个人理财规划参考模型【外文翻译】
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2020年07月30日 17:04
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作 者ue000 Oliver Braun, Günter Schmidt 原 文ue000 We understand personal financial planning as the process of meeting life goals
through the management of finances . Our reference model fulfils two kinds of purposes:
first, the analysis model is a conceptual model that can serve financial planners as a
decision support tool. Second, system developers can map the analysis model to the
system architecture at the design stage of system development. Furthermore, the
reference model serves as a capture of existing knowledge in the field of IT210 Oliver
Braun, Günter Schmidt supported personal financial planning. The model also
addresses interoperability assessments by the concept of platform-independent usage of
personal financial planning tools.
Personal Financial Planning
The field of personal financial planning is well supplied with a lot of textbooks,
Most books can be used as guides to handle personal financial problems .e. g. maximize
wealth, achieve various financial goals, determine emergency savings, maximize
retirement plan contributions,etc. There are also papers in journals ranging from the
popular press to academic journals. We will start our discussion with some definitions
related to the world of personal financial planning. Certified Financial Planner’s (CFP)
Board of Standards defines (personal) financial planning as follows:
Definition (CFP Board of Standards 2005)
Financial planning is the process of meeting your life goals through the proper
management of your finances. Life goals can include buying a home, saving for your
child’s education or planning for retirement. Financial planning provides direction and
meaning to your financial decisions. It allows you to understand how each financial
decision you make affects other areas of your finances. For example, buying a particular
investment product might help you pay off your mortgage faster or it might delay your irement significantly. By viewing each financial decision as part of a whole, you can
consider its short and long-term effects on your life goals. You can also adapt more easily
to life changes and feel more secure that your goals are on track.
Definition (ISO/TC 222 2004)
Personal financial planning is an interactive process designed to enable a consumer/
client to achieve their personal financial goals.
In the same draft, Personal Financial Planner, consumer, client and financial goals
are defined as follows:
Definition (ISO/TC 222 2004)
A Personal Financial Planner is an individual practitioner who provides financial
planning services to clients
and meets all competence, ethics and experience
requirements contained in this standard. A consumer is an individual or a group of
individuals, such as a family, who have shared financial interests. A client of a Personal
Financial Planner is an individual who has accepted the terms of engagement by
entering into a contract of services. A financial goal is a quantifiable outcome aimed to
be achieved at some future point in time or over a period of time.
Definition (CFP Board of Standards 2005; ISO/TC 222 2004)
The personal financial planning process shall include, but is not limited to, six steps
that can be repeated throughout the client and financial planner client
can decide to end the process before having passed all the steps. The process involves
gathering relevant financial information, setting life goals, examining your current
financial status and coming up with a strategy or plan for how you can meet your goals
given your current situation and future plans. The financial planning process consists of
the following six steps:
1. Establishing and defining the client-planner relationship. The financial planner
should clearly explain or document the services to be provided to the client and define
both his and his client’s responsibilities. The planner should explain fully how he will be
paid and by whom. The client and the planner should agree on how long the professional
relationship should last and on how decisions will be made.
2. Gathering client data and determining goals and expectations. The financial
planner should ask for information about the client’s financial situation. The client and planner should mutually define the client’s personal and financial goals, understand
the client’s time frame for results and discuss, if relevant, how the client feel about risk.
The financial planner should gather all the necessary documents before giving advice
the client needs.
3. Analyzing and evaluating the client’s financial status. The financial planner
should analyze the client’s information to assess the client’s current situation and
determine what the client must do to meet his goals. Depending on what services the
client has asked for, this could include analyzing the client’s assets, liabilities and cash
flow, current insurance coverage, investments or tax strategies.
4. Developing and presenting financial planning recommendations and/or
alternatives. The financial planner should offer financial planning recommendations
that address the client’s goals, based on the information the client provides. The planner
should go over the recommendations with the client to help the client understand them
so that the client can make informed decisions. The planner should also listen to the
client’s concerns and revise the recommendations as appropriate。
5. Implementing the financial plan
ning recommendations. The client and the
planner should agree on how the recommendations will be carried out. The planner may
carry out the recommendations or serve as the client’s “coach,” coordinating the whole
process with the client and other professionals such as attorneys or stockbrokers.
