原文標(biāo)題：
Wealth management for the many
Wall Street is racing to manage your wealth. That is a good thing
The hottest trend in finance offers more than just fat profits for advisers
面向大眾的財(cái)富管理
華爾街競(jìng)相為您管理財(cái)富，這是好事
金融領(lǐng)域最熱門的趨勢(shì)為顧問(wèn)帶來(lái)的好處不只有豐厚的利潤(rùn)

[Paragraph 1]
A book published in 1940, reflects a healthy scepticism of the advice peddled by financiers. Somehow they always seemed to get rich, regardless of how their clients fared.
1940 年出版的一本書反映了人們對(duì)金融家提供的建議持有合理懷疑。不管客戶的理財(cái)狀況是虧是盈，金融家似乎總是能賺到錢。

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In the decades that followed, ordinary investors evened the score. They poured money into low-cost index funds, which passively track a market benchmark, and shunned the fee-charging stockpicker.
在接下來(lái)的幾十年里，普通投資者扳回了局勢(shì)。他們將資金投入被動(dòng)跟蹤市場(chǎng)基準(zhǔn)的低成本指數(shù)基金，并避開了收費(fèi)的證券投資顧問(wèn)。

BlackRock and Vanguard, two index-fund providers, oversee $8trn-9trn in assets apiece.
貝萊德和先鋒是兩家指數(shù)基金提供商，各自管理著 8-9萬(wàn)億美元的資產(chǎn)。

In 2019 the volume of passively managed assets in America eclipsed those overseen by active funds for the first time.
2019 年，美國(guó)被動(dòng)管理的資產(chǎn)規(guī)模首次超過(guò)主動(dòng)基金。

Today, however, another shift is under way.
然而如今，正在發(fā)生另一種轉(zhuǎn)變。

The hottest thing on Wall Street is wealth management, which helps clients allocate assets, minimise tax bills and plan for retirement—typically for an annual fee of 1% of invested assets.
華爾街最熱門的業(yè)務(wù)是財(cái)富管理，它幫助客戶配置資產(chǎn)，減少稅費(fèi)，規(guī)劃退休生活——通常收取投資資產(chǎn)1%的年費(fèi)。

Firms are piling into the business, spurred by the prospect of profits that will only become juicier as the world gets richer. Could it be good for clients, too?
在利潤(rùn)前景的刺激下，各家公司紛紛涉足這項(xiàng)業(yè)務(wù)，而隨著世界變得越來(lái)越富裕，利潤(rùn)也會(huì)越來(lái)越豐厚。這對(duì)客戶也有好處嗎？

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The wealth industry has long been highly fragmented.
長(zhǎng)期以來(lái)，財(cái)富行業(yè)一直高度分散。

In America and Europe many of the comfortably well-off long relied on defined-benefit pension funds.
在美國(guó)和歐洲，許多小康家庭長(zhǎng)期依賴固定收益養(yǎng)老基金。

Others were often served by retail outfits that sold them expensive mutual funds on commission or picked stocks through brokerage accounts.
其他富裕階層則通常依靠零售機(jī)構(gòu)，這些機(jī)構(gòu)通過(guò)銷售昂貴的共同基金并從中獲取傭金，或通過(guò)券商賬戶選股。

Across Asia and Latin America, domestic banks often managed local millionaires’ wealth.
在亞洲和拉丁美洲，國(guó)內(nèi)銀行經(jīng)常管理著當(dāng)?shù)匕偃f(wàn)富翁的財(cái)富。

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Several of these firms are now being knitted together. That is in large part because the prize has become more tantalising.
現(xiàn)在，其中幾家公司正在合并，這在很大程度上是因?yàn)槔麧?rùn)誘人。

For the past 20 years global wealth has grown faster than economic output.
過(guò)去20年來(lái)，全球財(cái)富的增長(zhǎng)速度快于經(jīng)濟(jì)產(chǎn)出的增長(zhǎng)速度。

Much of that has been fuelled by younger customers and those in Asia.
其中大部分是由年輕客戶和亞洲客戶推動(dòng)的。

According to a survey by UBS, there were 849,000 dollar millionaires in India last year, for instance, nearly 23 times as many as in 2000. The number of millionaires in Africa has risen more than tenfold.
根據(jù)瑞銀集團(tuán)的一項(xiàng)調(diào)查，印度去年有84.9萬(wàn)名百萬(wàn)美元富翁，幾乎是2000年的23倍。非洲的百萬(wàn)富翁數(shù)量增長(zhǎng)了十多倍。

Worldwide, the amount of liquid assets for advisers to salivate over is expected to rise to $230trn by 2030, from $130trn today.
預(yù)計(jì)到2030年，專業(yè)顧問(wèn)們可投資的全球流動(dòng)資產(chǎn)總額將從現(xiàn)在的130萬(wàn)億美元增加到230萬(wàn)億美元。

