal of Investment Consulting Advisory Board, a Member of Morgan Stanley Institutional Equity Trading Academic Advisory Board and a former Member of the Board of Directors of the American Finance Association and the NASD Economic Advisory Board. His research interests include empirical implementation and validation of asset pricing models, measuring investment performance, pricing of futures contracts, microstructure of financial markets, assessment of credit risk, and statistical methods in finance.

Professor MacKinlay has co-authored two books, one entitled the Econometrics of Financial Markets and another entitled A Non-Random Walk Down Wall Street. He has also published in numerous journals, including the Review of Financial Studies and the Journal of Financial Economics. His honors include the Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, and the Oxford University Press Century Publication Celebration 100 Best Papers of All Time Award.

Kathy Pearson, Ph.D. is President and Senior Partner of Enterprise Learning Solutions, a firm focused on executive development and learning across industries.  She is a Senior Fellow at the Leonard Davis Institute of Health Economics at the University of Pennsylvania and has also has served as an adjunct associate professor in the Operations and Information Management Department at The Wharton School.  In this academic capacity, Dr. Pearson taught operations management courses in the MBA program and Executive Master’s of Technology Management programs as well as Probability and Statistics, Simulation Modelling, and other courses for the department and the University of Pennsylvania.  In 2006, Dr. Pearson was honored with the "Goes above and beyond the call of duty" award by the 2007 Wharton MBA class.

Dr. Pearson is heavily involved in Executive Education at The Wharton School, Duke CE, and the Institute for Management Studies, teaching on a variety of topics such as Complex Decision Making, Strategic Thinking, The Enterprise Mindset, Stakeholder Management, Operational Excellence, and Strategic Execution.  As Academic Director for many programs, she is responsible for the design of the academic curriculum, the integration of the material, and the overall educational quality of the program.  Many of her clients are in the healthcare and financial services fields, but she has also worked with executives from a wide variety of global industries, including professional services, the technology field, consumer products, and the manufacturing sector.

Kent Smetters is the Joseph E. and Ruth E. Boettner Associate Professor and Associate Professor of Insurance and Risk Management at The Wharton School at the University of Pennsylvania. He was appointed Assistant Professor in 1998 and was promoted to Associate Professor (with tenure) in 2004.

 Dr. Smetters received his Ph.D. in Economics in 1995 from Harvard University and worked for the U.S. Congress from 1995 to 1998. He was a Visiting Professor at the Stanford Economics Department during the 2000-1 academic year and served as Deputy Assistant Secretary for Economic Policy of the U.S. Treasury from July 3, 2001 until August 30, 2002. He remains active in Washington, DC, and recently served as a Member of the Blue Ribbon Panel on Dynamic Scoring for the Joint Committee on Taxation of the U.S. Congress.

 

Gregory T. Rogers is Founder & President of RayLign Advisory, LLC, and the RayLign Foundation, a non-profit organization that promotes the strength in families. Previously Mr. Rogers was Executive Vice President & Chief Operating Officer for publicly traded asset manager John A. Levin & Co. He also co-designed and managed the BARRA Strategic Consulting Group and was Director of Rogers Casey, an investment consultant to institutional investors, as well as a family business founded by his father, Stephen Rogers.

Mr. Rogers has an M.B.A. in International Finance from New York University Stern School and graduated from Brown University with a B.A. in Economics, Organizational Behavior and Management. He is Chairman of the Board of the Ackerman Institute in New York City.

 

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Program Format
Through class lecture and interactive casework, participants will increase their depth of knowledge in key areas of wealth management while having the unusual opportunity to meet and work with others who, like themselves, are part of a family with substantial assets. As part of the core curriculum, the Private Wealth Management Program places you within the Currency Family, a fictitious family with business and investment interests worldwide.
Through class lecture and interactive casework, participants will increase their depth of knowledge in key areas of wealth management
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Program Format

Program Dates

Private Wealth Management Program at Wharton Philadelphia will be held on April 30 - May 5, 2017.

Private Wealth Management Program at Wharton San Francisco will be held on July 30 - August 3, 2017.

Program Format

Through class lecture and interactive casework, participants will increase their depth of knowledge in key areas of wealth management while having the unusual opportunity to meet and work with others who, like themselves, are part of a family with substantial assets. As part of the core curriculum, the Private Wealth Management Program places you within the Currency Family, a fictitious family with business and investment interests worldwide. You and your fellow participants will make decisions that will affect the family's wealth and members of the family for generations to come.

The Currency Family

The Currency Family is a family of participants you will recognize and identify with immediately. The family confronts changes as the patriarch retires from the operating business and the next generation assumes more leadership. The family's investments need attention both in terms of asset allocation and manager selection. At a meeting of the family, they will address asset allocation, rebalancing, risk measurement, investment policy, manager selection, evaluation and monitoring.

In small teams, participants will address each of the varied challenges facing the Currency Family, make their recommendations and at the conclusion of the program, present their solutions to the entire class.