6Monitoring the financial planning recommendations. The client and the planner
should agree on who will monitor the client’s progress towards his goals. If the planner
is in charge of the process, he should report to the client periodically to review his
situation and adjust the recommendations, if needed, as the client’s life changes.
Definition (Rumbaugh et al. 2005)
A system is a collection of connected units organized to accomplish a purpose. A
system can be described by one or more models, possibly from different viewpoints. The
complete model describes the whole system. The personal financial planning process can
be supported by financial Decision Support Systems (DSS).
give a survey on the use of knowledge based DSS in financial management. The
basic characteristic of such systems is the integration of expert systems technology with
models and methods used in the decision support framework. They survey some systems lied to financial analysis, portfolio management, loan analysis, credit granting,
assessment of credit risk, and assessment of corporate performance and viability. These
systems provide the following features:
? support all stages of the decision making process, i. e. structuring the problem,
selecting alternative solutions and implementing the decision;
? respond to the needs and the cognitive style of different decision makers based on
individual preferences;
? incorporate a knowledge base to help the decision maker to understand the results
of the mathematical models;
? ensure objectiveness and completeness of the results by comparing expert
estimations and results from mathematical models;
? time and costs of the decision making process is significantly reduced, while the
quality of the decisions is increased.
A reference model describes a standard decomposition of a known problem domain
into a collection of interrelated parts, or components, that cooperatively solve the
problem. It also describes the manner in which the components interact in order to
provide the required functions. A reference model is a conceptual framework for
describing system architectures, thus providing a high-level specification for a class of
systems
Reference model ling can be divided into two groups (Fettke and Loos 2003):
investigation of methodological aspects (e. g. Lang et al. 1996; Marshall 1999;Remme
1997; Schütte 1998), and construction of concrete reference models (e. g. Becker and
Schütte 2004; Fowler 1997; Hay 1996; Scheer 1994). To the best of
our knowledge, there is no reference model for personal finan
cial planning. Our
reference model for personal financial planning consists of an analysis model for the
system analysis of a personal financial planning system and of corresponding system
architecture of an information system for personal financial planning.
Requirements for a Reference Model for Personal Financial Planning
Our reference model for personal financial planning should fulfill the following
requirements concerning the input, data processing, and output: the input has to be
collected in a complete, I.e. adequate to the purpose, way. The input data have to be lected from the client and/or from institutions that are involved in this process. Such
institutions may be Saving Banks, Mortgage Banks, Life Insurances, Car Insurances,
Provider of Stock Marked quotations, Pension Funds, etc. This stage is time consuming
and the quality of the financial plan is dependent on the completeness and correctness of
the collected input data. Data processing (I . e. data evaluation and data analysis) have
the task to process the input data in a correct, individual, and networked way. Correct
means that the results have to be precise and error-free according to accepted methods
of financial planning. Individual means that the concrete situation with all its facets has
to be centre in the planning, and that it is forbidden to make generalizations. The output
has to be coherent and clear.
Analysis Model
Main task of an analysis model for personal financial planning is to help financial
planners to consult individuals to properly manage their personal finances. Proper
personal financial planning is so important because many individuals lack a working
knowledge of financial concepts and do not have the tools they need to make decisions
most advantageous to their economic well-being. For example, the Federal Reserve
Board’s Division of Consumer and Community Affairs (2002) stated that “financial
literacy deficiencies can affect an individual’s or family’s day-today money management
and ability to save for long-term goals such as buying a home, seeking higher education,
or financial retirement. Ineffective money management can also result in behaviours
that make consumers vulnerable to severe financial crises”.
Our reference model for personal financial planning consists of two parts
1. Analysis model which can help financial planners to do personal financial
planning.
2. System architecture which can help system developers to develop logical models
at the design stage of system development.
The analysis model of our reference model for personal financial planning consists
of the following parts: Use Cases build the dynamic view of the system. Class
diagrams build the structural view of the system. Both are combined in the behavioural
view of the system with activity diagrams and sequence diagrams.
