From “ What Holds Clients Back From Annuities ?,” page 13 1 . People eschew annuities for which reason , according to a Center for

Retirement Research paper : A . They think Social Security will provide the income they seek . B . They don ’ t think they are going to live very long . C . They think they can ’ t leave money to heirs . D . All of the above

2 . What were the contrary findings of the Center for Retirement Research paper ? A . People don ’ t buy annuities because they don ’ t like illiquidity . B . They don ’ t think annuities provide long-term security . C . People don ’ t get annuities because they aren ’ t sure how . D . People think annuities won ’ t protect them against stock market turmoil .

From “ Tech Comes For Philanthropy ,” page 23

3 . What is the best way of giving for those with much higher net worth ? A . Starting a foundation C . Giving directly to people B . Using a donor-advised fund D . None of the above

4 . The National Philanthropic Trust said ____ in donations flowed from foundations in 2022 . A . $ 1.5 billion

C . $ 105 billion

B . $ 25 billion

D . Half a trillion

From “ Three Myths About Investing For Retirement ,” page 25

5 . The author compares financing an income stream in retirement to ____. A . Starting a foundation B . Buying a 20-year inflation-indexed bond C . Staying in the market longer D . None of the above

6 . The author numbers all of the following as retirement “ myths ” save for one thing : A . The goal of retirement is to maximize portfolio returns . B . A retirement crisis is inevitable because of people ’ s poor savings . C . You can ’ t buy an annuity . D . You won ’ t get Social Security .

From “ Private Credit Steals The Spotlight ,” page 43 7 . Private credit investments can be less risky if they ’ re based on _____.

A . EBITDA C . Assets

B . Cash flow

D . The trailing 12 months of revenue

8 . According to Rob Young , private credit was in the past a poor fit for high-net-worth clients because of _____. A . The risk profile B . The uneven returns C . The liquidity requirements D . A and B

From “ Resilient REITs ,” page 53

9 . Cohen & Steers ’ Evan Serton thinks REITs could post returns in the low teens if _____. A . Real interest rates and REIT credit spreads continue to contract B . Default levels remain historically low C . The Fed continues keeping interest rates “ higher for longer ” D . Office occupancy improves

10 . Office space makes up how much of the REIT market ? A . 23 % C . 13 % B . 3 % D . 30 %

From “ What Holds Clients Back From Annuities ?,” page 13

1 . Only ___ of households with over $ 100,000 in assets receive annuity income , according to a study of Americans over age 50 conducted by the University of Michigan . A . 12 % C . 25 % B . 23 % D . 48 %

2 . ____ of 1,200 respondents to a Greenwald Research survey of those age 55 to 95 ( with more than $ 100,000 in assets ) thought it valuable to own a guaranteed lifetime income product . A . 25 % C . 55 % B . 38 % D . 76 %

From “ Tech Comes For Philanthropy ,” page 23

3 . The National Philanthropic Trust said Americans made charitable donations of nearly ___ in 2022 . A . Half a billion B . A billion C . $ 100 billion D . Half a trillion

4 . How can sophisticated technology help philanthropy ? A . By confirming charities ’ tax status . B . By pre-populating grant forms . C . By helping donors and grantees collaborate through portals . D . All of the above

From “ Three Myths About Investing For Retirement ,” page 25

5 . In 1962 , about ____ of U . S . households owned stock . A . 12 % C . 40 % B . 23 % D . 52 %

6 . The Social Security program will not be able to pay full benefits in ____. A . 2026 C . 2034 B . 2030 D . 2040

From “ Private Credit Steals The Spotlight ,” page 43

7 . The average returns for private credit are currently at what level ? A . 9 % B . 12 % C . 2 % plus 600 basis points D . 14 %

8 . Private credit returns are outpacing private equity according to what data provider ? A . Morningstar B . Cerulli C . Cambridge Associates D . State Street

From “ Resilient REITs ,” page 53

9 . Senior housing for those over 80 years old is expected to grow by what percentage by 2027 ? A . 1.5 % B . 12 % C . 7 % D . 13.86 %

10 . According to Kevin Brown , REITs will outperform _____ if interest rates fall . A . Private equity B . 10-year Treasurys C . The broader equity market D . The 60 / 40 portfolio

56 | FINANCIAL ADVISOR MAGAZINE | JANUARY / FEBRUARY 2024 WWW . FA-MAG . COM