NO.PZ202109080500000401
问题如下：
Which of the blog points about wealth management for individuals and institutions is least accurate? The point about:选项：
A.asset selection. B.the regulatory framework. C.governance and decision making.解释：
SolutionA is correct. Asset allocation and selection are much more difficult when managing portfolios for individuals compared with institutions. Wealth management for individuals must consider such constraints as time horizon, scale, taxes, and unique circumstances—for example, preferred or restricted security holdings—all of which may interfere with the optimization of the investor’s portfolio. Such situations are less likely to arise in an institutional setting.
B is incorrect. The regulatory framework is usually quite different with respect to institutional and individual investors. In some countries, there are different bodies dealing with each sector.
C is incorrect. Governance and the decision-making process are much more concentrated for individual investors; the investment policy statement is the major governance structure, and the wealth manager is usually given discretion in implementation and reporting matters. Institutional governance is much more formal, and investment strategy and monitoring are carried out by one or more layers of committees.
请讲解一下本题。一个是不理解什么叫concentrated governance，看答案的解析意思 concentrated和formal是相对的吗？另一个是asset selection为什么不能通用？我理解做好大的asset alllocation之后，在asset selection的层面对skill是通用的呀？这个的考点在讲义的具体什么地方呢？谢谢。