Determining the client
’s financial status 1. Data gathering. The Financial Planner asks the client for information about the
client’s financial situation. This includes information about assets, liabilities, income and
expenses.
2. Data evaluation. The Financial Planner uses two financial statements: balance
sheet and income statement.
3. Data analysis. The Financial Planner analyses the results from balance sheet and
income statement. He can investigate for example the state of the provisions and pension
plan, risk management, tax charges, return on investments and other financial ratios.
In the following, the scenario is described in more detail.
The first category of assets is cash which refers to money in accounts such as
checking accounts, savings accounts, money market accounts, money market mutual
funds, and certificates of deposit with a maturity of less than one year. The second
category of assets are fixed assets, fixed-principal assets, fixed-return assets, or debt
instruments. This category includes investments that represent a loan made by the client
to someone else. Fixed-return assets are primarily corporate and government bonds, but
may also be mortgages held, mutual funds that invest primarily in bonds, fixed annuities,
and any other monies owed to the client. The third category of assets are equity
investments. Examples of equity investments are common stock, mutual funds that hold
mostly common stock, variable annuities, and partnerships. The fourth category of
assets is the value of pensions and other retirement accounts. The last category of assets
is usually personal or tangible assets, also known as real assets. This category includes
assets bought primarily for comforts, like home, car, furniture, clothing, jewellery, and
any other personal articles with a resale value.
Data analysis
The net worth number is significant in and of itself, since the larger the net worth,
the better off a person is financially, but balance sheet and income statement contain
even more useful information a financial planner should consider. The traditional
approach for analyzing financial statements is using of financial ratios. Financial ratios
combine numbers from the financial statements to measure a specific aspect of the
personal financial situation of a client. Financial ratios are used
1. to measure changes in the quality of the financial situation over time, 2. to measure the absolute quality of the current financial situation,
3. as guidelines for how to improve the financial situation.
We will group the ratios into the following eight categories: liquidity, solvency,
