Advanced Investment and Wealth Strategies

A two-day continuing education event

Deepen your expertise while earning continuing education credits

PROGRAM DATES 

April 28 - April 30, 2019
Enroll Now »


PROGRAM DETAILS

See Registration for details.
Location: Yale SOM Campus
Investment: $1,900
Contact: Jenna Pettit

Designed for alumni and current students of Yale’s EMBA-Asset Management, and CIMA® and CPWA® certification programs, this special two-day event delivers the latest in investment and wealth management expertise.

Immerse yourself in subjects like behavioral finance, retirement and tax planning, portfolio managememt, and family dynamics with Yale faculty and program practitioners. Earn 16 units of continuing education credit while gaining deeper insight into various areas of expertise. In addition to elevating your skills and knowledge, widen your network and connect with program peers.

All classes will be held in the Yale School of Management’s state-of-the-art Edward P. Evans Hall, a modern jewel nestled in Yale’s campus.

Leave this rigorous yet rewarding program with new ideas and fresh perspectives to add more value to your company and clients.

Who should enroll?

Alumni and current students of Yale’s EMBA-Asset Management, and CIMA and CPWA certification programs.

  • Registration

    Event Dates: April 28 – 30, 2019

    Enroll Now

    The program fee includes all sessions, transportation to and from hotel and campus, welcome reception, and most meals.

    Location: Yale School of Management, 165 Whitney Ave, New Haven, CT

    Discounts: Early Registration: Participants who register by Friday, February 15th, 2019 will receive 15% off.

    Who should enroll?

    Past and current participants of Yale School of Management’s MBA for Executives – Asset Management program and Yale Executive Education’s Investment Management Theory and Practice (CIMA) and Wealth Management Theory and Practice (CPWA) programs

    For more information, please contact jenna.pettit@yale.edu.

  • Travel & Lodging

    When does the program begin and end?

    A welcome reception will be held Sunday April 28th at 5pm (location, TBD).

    Program sessions begin at 8am on Monday April 28th, 2019 – The final session will end at 4:45pm Tuesday, April 29th, 2019.

    What is the best way to get to and from New Haven, CT?

    If traveling by plane, Bradley International Airport (BDL) is approximately 45 minutes from New Haven and is served by nine major carriers to 29 non-stop destinations and connections. The city of New Haven is also accessible from John F. Kennedy International Airport (JFK), Newark Liberty International Airport (EWR), and LaGuardia Airport (LGA). Tweed New Haven (HVN) is the airport nearest to New Haven, but offers limited service.

    In all cases, travel by car or train from the airport to New Haven is necessary. For detailed information on air and train travel, please visit the “Visit New Haven” web site.

    It is recommended that you arrange transportation from the airport through Hy’s Limousine or GO Shuttle. It is not recommended that you take a taxi to New Haven from the airport, as it would be very expensive.

    If traveling by train via Amtrak or Metro-North, select New Haven Union Station as your final destination. Taxis are readily available at the train station. The ride from Union Station to the hotel is about 10 minutes and costs approximately $13 USD.

    Will transportation be provided during the Course?

    Yes, transportation will be provided  by Yale Executive Education.

    Where can I make a hotel reservation?

    Make a reservation at the Omni New Haven Hotel to receive a special rate.

    The discounted hotel rate expires on March 29, 2019.
  • Curriculum
    PLEASE CHECK BACK FOR CURRICULUM UPDATES

    SUNDAY, APRIL 28

    5:00pm-6:00pm, Welcome Reception

    Location: TBD

    MONDAY, APRIL 29

    8:00am-9:15am, Part I: Advisor Alpha: The Value of Advice

    John Nersesian

    Delivering and pricing financial advice has become increasingly challenging. Investors demand more from their advisors, and the ability to deliver and articulate the client-centric benefits in a compelling manner are paramount to future success. This discussion will help advisors identify, measure and communicate their significant contribution to successful investor experiences and outcomes.

    8:00am-9:15am, Part II: Manager Selection and Evaluation: Key Performance Metrics

    John Nersesian

    This program provides a dive into the quantitative performance metrics used by consultants to evaluate managers and interpret their performance. Material is presented in a practical context providing the advisor increased confidence in client conversations.

    9:30am-10:45am, Executive Compensation Planning

    John Nersesian

    Senior executives often accumulate significant exposure to company shares through restricted stock grants, employee stock options and other benefit programs. This discussion focuses on financial planning topics specific to corporate executives, in particular concentrated stock positions, employee stock options and net unrealized appreciation strategies.

    11:00am-12:15pm, Family Wealth Planning: Preparing the Next Generation

    John Nersesian

    A primary goal of today’s wealthy is to effectively transfer not just financial resources, but the values of stewardship and social responsibility, to the next generation. This discussion identifies some of the current challenges in the wealth landscape and provides a curriculum to educate the next generation.