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The emergence of slick platforms for managing wealth and the automation of basic advice have also expanded the pool of potential clients.
精細(xì)的財(cái)富管理平臺(tái)的出現(xiàn)和基本建議的自動(dòng)化也擴(kuò)大了潛在客戶群。

By lowering the cost of managing wealth, technology has enabled advisers who once served only the uber-rich to help the merely affluent, too.
技術(shù)降低了財(cái)富管理的成本，使過(guò)去只為超級(jí)富豪服務(wù)的顧問(wèn)也能為普通富裕階層提供幫助。

The steady, low-capital business of offering wealth advice, meanwhile, has become more attractive.
與此同時(shí)，穩(wěn)定、低資本的財(cái)富咨詢業(yè)務(wù)變得更具吸引力。

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The consequence of all this has been a frenetic rush into wealth management.
結(jié)果是財(cái)富管理業(yè)務(wù)受到了狂熱追捧。

Morgan Stanley, which snapped up the wealth arm of Citigroup during the global financial crisis, has since acquired E*TRADE, a brokerage platform, through which it now offers the masses access to its advisers.
摩根士丹利在全球金融危機(jī)期間收購(gòu)了花旗集團(tuán)的財(cái)富部門，隨后又收購(gòu)了經(jīng)紀(jì)平臺(tái)E*TRADE。摩根士丹利現(xiàn)在通過(guò)該平臺(tái)為大眾提供咨詢服務(wù)。

Citi, in a bid to rebuild what it sold, is poaching talent from rival firms.
花旗為了重建財(cái)富部門，正在從競(jìng)爭(zhēng)對(duì)手公司那里挖人才。

Consolidation is only hastening the trend. After its shotgun marriage to Credit Suisse, the new-look UBS is now head and shoulders above its rivals in Asia.
整合只會(huì)加速這一趨勢(shì)。瑞銀與瑞信聯(lián)姻之后，煥然一新的瑞銀現(xiàn)在在亞洲市場(chǎng)大幅領(lǐng)先于競(jìng)爭(zhēng)對(duì)手。

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For the firms and their shareholders, the future looks exhilarating.
對(duì)于金融公司及其股東來(lái)說(shuō)，未來(lái)看起來(lái)令人振奮。

If revenues keep pace and margins in wealth management remain in the region of 25-30%, the industry would generate $75bn of profits a year.
如果財(cái)富管理行業(yè)的收入保持同步增長(zhǎng)，利潤(rùn)率保持在 25%-30% 左右，那么該行業(yè)每年將創(chuàng)造 750 億美元的利潤(rùn)。

The total market capitalisation of global banks is around $8trn, and has barely budged for a decade; capturing the enormous opportunity in wealth would add around a seventh to their value.
全球銀行的總市值約為 8 萬(wàn)億美元，十年來(lái)幾乎沒(méi)有變化；抓住財(cái)富管理的巨大商機(jī)將使銀行價(jià)值增加約七分之一。

The biggest winners are likely to be those that have already achieved scale, such as Morgan Stanley and UBS.
最大的贏家可能是那些已經(jīng)形成規(guī)模的公司，例如摩根士丹利和瑞銀。

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Regulators, for their part, may see the shift into wealth as a relief.
金融機(jī)構(gòu)將業(yè)務(wù)重心轉(zhuǎn)向財(cái)富管理，這對(duì)監(jiān)管機(jī)構(gòu)來(lái)說(shuō)是一種解脫。

Bolting a steady growth business on to the boom-and-bust cycles of lending and capital-markets intermediation should help stabilise banks—even if it is a little disquieting that the most appealing business in finance is managing wealth that has already been amassed, not assisting the creation of fresh riches through loan-making or issuing equity.
將一個(gè)穩(wěn)定增長(zhǎng)的業(yè)務(wù)與借貸和資本市場(chǎng)中介的繁榮蕭條經(jīng)濟(jì)周期相結(jié)合，應(yīng)該有助于穩(wěn)定銀行發(fā)展，——盡管令人不安的小問(wèn)題是，金融業(yè)最吸引人的業(yè)務(wù)是管理已經(jīng)積累起來(lái)的財(cái)富，而不是通過(guò)放貸或發(fā)行股票來(lái)幫助創(chuàng)造新財(cái)富。

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That leaves a nagging question. Does the bonanza for financiers, and a safer financial system, come at the expense of clients’ returns?
這就留下了一個(gè)令人頭疼的問(wèn)題。金融家的致富機(jī)會(huì)和更安全的金融體系是否會(huì)以犧牲客戶的收益為代價(jià)？

The fees associated with wealth management might make you think that Wall Street is set to make a fortune while clients are ripped off once again.
與財(cái)富管理相關(guān)的費(fèi)用可能會(huì)讓你覺(jué)得華爾街會(huì)幫你賺錢，而實(shí)際上客戶是再次被剝削一遍。

Yet there is an important distinction between a wealth adviser and an active manager.
然而，財(cái)富顧問(wèn)和主動(dòng)型基金經(jīng)理之間存在一個(gè)重要區(qū)別。

