From “ Donor-Advised Funds And Tax-Wise Charitable Giving ,” pg . 24

1 . An IRA owner reaching age 70½ can directly donate _____ from their account to a charity without having to report it as income . A . $ 50,000 C . $ 150,000 B . $ 100,000

D . None of the above

2 . How can child beneficiaries deal with the taxes on their IRA proceeds ? A . Establish their own donor-advised fund for the proceeds . B . Stretch out IRA proceeds over 20 years , which is still legal . C . Use the $ 30,000 standard deduction . D . None of the above From “ Ten Traits Common To Successful Future RIAs ,” pg . 38 3 . Mark Hurley estimates that adding a 45-year-old client with $ 2 million in assets , saving $ 100,000 per year , will produce fees of about ______. A . $ 100,000 C . $ 600,000 B . $ 200,000

D . $ 1 billion

4 . Mark Hurley estimates that adding a 45-year-old client with $ 2 million in assets , saving $ 100,000 per year , will cost only ___ to acquire . A . $ 10,000 C . $ 30,000 B . $ 20,000 D . $ 100,000 From “ Is It Time For Dividend Stocks ?,” pg . 43 5 . What is not true about dividend paying stocks ?

A . Higher rates make it harder to borrow and thus reward shareholders with dividends .

B . Some investors prefer bonds paying competitive yields amid high interest rates . C . Bond yields are taxed at a lower rate than stock dividends . D . Dividends are taxed at the lower long-term capital gains rate .

6 . International markets offer all of the following except which ? A . Higher dividends B . Currency fluctuation risk C . Possible double taxation D . More stability From “ The Changing Face Of ETFs ,” pg . 46 7 . When did Vanguard ’ s patent for a dual-share class structure expire this year ? A . April B . May C . June D . July

8 . What ETF asset class attracted 40 % of inflows this year ? A . Stocks B . Fixed income C . Alternatives D . All-in-one funds From “ Using Guardrails For The 4 % Rule ,” pg . 54 9 . According to Morningstar , if a retiree uses guardrails , what ’ s the starting safe withdrawal rate ? A . 4.8 % C . 5.5 % B . 5.2 % D . 6 %

10 . What benefit do guardrails provide for retirees disciplined to use them properly ? A . They allow a higher starting safe withdrawal rate . B . They result in higher lifetime withdrawal rates . C . They leave assets at the end for bequests . D . All of the above

From “ Donor-Advised Funds And Tax-Wise Charitable Giving ,” pg . 24

1 . The federal standard deduction for those over 70 , married but filing jointly , is over _____ ( including the additional amount for seniors ). A . $ 20,000 C . $ 29,000 B . $ 27,000 D . $ 30,000

2 . How did the SECURE Act impact IRA beneficiaries ? A . They have to squeeze IRA proceed payouts into a 10-year window . B . They must add IRA proceeds to their taxable earnings in peak years . C . Their higher income taxes must be paid within 10 years of the account holder ’ s death .

D . All of the above From “ Ten Traits Common To Successful Future RIAs ,” pg . 38 3 . RIA pricing metrics , formerly 8 to 12 times cash flow , have recently been as much as ____ times . A . 5 to 6 C . 10 to 20 B . 10 to 15 D . 20 to 30

4 . There are nearly ____ RIAs , and they have a median of ____ in AUM . A . 10,000 , $ 1.2 billion B . 15,000 , $ 1.2 billion C . 15,000 , $ 412 million D . 5,000 , $ 350 million From “ Is It Time For Dividend Stocks ?,” pg . 43 5 . After a “ challenging ” 2023 for dividend stocks , 2024 looks to be ____. A . Just as bad B . Much worse C . A significant opportunity D . Anyone ’ s guess

6 . One reason to consider dividend payers in 2024 is that ____. A . Many are undervalued B . Most are better than bonds C . They tend to be in attractive industries D . There might be a lot of M & A activity From “ The Changing Face Of ETFs ,” pg . 46 7 . How much had net inflows to ETFs fallen in the first three quarters of 2023 from last year ’ s period ? A . 11 % C . 17 % B . 13 % D . 19 %

8 . Why do financial advisors like ETFs , according to Cerulli ’ s Matt Apkarian ? A . They ’ re more cost efficient than mutual funds . B . Their equity strategies are nimbler than those of mutual funds . C . They ’ re more tax efficient in taxable accounts than mutual funds . D . They ’ re attractive to clients as the new , hot investment . From “ Using Guardrails For The 4 % Rule ,” pg . 54 9 . Why does Michael Kitces say 4 % is the safe withdrawal rate for retirees ? A . It was tested against the worst 30-year markets in history . B . It uses forward projections as its data . C . It doesn ’ t require a portfolio to grow at all through retirement . D . It ’ s the highest tested percentage that will provide a legacy .

10 . What metric can best be used to anticipate sequence-of-returns risk ? A . The direction of the equities market over the last five years B . The P / E ratio C . The Shiller P / E ratio D . Interest rates above 4 %

56 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2023 WWW . FA-MAG . COM