From “ Who Is The Next-Gen Investor ?,” page 25

1 . Which of the following is a philanthropic generational difference for millennials and Gen Z ? A . They expect less philanthropic involvement in the future B . They ’ re more focused on legacy building C . They ’ re more focused on wealth preservation and enhancement D . They ’ re more focused on impact

2 . According to the author , what should advisors do to engage the younger generation ? A . Be well-versed in the types of charitable giving vehicles B . Encourage younger clients to find a charitable focus C . Discuss the merits of hands-on philanthropy , such as volunteering D . All of the above

From “ Don ’ t Wait For The ‘ Great Wealth Transfer ’,” page 27

3 . A survey of retirees by the Alliance for Lifetime Income found that ____ think they might have to live with their children . A . 10 % B . 22 % C . 32 % D . 41 %

4 . What steps does the author recommend that advisors take in order to engage clients and their families ? A . To sort their clients by age B . To meet the clients ’ spouses , partners and children C . To commit to a family meeting with each of their oldest clients this year D . All of the above

From “ The Art Of Trouncing An Index ,” page 45

5 . Where do the Needham Aggressive Growth Fund ’ s fees fall in Morningstar ’ s small-growth category ? A . The least expensive quartile C . Slightly higher than average B . The most expensive quartile D . Slightly lower than average

6 . What safety provider does portfolio manager John Barr look for in a company ? A . Anything AI

C . High operating margins

B . A legacy business

D . An inflation-resistant industry

From “ You Can ’ t ‘ Legislate Good Behavior ’,” page 49

7 . The Department of Labor ’ s previous fiduciary rule package in 2016 ____. A . Was not followed by advisors B . Would be modified by the new rules C . Was struck down by the U . S . Court of Appeals for the Fifth Circuit D . Allowed no commission advice

8 . Critics of the department ’ s current regulatory proposal might say which of the following ? A . It ’ s simply unnecessary and could add confusion . B . Investment products keep getting more complex , and this rule won ’ t keep up . C . It ’ s a throwback to an earlier , outmoded standard . D . It will increase fees for clients .

From “ HSAs As ‘ Medical IRAs ’: A Great But Neglected Strategy ,” page 53 9 . Only ____ of account owners invest their health savings account balances in something other than cash , says William Stuart , an HSA expert . A . 5 % or fewer

C . 15 % or fewer

B . 10 % or fewer

D . 20 % or fewer

10 . Only ___ of health savings account owners have balances of $ 10,000 or more , according to Devenir Research . A . 5 % B . 7 % C . 10 % D . 12 %

From “ Who Is The Next-Gen Investor ?,” page 25 1 . What is “ philtech ”?

A . Software , platforms and mobile apps that facilitate giving or opening charitable vehicles

B . Platforms that offer advisors a dashboard to see into clients ’ charitable giving

C . Platforms that allow advisors to manage philanthropy the same way they do other aspects of client wealth

D . All of the above

2 . Individuals accounted for ________ as many charitable donation dollars as foundations in 2022 . A . Two times B . Three times C . Four times D . Five times

From “ Don ’ t Wait For The ‘ Great Wealth Transfer ’,” page 27

3 . The “ Great Wealth Transfer ” refers to what phenomenon ? A . The movement from actively managed funds to index funds and ETFs B . The transfer of assets owned by baby boomers and the Silent

Generation to the younger Generation X and millennials C . The movement of assets from retirement plans to rollover IRAs D . The movement of assets from men to women investors

4 . What is the phenomenon of “ Peak 65 ” that the author refers to ? A . The optimal allocation to equities in a retirement portfolio B . The age of retirement for most Americans C . The age when most people claim Social Security benefits D . The year 2024 , when more Americans turn 65 than any other year

From “ The Art Of Trouncing An Index ,” page 45

5 . At the end of 2023 , how much of the Needham Aggressive Growth Fund was in cash ? A . 3 % to 4 % B . 10 % C . 17 % D . 22 %

6 . What are portfolio manager John Barr ’ s “ hidden compounders ?” A . Companies that make investments today to reap rewards far in the future B . Companies that invest in the time frame of sell-side analysts C . Early-mover companies in emerging business areas D . Companies that look expensive but will benefit from a market selloff

From “ You Can ’ t ‘ Legislate Good Behavior ’,” page 49

7 . The new Department of Labor rule is expected to do which one of the following ? A . Do away with certain fiduciary regulations B . Standardize fiduciary regulations to apply to more financial professionals C . Allow clients to sue advisors for giving bad advice D . Change the age for required minimum distributions from retirement accounts

8 . The Biden administration said the new DOL proposal is also designed to eliminate ____ prevalent in the retirement investment advice business . A . Junk fees

C . Commissions B . Advice for IRA rollovers by advisors D . None of the above

From “ HSAs As ‘ Medical IRAs ’: A Great But Neglected Strategy ,” page 53 9 . The health savings account annual contribution limit is currently _____. A . $ 2,150 B . $ 3,150 C . $ 4,150 D . $ 5,150

10 . Just ___ of health savings account owners max out their contributions every year , says William Stuart , an HSA expert . A . 4 % to 5 % B . 10 % to 20 % C . 30 % D . 35 %

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