    1:15-2:15pm, The Psychology of Financial Decisions - Part I

    2:30-3:30pm, The Psychology of Financial Decisions - Part II

    Gal Zauberman

    The basic premise of this session is to further our discussion of the psychology of individual decision making in the context of financial products and services, and how better understating this psychology can improve advice and decisions and increase well-being. This interactive session will consider the effect of context, uncertainty, and time in decisions, with focus on the role of actual and perceived constraint.

    3:45-5:00pm, TBD

    TBD

    TBD

    TUESDAY, APRIL 30

    8:00am-9:15am, Applying Behavioral Finance to Investment Management - making smarter decisions, and building and managing more effective portfolios

    Professor Toby Moskowitz, Yale SOM

    This presentation covers a review of the main ideas in behavioral finance and how they apply to markets.  Particular attention is paid to how behavioral biases can influence investment decisions and lead to suboptimal portfolios.  The presentation concludes with how to be aware of and combat these biases to improve portfolio construction and make better investment decisions.

    9:30am-10:45am, Smart Beta and Factor Investing Research and Application - developing new strategies for portfolio management

    Professor Toby Moskowitz, Yale SOM

    This presentation covers the research on factor investing, which has provided the backbone for new strategies dubbed “smart beta.”  We will go through some of the academic work behind this form of investing and talk about the different applications of these factors for investing and constructing better portfolios.

    11:00am-12:00pm, Psychological Drivers of Asset Prices and Investor Behavior

    Professor Nick Barberis, Yale SOM

    Over the past 20 years, a large body of research has used ideas from psychology to shed light on financial markets, and specifically on asset market fluctuations, the performance of investment strategies, trading volume, and the formation and collapse of bubbles. This talk provides a succinct summary of the key ideas in this research, with particular emphasis on extrapolation of the past, overconfidence, and prospect theory.

    12:45pm-1:45pm, Popularity: A Bridge Between Classical and Behavioral Finance

    Professor Roger Ibbotson, Yale SOM

    Popularity embraces how much anything is liked, recognized, or desired.  We apply this concept to assets and securities to explain the premiums and so-called anomalies in security markets, especially the stock market. Popularity represents the demand for a security and thus is an important determinant of prices for a given set of expected cash flows. In classical finance, investors are risk averse, i.e. risk is unpopular. The largest risk premium is the equity risk premium . There are many premiums in the market that may or may not be related to risk, but all are related to investing in something that is unpopular in some way. These include market frictions in classical finance (e.g. less liquidity), as well as the emotional  preferences and cognitive errors that stem from behavioral finance.

    2:00pm-3:15pm, Cutting Edge Income Tax Planning Developments & Opportunities

    Michael Kitces

    Recent tax law changes have marked the dawn of a new environment for income and estate tax planning – there are no more scheduled fiscal cliffs and no more sunset provisions, and instead the outcome of the American Taxpayer Relief Act was ‘permanent’ tax legislation. Of course, permanent only remains so until another Act of Congress changes it, but nonetheless the new tax environment, with its new top tax brackets for income taxes, long-term capital gains, and qualified dividends, along with the new Medicare taxes, have created new planning complexities. In this session, we look at the planning opportunities in today’s environment, from Roth conversions and capital gains harvesting to asset location and AMT planning, and how to strategize on income planning issues going forward.

    3:30pm-4:45pm, Strategies For Managing Sequence Of Return Risk In Retirement

    Michael Kitces

    For long-term investors, the reality is that even if markets are volatile for a period of time, as long as the portfolio stays invested, returns can average out in the long run. In the case of retirees, however, ongoing spending withdrawals introduce the possibility that if the portfolio experiences weak returns early on, it could be depleted entirely before the good returns finally show up. As a result, retirees must consider this “sequence of returns” risk when planning for retirement, and strategies to manage it, from reducing spending in the first place, to engaging in more dynamic asset allocation to reduce risk exposure, or dynamic spending strategies to adapt spending withdrawals to market changes along the way!

  • Faculty & Practioners

    Please note that faculty are subject to change.


    Nicholas Barberis, Ph.D.
    Stephen and Camille Schramm Professor of Finance

    Professor Barberis’ research focuses on behavioral finance—in particular, on applications of cognitive psychology to understanding investor trading behavior and the pricing of financial assets. He has published extensively in the top economics and finance journals, gives frequent presentations about his work to both academic and non-academic audiences, and has won numerous awards for both research and teaching. Prior to coming to Yale, Professor Barberis taught at the Booth School of Business at the University of Chicago.

    He received his bachelor’s degree from Cambridge University and his PhD from Harvard.


    Roger Ibbotson, Ph.D.
    Yale CPWA Program Instructor
    Professor in the Practice Emeritus of Finance

    Roger G. Ibbotson is chairman and CIO of Zebra Capital Management, LLC, an equity investment and hedge fund manager. He is founder, advisor and former chairman of Ibbotson Associates, now a Morningstar Company. He has written numerous books and articles including Stocks Bonds Bills and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information and capital market returns.

