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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.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

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. What are the main characteristics of chritable gifts?






2. What are the main characteristics of variable annuities?

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3. What is loss aversion?






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






5. characteristics of methodical investor






6. What are the different types of trusts?






7. benefits of IPS to manager






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






9. What are the different retirment risks and how can they be hedged?






10. Equation for total wealth.






11. What are the benefits of an IPS to the adviser?






12. Describe a cautious investor personality type.






13. characteristics of maintenance phase






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






15. What is the most common estate planning tool?






16. What is the reinvestment caveat when considering tax loss harvesting?






17. What are the psychological issues of low basis stock held by an executive?






18. What are investment objectives and constraints?






19. stages of life






20. As desire to leave an estate increases...






21. What is core capital?






22. four types of investors






23. What is another name for a variable prepaid forward and What is its main purpose?






24. Describe a methodical investor personality type.






25. benefits of IPS to client






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






27. What is mortality risk?






28. Who is responsible for gains/losses in a taxable (accrual taxation) account?






29. If human capital is equity-like/fixed-income like - how should you generally allocate financial assets?






30. What are the main characteristics of the foundation phase of life?






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






32. What are the main characteristics of the maintenance phase of life?






33. When calculating a required return - you typically must identify what?






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






35. What are the equity holding life risk attributes for an entrepreneur?






36. What are the disadvantages of hedging for low basis stock?






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

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38. Any amount above core capital is considered what?






39. What are the advantages of hedging for low basis stock?






40. typical IPS elements






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






42. What are the advantages of public exchange funds for low basis stock?






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






44. characteristics of spontaneous investor

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45. Define capital gains taxes.






46. What are investment objectives and constraints?






47. characteristics of cautious investor

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48. situational profiling

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






50. As wealth increases...







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