Key Issues Addressed

The use of a "living" case study compels participants to come to terms with a wide range of investment issues that directly impact all families having significant wealth. Although the Currency Family is fictitious, the issues confronting them are real. Participants will call upon both their own experience, as well as knowledge gained during the week, to solve the problems presented. Learning is enhanced by the continual exchange among participants who have a common bond — that of the responsibility of significant wealth.

Who Should Attend

Family members whose family is in transition from illiquid to liquid assets

Financially sophisticated individuals who seek a more disciplined strategy for their investments

Families where leadership is shifting from one generation to the next

Individuals seeking a more rigorous curriculum on wealth management issues

Applications for the Private Wealth Management Program

Potential candidates for the Private Wealth Management Program should complete the application form. Wharton and IPI will review the application and notify candidates within three weeks, including a questionnaire essential for the case study component of the program. Those accepted are sent a confirmation letter, registration materials, and logistics information.

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Apply online
Apply online at the Wharton site - look for the red "Apply Now" button in the middle of the page
Apply online at the Wharton site
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Schedule
Download sample schedules for the 2016 Philadelphia and San Francisco programs
Download sample schedules for the 2016 programs
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Evaluation
Feedback from our graduates
Feedback from our graduates
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Evaluation

What Graduates Have Told Us

"I have had very few lectures where the professor/lecturer is able to meet everyone’s capability level or level of understanding without patronizing them. This was fantastic!"

"Really made me understand and appreciate my own situation and start me thinking about how I’ll handle all this with future generations."

"This program is so unique and such a fabulous idea, it will get better every time. Just keep accommodating specific needs as much as possible."

"A rare privilege to hear from some of the best minds in executive education."

"One of the best features of the program is that it is a comprehensive look at all of the major concerns in private wealth management, and thus clears up the question, 'Is there anything I have forgotten to consider?'"

"I expected to come here and have a stiff and uptight experience, but I really met people that I will stay in touch with, will draw me to other IPI events. I think in the long run the networking and learning from each other, being a 'grad' of this school will really encourage growth."

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Graduate Profile
The Private Wealth Management Program has 857 graduates to date, representing 50 countries and 41 U.S. states, the District of Columbia and Puerto Rico.

Click to discover more about them.
The Private Wealth Management Program has 857 graduates to date, representing 50 countries and 41 U.S. states, the District of Columbia and Puerto Rico.
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Graduate Profile

The Private Wealth Management Program has 857 graduates to date, representing 50 countries and 41 U.S. states, the District of Columbia and Puerto Rico.

All in the Family

  • 42 Sets of Siblings
  • 36 Husbands & Wives
  • 63 Parents & Sons/Daughters
  • 9 Sons-in-law or Daughters-in-law
  • 13 Sets of Cousins
  • 7 Aunts/Uncles & Nieces/Nephews
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Pre-reading
Click to see the recommended reading list for the course
Click to see the recommended reading list for the course
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Required reading

Books (eBook)

  • Beyer, Charlotte B., Wealth Management Unwrapped, 2014. - "Short. Candid. Fun and easy reading. Full of good advice and useful insights." -- Charles D. Ellis, author Winning the Loser's Game
    Wealth Management Unwrapped
  • Ellis, Charles D., Winning the Loser’s Game: Timeless Strategies for Successful Investing, McGraw-Hill, 2009 (6th edition, October 2009)
  • Hughes, James E. Jr., Family Wealth: Keeping It in the Family, Bloomberg Press, 2004

Articles (PDF’s)

  • Beyer, Charlotte B, “Working with Professional Money Managers: Balancing Control and Delegation,” Wealthy and Wise, Heidi Steiger, Ed., John Wiley & Sons, 2003
  • Chhabra, Ashvin B., “Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors,” The Journal of Wealth Management, Winter 2004
  • Marks, Howard, “The Investment Realist’s Creed,” Trusts and Estates, April 2002

Case study

  • The Currency Family (You will receive this several weeks before class)

For reference

  • Barron’s, Dictionary of Finance and Investment Terms   (You will receive this at Wharton.)

Recommended reading, although not required:

 

Books:

  • Buffett, Peter, Life Is What You Make It: Find Your Own Path to Fulfillment, Random House, 2010
  • Curtis, Gregory, The Stewardship of Wealth: Successful Private Wealth Management for Investors and their Advisors, Wiley Finance, 2012
  • Hausner, Lee and Freeman, Douglas K., The Legacy Family: The Definitive Guide to Creating a Successful Multigenerational Family, Palgrave Macmillan, 2009
  • Herz Brown, Fredda, and Lotery, Fran, The Family Wealth Sustainability Toolkit: The Manual, Wiley Finance, 2012
  • Lowenhaupt, Charles A. and Trone, Donald B., Freedom from Wealth, McGraw-Hill, 2012
  • Lucas, Stuart, Wealth: Grow It, Protect It, Spend It, Share It, Wharton School Publishing, 2008
  • Marston, Richard, Portfolio Design: A Modern Approach to Asset Allocation, Wiley Finance, 2011
  • Perry, Ellen, A Wealth of Possibilities: Navigating Family, Money and Legacy, Egremont Press, 2012
  • Williams, Roy O. and Vic Preisser, Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, Robert D. Reed Publishers, 2003
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