savings, asset allocation, inflation protection, tax burden, housing expenses, and
insolvency/credit
Conclusion and Future Trends
We have presented a reference model for personal financial planning consisting of
an analysis model and a corresponding system
architecture. An intrinsic part of our
reference model at the architecture level is the usage of web technologies. Our reference
model for personal financial planning fulfils two kinds of purposes: first, the analysis
model is a conceptual model that can serve financial planners as a decision support tool.
Second, at the design stage of system development, system developers can take the
analysis model and apply the system architecture to them. The reference model
combines business concepts of personal financial planning with technical concepts from
information technology. We evaluated our reference model by building the IT system
FiX plan based on this reference model. The prototype shows that our reference model
fulfils maintainability, adaptability, efficiency, reliability, and portability requirements.
Furthermore, it is based on ISO and CFP Board standards.
译 文ue000 个人理财规划参考模型 我们知道个人理财规划是通过财政管理达到人生目标的方式。我们的参考模
型要符合两种用途ue008第一ue006分析模型作为一种概念模型ue006它为理财师提供支持决
策的工具ue009第二ue006系统开发人员能够利用模型设计系统框架。此外ue006模型通过使
用个人理财规划的工具来解决操作性评估中的问题。
有很多的教科书可以提供关于个人财务规划的知识ue006大多数图书可以作为指
南ue006以处理个人财务问题ue006例如财富的最大化ue006实现各项经济目标ue006确定应急储
蓄ue006最大限度地提高退休计划供款等。我们将会讨论一些与个人理财有关的定义。
注册财务策划师ue004CFP资格ue005标准委员会定义的ue004个人ue005理财规划ue008理财规划是
符合人生目标通过适当的管理财务状况的过程。人生目标可以包括买房ue006为您孩
子的教育或退休计划储蓄。财务决策可以提供财务策划方向和意义ue006可以让你了
解每个财务决策对你的财务状况和其他领域的影响。例如ue006购买特定投资产品可
以帮助你较快还清房贷ue006也可能延误您的退休时间。通过查看每个财政年度阶段
的决定ue006来考虑其时间的长短ue006还可以适应生活的变化和使目标更安全的走上正
轨。
(ISO/TC 222 2004年)定义ue008个人财务规划是一个互动的过程ue006旨在使消费
者/客户ue006实现其个人理财目标。在同一草案中ue006个人财务策划人员ue006消费者ue006
客户和财务目标的定义如下ue008 个人财务策划人员是向客户提供服务和财政规划ue006并满足能力ue006职业道德和
经验等所有要求的标准个体从业者。消费者是个人或团体ue006如一个家庭或成员ue006
拥有共同的经济利益。客户是已签订财务规划合同ue006接受条款的个体。经济目标ue006
是一个量化的结果ue006旨是在
将来某个时间点或一段时间内实现。
定义ue004CFP资格标准委员会2005年国际标准组织ue005ue008个人理财规划过程应包
括在整个客户关系和金融策划师重复的六个步骤但不限于此。客户可以决定年底
前通过的过程。该过程包括收集有关财务资料ue006设定人生目标ue006审查您目前的财
务状况和制定一些满足自己现状和未来的战略或计划。金融规划的过程包括以下
六个步骤ue008
1ue007建立和界定客户规划师的关系。财务规划师应明确解释文件的服务内容ue006
让客户了解自己的责任。客户和规划师应商议职业关系维持时间的长短并作出相
应的决定。
2ue007收集客户资料ue006确定其目标与期望。财务规划师应要求客户提供有关财务状况的资料。客户和规划者应该各自定义客户的个人财务目标ue006了解客户对时
间框架和风险的认知度。财务规划师应该在收集所有必要的文件之前先给出了解
客户需求的建议。
3ue007分析和评估客户的财务状况。财务规划师应分析客户的信息ue006以评估客
户当前的局势ue006并确定客户必须做什么来满足自己的目标。根据所服务的客户要
求ue006这可能包括分析客户的资产ue006负债和现金流量ue006及保险ue006投资或税务策略。
4ue007制定和提供财务规划建议和/或替代方案。财务规划师应提供财务策划建
议ue006根据客户提供的信息完成客户的目标。规划师应该根据客户的建议ue006以帮助
