From “ The Whole Philanthropic Picture ,” page 23

1 . Wealth management plans tend to focus on which aspect of charitable giving ? A . The client feeling good C . The preferences of next-gen clients B . Tax benefits

D . A marketable vision

2 . Philanthropy aids holistic wealth management , so advisors should ____. A . More often start philanthropic talks with clients B . Outsource these topics to specialists C . Dedicate time to connecting with expert voices D . None of the above From “ The Risk Score Isn ’ t Everything ,” page 45 3 . Investment policy processes can create more comprehensive financial plans because : A . They create one-size-fits-all portfolios . B . They balance clients ’ target return , time horizon and risk tolerance . C . They work better for older , retired clients , but fail younger clients . D . They allow advisors to reduce time spent in client meetings .

4 . Open-architecture portfolio optimization engines help because they : A . Require advisors to rebalance to static allocations B . Require rebalancing monthly C . Allow advisors to reoptimize with changing markets D . Require an advisor to change their fee schedule From “ The ‘ Secret Sauce ’ For Helping The Ultra-Wealthy ,” page 47 5 . Mark Rogozinski says advisors need a secret sauce because ___. A . Tech stacks are becoming less attractive . B . Investments are getting commoditized . C . All firms need a differentiator . D . Full service makes it harder to have a niche .

6 . Dakota Wealth is luring the ultra-wealthy by ________. A . Acquiring firms with capabilities it can thread through other offices B . Outsourcing investment functions to spend more time with clients C . Keeping mature advisors front and center as team leaders D . Prioritizing in-person interaction over technology

From “ Preventing Second Home Dreams From Becoming A Nightmare ,” page 54

7 . Advisors say many clients who buy a second home are surprised by what ? A . The quality of their new neighbors B . The weather in the new location C . The high cost of upkeep and maintenance D . The street noise

8 . The potential benefits of owning a second home include all but what ? A . The ability to shed an old identity B . The possibility of rising property values C . The possibility of rental income D . The memories From “ A Crucial Window For Estate Planning ,” page 56 9 . “ Using it or losing it ” with estate plans means : A . Having to itemize B . The need to take a tax gap year C . The loss of substantial tax reduction D . Early retirement

10 . The benefits of using the TCJA exemptions can help taxpayers : A . With estates at or above $ 10 million B . With estates at or above $ 20 million C . Who are retirees with at least $ 250,000 in assets D . Who are billionaires with highly appreciated businesses

From “ The Whole Philanthropic Picture ,” page 23

1 . Of the 74 % of wealthy investors who give , ___ have received formal guidance from an advisor . A . 73 % B . 62 % C . 27 % D . 48 %

2 . The emotional benefits of charitable giving include _____. A . Increased multigenerational collaboration B . A younger generation more prepped for family foundation roles C . Investments aligned with intention D . All of the above From “ The Risk Score Isn ’ t Everything ,” page 45 3 . Relying too much on a risk score is dangerous because it : A . Produces customized portfolios B . Is time consuming for the advisor and client C . May steer clients with different needs into similar portfolios D . Underestimates client longevity

4 . One alternative to a traditional risk score is to : A . Connect a financial plan to a custom portfolio using a policy process B . Build a more comprehensive risk score questionnaire C . Show the client how markets have performed over different periods D . Ask the client how much of their nest egg they ’ re willing to lose From “ The ‘ Secret Sauce ’ For Helping The Ultra-Wealthy ,” page 47 5 . ___% of new hires who serve the ultra-wealthy use lending in portfolios . A . 75 % C . 95 % B . 85 % D . 100 %

6 . Why should clients heed the sunset of estate tax exemptions now ? A . Surge pricing could end up costing them more if they wait . B . If they do it now , they ’ ll lock in their plan . C . There ’ s a lack of estate planning attorneys to handle all the paperwork . D . A and C

From “ Preventing Second Home Dreams From Becoming A Nightmare ,” page 54

7 . Between 2023 and 2021 , the number of mortgages for a second home did what ? A . Fell 65 % B . Rose 65 % C . Fell 40 % D . Rose 40 %

8 . What ’ s hurt the idea of a second home since the pandemic ? A . Rising property values B . Rising insurance costs C . Rising interest rates D . Rising supply of homes From “ A Crucial Window For Estate Planning ,” page 56 9 . The higher lifetime estate and tax exemption expires on : A . April 15 , 2025 B . April 15 , 2026 C . December 31 , 2025 D . January 1 , 2026

10 . Lifetime estate tax and gift exemptions are set to revert to ___: A . About $ 13.61 million for singles , $ 27.22 million for couples B . About $ 7 million for singles , $ 14 million for couples C . About $ 5 million for singles , $ 15 million for couples D . The exemptions will be based on a new flat income tax rate .

60 | FINANCIAL ADVISOR MAGAZINE | JULY / AUGUST 2024 WWW . FA-MAG . COM