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Private Wealth Management

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • 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 progressive tax regimes do not have favorable treatment for interest income/dividend income/capital gains?






2. What is the difference between a deterministic approach and a monte carlo approach to portfolio construction?






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






4. What are the main types of investors?






5. What are the different methods of relief from double taxation?






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

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






8. What is core capital?






9. What are the diversification techniques for low basis stock?






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






11. situational profiling

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12. benefits of IPS to manager






13. What is the most common estate planning tool?






14. What is the person called that transfers assets through a will?






15. What is the difference b/t a required and desired return objective?

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16. What are the different types of trusts?






17. Define tax drag.






18. What are the main characteristics of the distribution phase of life?






19. An investor's willingness to take risk is determined by what?

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20. Describe an individualistic investor personality type.






21. Define capital gains taxes.






22. What is intestate?






23. Why would someone want to use a valuation discount?






24. characteristics of cautious investor

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25. What is mortality risk?






26. Equation for total wealth.






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






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






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






30. What are the main characteristics of variable annuities?

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31. What are the 3 categories of investors when discussing concentrated positions?






32. An investor's willingness to take risk is determined by what?

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






34. Define tax drag.






35. Describe a methodical investor personality type.






36. What are the benefits of an IPS to the client?






37. How is mortality risk typically hedged?






38. What risks must be considered when discussing each concentrated investor category?






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






40. characteristics of accumulation phase






41. typical IPS elements






42. typical IPS elements






43. What are the advantages of private exchange funds for low basis stock?






44. Investor questionnaires help to determine what?






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

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46. What is measure of wealth?






47. characteristics of foundation stage






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






49. Describe a spontaneous investor personality type.






50. benefits of IPS to manager







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