From “ Vanguard Looks At Market Timing And Sees A Terrible Idea ,” pg . 11 1 . Between 1996 and 2024 , what were the greatest single-day gains and losses during the bear markets ? A . Positive 7.2 % and negative 7.0 % B . Positive 11.4 % and negative 12.3 % C . Positive 12.3 % and negative 7.2 % D . Positive 5.9 % and negative 8.3 %

2 . According to the article , drops in the market also include _____. A . Decreased earnings

C . Increased volatility B . Non-correlated interest rates D . Stagnant inflows

From “ The Business Of Financial Wellness 2.0 ,” pg . 32

3 . How do the authors suggest integrating technology into “ wellness ”? A . Advisors should get a new CRM . B . Advisors should align a combination of systems for data and simple tools for the clients . C . Advisors should install a client service person for aging issues . D . Advisors should provide customer access to direct indexing .

4 . What is the finding of the client “ trust barometer ” noted in the article ? A . Clients trust advisors more than family members . B . Clients trust annuities more than stocks . C . Clients trust employers about issues of retirement and finance . D . Clients trust themselves more than advisors .

From “ Navigating Secondary Private Equity Funds ,” pg . 36

5 . The private equity exposure through a secondary fund has less risk because ________. A . Secondary funds don ’ t invest until they ’ re sure the primary fund is returning a profit . B . Secondary funds are more diversified . C . Secondary funds can make multiple investments in one fund and influence management . D . Sellers offer discounts to buyers .

6 . For each of the last three years , investments in secondary funds have passed _____. A . $ 250 billion C . $ 175 billion B . $ 100 billion D . $ 150 billion

From “ Commodity ETFs : Look Before Leaping ,” pg . 38

7 . A supply crunch in the oil market could do what to commodity prices ? A . Drive them lower B . Drive them higher C . Drive some prices lower and some higher D . Hurt commodity ETFs

8 . The top 20 commodity funds by assets under management vacuumed in almost ____ in April , according to Bloomberg Intelligence . A . $ 20 million C . $ 200 million B . $ 100 million D . $ 1 billion

From “ Creating Realistic Retirement Budgets ,” pg . 49 9 . When it comes to sticking with a budget , clients tend to do what ?

A . Obey C . Act emotionally rather than rationally

B . Lie

D . Act rationally rather than emotionally

10 . On retirement income , most clients expect which one of the following ? A . Steady returns on their investments B . Rising returns on their investments C . Declining returns on their investments D . Volatility in their investments

From “ Vanguard Looks At Market Timing And Sees A Terrible Idea ,” pg . 11 1 . What are the chances that next quarter will have positive returns , regardless of whether the current quarter does ? A . 60 % to 80 % C . 50 % B . 50 % to 60 % D . 45 % to 55 %

2 . According to the research , the best way to turn volatility to a client ’ s advantage is to : A . Buy more of the winners B . Buy more of the losers C . Rebalance D . Pause activity until the market settles

From “ The Business Of Financial Wellness 2.0 ,” pg . 32

3 . What are the common definitions of “ financial wellness ”? A . Financial literacy C . Peace of mind B . Health

D . All of the above 4 . According to the authors , “ wellness ” can drive the growth in

_ a practice if advisors do what ? A . Consider their language B . Seek better outcomes , not best efforts C . View the “ client ” as a household , not a person D . All of the above

From “ Navigating Secondary Private Equity Funds ,” pg . 36 5 . Secondary funds return distributions on capital faster because _____.

A . They typically invest in primary funds that are five years into their partnerships .

B . The selling L . P . s return a percentage of the sale in cash to the secondary fund .

C . A primary fund G . P . will prioritize the secondary fund as a new investor .

D . Secondary funds do not return distributions on capital faster .

6 . On average , primary fund investors will sell their investment for what percentage of NAV ? A . 92 % B . 78 % C . 83 % D . 88 %

From “ Commodity ETFs : Look Before Leaping ,” pg . 38

7 . John Love , the CEO at USCF Investments , says broad commodities have a high correlation to _____. A . Real estate

C . Bonds B . Emerging market stocks D . Inflation

8 . According to the article , the weakness of the Invesco DB Commodity Index Tracking Fund and the iShares S & P GSCI Commodity-Indexed Trust is ____. A . They rebalance annually . B . They miss certain commodities . C . They ’ re less flexible for swift adjustments . D . All of the above

From “ Creating Realistic Retirement Budgets ,” pg . 49

9 . When it comes to retirement budgeting , many experts say that clients tend to ____. A . Overestimate their expenses B . Underestimate their expenses C . Accurately estimate their expenses D . Refuse to estimate their expenses

10 . On taxes , most retirees do what ? A . Refuse to pay them C . Overestimate them B . Overpay them

D . Underestimate them

56 | FINANCIAL ADVISOR MAGAZINE | JUNE 2024 WWW . FA-MAG . COM