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The allure of stockpickers rests on their promise to beat the market, something that the vast majority simply cannot do on a sustained basis.
股票挑選者的吸引力在于他們承諾能夠持續(xù)擊敗市場(chǎng)，這對(duì)絕大多數(shù)人來(lái)說(shuō)是不可能的。

Wealth managers, by contrast, act as “fiduciaries”—caretakers who are supposed to act in your best interest when offering financial advice.
相比之下，財(cái)富管理者充當(dāng)“受托人”——他們應(yīng)該始終站在客戶的最佳利益立場(chǎng)上提供金融建議。

They make suggestions about asset allocation, but are also responsible for making sure their clients are using tax-advantaged funds and that they get into and out of investments in the most cost-effective way.
他們會(huì)提出有關(guān)資產(chǎn)配置的建議，也負(fù)責(zé)確?？蛻羰褂枚愂諆?yōu)惠的基金，并確保他們以最劃算的方式進(jìn)行投資的買入和賣出。

Whereas returns from active investing, after fees, cannot beat passive returns on average, using a wealth manager does not appear to dent returns.
盡管主動(dòng)投資的平均回報(bào)率（扣除費(fèi)用后）無(wú)法超過(guò)被動(dòng)回報(bào)率，但采用財(cái)富經(jīng)理的建議似乎并不會(huì)削弱回報(bào)率。

Even Vanguard, that giant of index investing, thinks that fiduciaries could add a little to the total lifetime return of an average investor, after fees are paid.
就連指數(shù)投資巨頭先鋒集團(tuán)也認(rèn)為，扣除費(fèi)用后，財(cái)富管理者可以為普通投資者的總體終身回報(bào)率增加一點(diǎn)。

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Rich pickings
財(cái)富的誘惑

The investing experience is strewn with pitfalls, even aside from the vagaries of the markets.
即使拋開變幻莫測(cè)的市場(chǎng)不談，投資經(jīng)驗(yàn)也是陷阱重重。

When left entirely to their own devices people tend to hold too much cash, and to be too hasty to sell up when markets dip.
當(dāng)富人們完全依靠自己時(shí)，往往會(huì)持有過(guò)多的現(xiàn)金，而且在市場(chǎng)下跌時(shí)會(huì)急于割肉。

Barely anyone has the time or inclination to work their way through the mind-boggling complexities of a tax code.
幾乎沒(méi)有人有時(shí)間或者有意愿去研究繁瑣復(fù)雜的稅法。

This is what makes advice useful to the clients who want to preserve and grow their hard-earned fortunes.
因此，對(duì)于那些想要財(cái)富保值及財(cái)富增值的客戶來(lái)說(shuō)，這些建議是非常有用的。

（恭喜讀完，本篇英語(yǔ)詞匯量1059左右，有刪減）
原文出自：2023年9月9日《The Economist》Leaders版塊

精讀筆記來(lái)源于：自由英語(yǔ)之路
本文翻譯整理: Irene本文編輯校對(duì): Irene
僅供個(gè)人英語(yǔ)學(xué)習(xí)交流使用。

【補(bǔ)充資料】（來(lái)自于網(wǎng)絡(luò)）
財(cái)富管理Wealth management是一種綜合性的金融服務(wù)，旨在幫助個(gè)人和家庭實(shí)現(xiàn)財(cái)務(wù)目標(biāo)，并最大化其財(cái)富增長(zhǎng)和保值能力。財(cái)富管理內(nèi)容包括：資產(chǎn)分配、投資組合管理、稅務(wù)規(guī)劃、遺產(chǎn)規(guī)劃、保險(xiǎn)規(guī)劃、管理債務(wù)、現(xiàn)金流管理等。財(cái)富管理顧問(wèn)通常具有豐富的投資經(jīng)驗(yàn)和專業(yè)知識(shí)，能夠?yàn)榭蛻籼峁I(yè)的咨詢和建議。

【重點(diǎn)句子】（3個(gè)）
The hottest thing on Wall Street is wealth management, which helps clients allocate assets, minimise tax bills and plan for retirement—typically for an annual fee of 1% of invested assets.
華爾街最熱門的業(yè)務(wù)是財(cái)富管理，它幫助客戶配置資產(chǎn)，減少稅費(fèi)，規(guī)劃退休生活——通常收取投資資產(chǎn)1%的年費(fèi)。

By lowering the cost of managing wealth, technology has enabled advisers who once served only the uber-rich to help the merely affluent, too.
技術(shù)降低了財(cái)富管理的成本，使過(guò)去只為超級(jí)富豪服務(wù)的顧問(wèn)也能為普通富裕階層提供幫助。

The investing experience is strewn with pitfalls, even aside from the vagaries of the markets.
即使拋開變幻莫測(cè)的市場(chǎng)不談，投資經(jīng)驗(yàn)也是陷阱重重。