MARCH 2025

From “ Women ’ s Growing Wealth Requires Philanthropy Expertise ,” page 22

1 . McKinsey & Co . says that women will control __ of all U . S . wealth in just five more years . A . 25 % B . Half C . Two-thirds D . 7 %

2 . According to the Women ’ s Philanthropy Institute , ___ of single women said they ’ d give charity , while ____ of single men did . A . 10 %, 5 % B . 25 %, 35 % C . 51 %, 41 % D . 70 %, 80 %

From “ Optimizing Longevity ,” page 24

3 . What ’ s another name for the personal funded ratio ? A . The profit / loss ratio B . The resources / claims ratio C . The price to earnings , ratio D . The Laffer curve

4 . What ’ s the financial disadvantage of living longer ? A . You never know when you ’ ll exhaust your money . B . You aren ’ t ready for detours . C . Planning errors have more time to compound . D . All of the above .

From “ Why Wealthy Families Seek Safe Spaces ,” page 42

5 . How can the IRS treatment of physical security programs be beneficial to executives ? A . It can make a company ’ s security costs tax deductible . B . An executive ’ s security expenses can be taxed as a benefit . C . The executive will have to use after-tax personal funds for security . D . None of the above

6 . Some families incorporate security assessments into their ____. A . Regular business valuations B . Buy-sell agreements C . Succession funding mechanisms D . All of the above

From “ A High-Yield Fix For Fixed-Income Uncertainty ,” page 44

7 . BlackRock High Yield Fund manager Mitchell Garfin expects high yield to ___ A . Trade at lower spreads and have fewer defaults B . Trade at higher spreads and more defaults C . To become more volatile D . None of the above

8 . In December Fitch Ratings forecast a default rate on U . S . high-yield bonds of between ____ in 2025 . A . 1 % and 2 % C . 2.5 % and 3 % B . 2 % and 2.5 % D . 3 % and 3.5 %

From “ Helping Clients Cope With The Home Insurance Crisis ,” page 51

9 . What prompted insurers to leave California ’ s home insurance market ? A . Regulators forced insurers to accept contractor estimates for rebuilding costs . B . The state restricted premium increases based on “ catastrophe models .” C . The extensive fire damage . D . The rising cost of construction .

10 . What ’ s one way to deal with carriers leaving the home insurance market , according to professor Steve Parrish ? A . Build homes more resilient to fires . B . Shop for local insurance brokers . C . Move to less populated areas . D . None of the above

From “ Women ’ s Growing Wealth Requires Philanthropy Expertise ,” page 22

1 . What ’ s the revenue opportunity for financial service companies supporting women , according to the World Economic Forum ? A . $ 700 million in revenue , about half of that in insurance premiums B . $ 700 million in revenue , and $ 500 million of that in insurance premiums C . $ 300 million , with most of that in fees and commissions D . $ 500 million , with half of that in insurance premiums

2 . Research from Fidelity Charitable says ____ of women wish they could be doing more to make a difference . A . 40 % B . 50 % C . 86 % D . 100 %

From “ Optimizing Longevity ,” page 24 3 . What does the personal funded ratio measure ?

A . Take what you have and what you owe . Discount the present value of future income and expenses . B . It measures the amount of time a client has to unwind savings . C . It measures how much clients must take out in RMDs . D . None of the above

4 . What ’ s the essence of Moshe Milevsky ’ s argument in his book ? A . We should be looking at the mix of human capital to financial capital . B . Those with more human capital should focus on accumulating . C . Those with more financial capital should focus on decumulating . D . All of the above

From “ Why Wealthy Families Seek Safe Spaces ,” page 42

5 . What are digital executors ? A . Those tasked with managing a client ’ s digital assets when they die . B . Those who pay for cybersecurity . C . Third parties in charge of cybersecurity . D . None of the above

6 . What ’ s a way to incorporate security programs into trust structures ? A . Putting security costs into family office operating agreements B . Creating dedicated security trusts funded with business interests C . Structuring security programs through family limited partnerships D . All of the above

From “ A High-Yield Fix For Fixed-Income Uncertainty ,” page 44

7 . When are the BlackRock managers OK with a company ’ s leverage ? A . When the company is generating solid free cash flow B . When inflation is tamed C . When the company is in software . D . When they are investment-grade companies

8 . What ’ s one of the BlackRock High Yield Fund ’ s characteristics ? A . It hews closely to the Bloomberg U . S . Corporate High Yield index . B . It never deviates from high-yield or goes into investment-grade issues . C . It doesn ’ t go into leveraged loans . D . None of the above .

From “ Helping Clients Cope With The Home Insurance Crisis ,” page 51

9 . Why did several carriers go out of business in Florida ? A . Lawsuits by insurers rejecting “ overinflated ” contractor estimates B . The capping of premium costs C . Buildings were not up to code D . None of the above

10 . What progress is being made on disaster-prone areas ? A . Fixing electricity grids and water systems B . Making buildings more resilient against fires and floods C . Fixing disaster-prone roadways D . All of the above

56 | FINANCIAL ADVISOR MAGAZINE | MARCH 2025 WWW . FA-MAG . COM