Stage 3为什么不是Very-high-net-worth客户？

问题如下：

Val Sili, age 22, has just graduated from college and begins making ambitious future financial plans. The four stages of his plan are summarized below. Sili would like to have outside financial advice at each of these stages.

Stage 1—Age 22–26: Sili plans to work as a software developer in a startup company, where he will earn both a salary and stock options. He will save as much as he can to invest, but his portfolio will be relatively small, and he will be willing to pay only low management fees. Sili would like to use a sophisticated mean–variance optimization technique for asset allocation, although he will limit his investments to exchange- traded funds and mutual funds.

Stage 2—Age 26–30: Sili will have reached a more senior position in the company. He plans to have accumulated assets of $350,000, and his investment focus will be on building his portfolio. Sili will want help with his increasing financial planning needs and will be able to afford the fees of a professional wealth manager.

Stage 3—Age 30–36: Sili plans to exercise his stock options to buy a large quantity of the company’s stock at a price significantly below its market value. The proceeds should increase his portfolio value to $8 million. Sili will quit his job to start his own software company. Sili will be interested in more sophisticated investments with longer time horizons, greater risk, and less liquidity. He will also want specialized advisers for taxes, legal issues, and investment strategies.

Stage 4—After Age 36: Sili will sell his software company for $200 million and retire. He will spend his retirement traveling on his private jet and collecting artwork for his collection; therefore, he will need advice on acquiring high- end assets. The substantial increase in the value of his investment portfolio will allow him to have a multi- generational time horizon. He will require a wider range of investment advisory services, including complex tax planning, estate planning, and bill payment services.

Determine the client segment or adviser type that is most appropriate for each stage of Sili’s plan. Justify each response.

选项：

解释：

"Stage 1—

Age 22–26"

"Robo-Adviser (part of the mass affluent client segment)

Justification:

Robo-advisers support advanced asset allocation techniques, implement typically with exchange-traded funds or mutual funds, and are lower-cost alternatives for relatively small portfolios. During this stage, Sili’s portfolio will be relatively small, and he will not be able to afford to pay the fees of a traditional wealth management firm. Yet he still wants to use sophisticated analysis for his investment planning. Robo-advisers are his most appropriate option. With their primarily digital client interface and experience, robo-advisers are designed to serve investors with relatively small portfolios at a lower cost than the fees charged by traditional wealth management firms. Robo-advisers enable their clients to use advanced techniques, such as mean–variance optimization, for determining asset allocations, and they implement their strategies typically with exchange-traded funds or mutual funds"

"Stage 2—

Age 26–30"

"Mass Affluent Segment

Justification:

The mass affluent segment covers asset levels between $100,000 and $1 million and serves clients who are focused on building their portfolios and want help with financial planning needs.Now that Sili has a larger portfolio and is able to afford paying fees to a professional wealth manager, he belongs in the mass affluent client segment. With investment assets of $350,000, Sili’s portfolio fits within the asset level range of this segment, typically $250,000–$1,000,000. Sili’s characteristics during Stage 2 of being focused on building his portfolio and wanting help with his financial planning needs are typical of younger clients in the mass affluent segment."

"Stage 3—

Age 30–36"

"“Private Client” Range of High-Net-Worth Segment

Justification:

The private client range in the high-net-worth segment covers asset levels between $1 million and $10 million and can provide a team of specialized advisers that supports more customized strategies for more sophisticated investments with longer time horizons, greater risk, and less liquidity. Sili’s higher asset level of $8 million puts him in the range of the high-net-worth segment. This segment generally consists of clients with liquid investment assets ranging from $1 million to $50 million. Since this range is so wide, firms often focus on only a portion of the segment. A client such as Sili with assets between $1 million and $10 million falls within a range that is known in some geographic markets as the “private client” segment. Sili’s interest in more sophisticated investments with longer time horizons, greater risk, and less liquidity requires a more customized strategy and stronger product knowledge from the wealth manager, and he is better served by a manager that specializes in high-net-worth clients than by a manager for the mass affluent segment. Also, with a wealth manager that specializes in high-net-worth clients, Sili will likely be served by a team of people with specialized and complementary skills, including tax advisers, legal advisers, investment specialists, and a relationship manager."

"Stage 4—

After Age 36"

"Ultra-High-Net-Worth Segment

Justification:

The ultra-high-net-worth segment covers asset levels over $50 million for clients with multi-generational time horizons and provides a wider range of services for complex tax situations, estate planning, bill payment, concierge services, travel planning, and advice on acquiring high-end assets. At this stage, Sili’s portfolio value of $200 million puts him in the ultra-high-net-worth client segment, which handles clients with liquid investment assets exceeding approximately $50 million. As is characteristic of clients in this segment, Sili now has a multi-generational time horizon, highly complex tax and estate planning considerations, and a wider range of service needs. An ultra-high-net-worth adviser can assist Sili with bill payment services, concierge services, travel planning, and advice on acquiring such assets as artwork and aircraft"