客户了解自身理财需求ue006让客户能作出明智的决定。规划师还应该听取客户的意
见ue006做出适当的修订建议。
5ue007实施理财规划建议。财务规划应该得到客户同意才能进行。规划师为客
户提供各项建议ue006类似于客户的“教练”ue006包括协调客户与律师、股票经纪等专
业人才关系的整体过程。
6ue007监测理财规划建议。客户和规划师应该同意对将监测客户实现自己的目
标的进展情况。如果规划师负责该过程ue006当客户生活发生变化时ue006他应该向客户
定期审查他的情况并提供调整建议。
系统定义 ue004鲁博等人ue0062005年ue005系统是指为达到某一目的而构成的相互关
联的集合。从不同的观点来看一个系统可以描述为一个或多个模型ue006完整的模型
描述了整个系统。
在使用知识决策支持系统的基础上进行财务管理使用情况调查。这种系统的
基本特征是将专家系统技术、模型和方法用于决策。调查一些系统应用于金融分
析ue006投资组合管理ue006贷款分析ue006授信ue006信用风险评估ue006以及企业业绩和可行性评
估。这些系统提供以下功能ue008
1ue007支持决策过程的所有阶段即结构问题ue006选择替代解决方案和实施的决定ue009
2ue007反映不同决策者需求和认知风格
ue009
3ue007集合知识基础ue006帮助决策者了解模型ue009
4ue007客观、完整性的比较专家估计和数学模型ue009
5ue007时间和决策过程的成本大大降低ue006使决策的质量得到提高。
参考模型是描述一些相互关联的集合。目的是为了提供所要求的功能ue006模型
描述了组件的相互作用的方式。参考模型可分为两组ue004菲特克和洛斯2003ue005ue008方
法学方面和具体的参考模型。据我们所知ue006没有任何个人理财规划的参考模型。我们认为个人理财规划参考模型由个人财务规划系统和个人财务规划信息系统
的系统分析模型所组成。
个人理财参考模型要求ue008我们对个人理财规划参考模式应履行有关的输入ue006
数据处理和输出。输入必须数据完整ue006有目的的收集。输入数据必须从客户端和
/或在这个过程中涉及的机构收集。这种机构可以是储蓄银行ue006按揭银行ue006人寿
保险ue006汽车保险ue006提供股票报价标记ue006养老基金等。数据处理ue004即数据评估和数
据分析ue005通过个人和网络的方式输入正确的数据。结果必须精确无误的按照财务
规划的方式才能接受。个人规划意味着其所有方面的具体情况都必须在规划中
心ue006并且输出要连贯和清晰。
分析模型的主要任务是帮助个人理财规划师咨询ue006妥善管理个人财务。适当
的个人理财规划是十分重要的ue006因为多数人缺乏理财知识ue006不具备作出最有利于
自己经济福利的决策。例如ue006美国联邦储备委员会的消费者和社区事务ue0042002ue005
表示ue006“金融知识缺陷可以影响一个人或家庭的日常的资金管理能力和长期目标ue006
如置业ue006寻求更高教育ue006或金融退休。资金管理不当也会导致消费者受到严重的
“财政危机”。”
我们认为个人理财规划参考模型由两部分组成ue008
1ue007分析模型ue006帮助个人理财规划师做理财规划。
2ue007系统架构帮助系统开发人员开发设计逻辑模型。
对于模型由以下几部分ue008用例建立了系统的动态视图ue006类图建立的系统的结
构视图。系统的活动图和时间图ue006两种观点的行为相结合。
确定客户的财务状况ue008
1ue007数据采集。财务规划者要求客户提供有关的财务状况。包括资产ue006负债ue006
收入和支出的有关信息。
2ue007数据的评估。财政规划者使用两个财务报表ue008资产负债表和利润表。
3ue007数据分析。财务策划者资产负债表和损益表进行分析。例如ue006调查国家
规定和养老金计划ue006风险管理ue006税务收费ue006投资及其他财务比率。
第一类资产是现金账户ue006如支票帐户ue006储蓄帐户ue006货币市场账户ue006货币市场
共同基金ue006存款证ue004到期时间不到一年ue005。第二类资产是固定资产ue006固定的主要
资产ue006
固定收益资产或债务证券。固定收益资产主要是公司和政府债券ue006也可以
是进行抵押ue006投资于债券ue006固定年金主要是共同基金。第三类资产是股权资产。
股权投资的主要是普通股ue006持有多数普通股ue006可变年金ue006共同基金。第四类资产是养老金和其他退休帐户资产。最后一类资产通常是有形资产ue006也被称为实物资
产。这一类包括资产收购ue006主要投资于家庭ue006汽车ue006家具ue006服装ue006珠宝首饰ue006以
及任何有转售价值的其他个人物品。
数据分析ue006净值是十分重要的ue006因为净资产越大ue006个人财政就越好ue006资产负
债表和损益表包含更多有用的信息ue006也包括理财规划师应考虑的问题。分析财务
报表的传统方法是使用财务比率。结合财务比率以财务报表的数字来衡量客户的
个人财务状况。使用财务比率可以衡量一段时间内的财务状况质量的变化ue009衡量
目前财务状况的绝对质量ue009指导如何改善财政状况。
我们把比率分为以下八类ue008流动性ue006偿债能力ue006储蓄ue006资产配置ue006通货膨胀
的保护ue006税收负担ue006住房费用ue006破产/信用。
我们已经提出了个人财务分析模型和相应的系统体系结构参考模型ue006在体系
结构层次参考模型中运用网络技术加以分析。个人理财规划参考模型符合二种用
途ue008第一ue006分析模型作为概念模型ue006可以作为一个理财规划师的决策支持工具。
第二ue006在系统开发设计阶段ue006系统开发人员可以利用分析模型ue006并应用到他们的
系统架构。该参考模型将信息技术的技术概念和个人理财规划的业务概念相结
合。我们以参考模型为基础建立IT系统评估的参考模型ue006并以此对原有参考模
型进行评估。该模型表明ue006我们的参考模型满足持续性ue006适应性ue006效率ue006可靠性
和简便性的要求。