    Professor Ibbotson conducts research on a broad range of financial topics, including popularity, liquidity, investment returns, mutual funds, international markets, portfolio management, and valuation. He has recently published The Equity Risk Premium and Lifetime Financial Advice. He has also co-authored two books with Gary Brinson, Global Investing and Investment Markets. He is a regular contributor and editorial board member to both trade and academic journals.

    Professor Ibbotson serves on numerous boards including Dimensional Fund Advisors’ funds. He frequently speaks at universities, conferences, and other forums. He received his bachelor’s degree in mathematics from Purdue University, his MBA from Indiana University, and his PhD from the University of Chicago where he taught for more than ten years and served as executive director of the Center for Research in Security Prices. 


    Michael Kitces, MSFS, MTAX, CFP®, CLU, ChFC, REHU, REBC, CASL, CWPP
    Yale CPWA Program Instructor
    Director of Wealth Management, Partner
    Pinnacle Advisory Group, Inc.

    Mr. Michael E. Kitces, CFP, MSFS, MTAX, CLU, ChFC, RHU, REBC, CASL, is the Director of Wealth Management and Partner at Pinnacle Advisory Group, Inc. and was previously the Director of Research. Mr. Kitces has earned graduate certificates for estate planning and for financial asset management. In recognition of his work across the broad spectrum of the financial planning industry, he was recognized as one of five financial planning practitioner "Movers and Shakers" in the financial planning profession for 2006 by Financial Planning Magazine, and was named one of the top 20 "Rising Stars in Wealth Management" by Institutional Investor News in 2007. He serves as a Member of Advisory Board of BrightScope Inc. Mr. Kitces holds the Certified Financial Planner professional, a Chartered Life Underwriter, a Chartered Financial Consultant, a Registered Health Underwriter, a Registered Employee Benefits Consultant, a Chartered Advisor of Senior Living, and Certified Wealth Preservation Planner designations. He graduated Magna Cum Laude and Phi Beta Kappa from Bates College with a B.S. in Psychology. Mr. Kitces earned an M.S. in Financial Services from the American College and an M.S. in Taxation from the University of Tulsa.


    Tobias J. Moskowitz
    Yale CPWA Program Faculty Advisor and Instructor
    Dean Takahashi ’80 B.A., ’83 M.P.P.M. Professor of Finance, Yale School of Management

    Tobias “Toby” Moskowitz was named the inaugural Dean Takahashi ’80 B.A., ’83 M.P.P.M. Professor of Finance at Yale SOM in 2016.

    He was previously the Fama Family Professor of Finance at the University of Chicago Booth School of Business, where he had taught since 1998.  Professor Moskowitz was recognized by the American Finance Association with its 2007 Fischer Black Prize, which is awarded biennially to the top finance scholar in the world under the age of 40 in years when one is deemed deserving.  The award cited his “ingenious and careful use of newly available data to address fundamental questions in finance.”

    His work has been cited in the Wall Street Journal, the New York TimesFinancial TimesUS News and World ReportMoney magazine, and a 2005 speech by former Federal Reserve Chairman Alan Greenspan.  He has also appeared on CNBC’s Closing Bell and Squawk Box, CNN, FOX, and Bloomberg.  


    John Nersesian, CIMA®, CFP®, CPWA®
    Yale CPWA Program Instructor
    Managing Director, Wealth Management, Nuveen Investments

    John Nersesian is managing director of wealth management services at Nuveen Investments, where his group provides wealth management and practice development education and consulting support to advisors. His experience includes work as a financial advisor to corporate executives, affluent families, and nonprofit organizations.

    Nersesian previously was a first vice president at Merrill Lynch Private Client Group, where he was a leader in comprehensive wealth management strategies and business development practices training. He earned a BS in business and economics from Lehigh University. Nersesian has authored numerous articles on a variety of financial matters, speaks regularly at industry conferences, and has contributed to various media outlets. Nersesian is chair of IMCA’s Board of Directors for the 2014–2015 term. He joined the Board of Directors in 2006 and has served on several IMCA committees. He is a faculty instructor in IMCA’s Certified Private Wealth Advisor ® (CPWA®) program, which is offered in collaboration with The University of Chicago's Booth School of Business.


    Gal Zauberman
    Yale CPWA Program Instructor
    Professor of Marketing

    Professor Gal Zauberman studies consumer judgment and decision making, time in decisions, financial decision making, and memory for emotions and choice. In his research, He has published articles in leading marketing and psychology journals on topics that include: factors that affect individuals' evaluations, preferences, and choice, with specific interest in the role of time in decisions and experiences. He recently started investigating the role of photography in experiences. He won numerous awards, including the William O’Dell and the Paul Green best paper awards, and the 2007 Early Career Award for Distinguished Contributions to Consumer Psychology. His research received international media coverage, including the New York Times, Scientific American, and others.