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Private Wealth Management

Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Generally - how does portfolio size - liquidity - time horizon - and/or importance of spending affect ability to tolerate risk?






2. What is the most common estate planning tool?






3. What is typically considered when imposing an exit tax?






4. characteristics of distribution phase






5. An investor's ability to take risk depends on what?

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6. What are the advantages of an outright sale of low basis stock?






7. What is human capital?






8. What is tax alpha?






9. What are the problems that financial advisers can face with low basis stock?






10. How is mortality risk typically hedged?






11. All costs associated with probate are born by whom?

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12. What are the different global tax regimes and their respective ordinary income tax structure?






13. What are the problems that financial advisers can face with low basis stock?






14. Generally - how does portfolio size - liquidity - time horizon - and/or importance of spending affect ability to tolerate risk?






15. The client's risk tolerance (mostly willingness) is affected by what personal characteristics?






16. benefits of IPS to client






17. stages of life






18. What are the main characteristics of chritable gifts?






19. What are the main characteristics of the accumulation phase of life?






20. What are the different stages of life?






21. Describe biased expectations in a behavioral finance context.






22. When should you use a tax-exempt versus a tax-deferred account?






23. Describe a spontaneous investor personality type.






24. What progressive tax regimes do not have favorable treatment for interest income/dividend income/capital gains?






25. How does the nature of human capital affect the demand for life insurance?






26. What are the different stages of life?






27. Calculating the required return component is driven by what 2 elements?






28. situational profiling - considerations






29. situational profiling

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30. As wealth increases...






31. What is the general relationship between tax drag% and tax rate with accrual taxes; and as investment horizon increases and return increases?






32. How is demand for insurance affected by risk tolerance - financial wealth - probability of death - age - and bequest desire?






33. Describe a spontaneous investor personality type.






34. What are the different types of trusts?






35. Any amount above core capital is considered what?






36. What are the disadvantages of an outright sale of low basis stock?






37. What are the advantages of completion portfolios for low basis stock?






38. template for return objective






39. What is core capital?






40. What is an equity collar? What is the purpose of the underlying positions






41. What are the disadvantages of public exchange funds for low basis stock?






42. When should you use a tax-exempt versus a tax-deferred account?






43. What are the main characteristics of fixed annuities?

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44. As probability of death increases...






45. As wealth increases...






46. What is the general relationship b/t a client's perception of wealth and risk willingness?






47. What are typical characteristics of passive recipients of wealth?






48. In contrast to standard finance (MPT) - behavioral finance assumes individuals do what?






49. As probability of death increases...






50. What are the main characteristics of fixed annuities?

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