From“ What’ s Family Governance?,” page 14

1. What should be included in a family constitution? A. A framework for conflict resolution B. The forms of meetings that should happen every year C. The family’ s agreed upon mission and purpose D. All of the above

2. What are family assemblies for, according to the author? A. They focus on specific things such as investments. B. They focus on philanthropy. C. They meet annually to review the family constitution. D. None of the above

From“ How To Help Your Clients Give More Effectively,” page 19 3. ___ of private foundation and donor-advised fund clients surveyed by Foundation Source plan to maintain or increase charitable giving in 2026. A. 15 % B. 43 % C. 55 % D. 93 %

4. ___ of the Foundation Source donors said they want to learn more about tax-efficient planning. A. 10 % B. 23 % C. 32 % D. 93 %

From“ Finding Value In Unusual Places,” page 47 5. The Capital Group Dividend Value ETF focuses on ___

A. Growth stocks B. Intrinsic value stocks

C. Convertible bonds

D. All of the above

6. The Capital Group Dividend Value ETF fund can invest up to ___ of its portfolio in non-U. S. companies. A. 8 % B. 10 % C. 14 % D. 20 %

From“ Too Much Of A Good Thing,” page 55

7. How do concentrated stock positions hurt advisors? A. Such concentration hurts their fees. B. Too much of their book of business is tied to the volatility of a few holdings. C. They are harder to dispose of. D. None of the above

8. Who is most at risk of concentrated stock holdings? A. Corporate executives B. Wives C. Retirees D. All of the above

From“ Social Security And A Classic Market Problem,” page 60 9. After a person reaches full retirement age, they can increase their Social Security benefits about ___ per year by delaying them. A. 5 % B. 8 % C. 15 % D. 10 %

10. While you’ re waiting to take Social Security, how can you fill a gap for spending according to the author? A. A dedicated cash / short-term bond reserve B. Crypto C. Stocks D. Options

From“ What’ s Family Governance?,” page 14 1. What is the three-circle model created by professors

Renato Tagiuri and John Davis? A. It consists of family assemblies, councils and committees. B. It refers to the alignment of investments, philanthropy and taxes. C. It refers to the three groups involved in family business. D. None of the above

2. Why is it important to segment those with interests in a family business? A. It might be better if some managers were not family members. B. Some family members might not have experience or capacity to help. C. Some members like recent spouses should not have interest in the business. D. All of the above

From“ How To Help Your Clients Give More Effectively,” page 19

3. What did clients in a Foundation Source survey say they needed help with? A. Involving family in philanthropy B. Building a legacy C. Measuring impact

D. All of the above

4. By bringing philanthropy expertise into your services, you can help clients fulfill their charitable goals and align them with ____. A. Their investments

B. Their taxes

C. Their legacy planning

D. All of the above

From“ Finding Value In Unusual Places,” page 47

5. Broadcom’ s stock price had gained roughly ___ during the past three years as of earlier this spring. A. 8 % B. 10 % C. 100 % D. 380 %

6. Portfolio manager Chris Buchbinder says the Capital Group Dividend Value ETF can’ t have more than 10 % of the holdings in ____. A. Companies below investment grade B. Small cap C. Foreign holdings D. None of the above

From“ Too Much Of A Good Thing,” page 55

7. What is one of the strategies for dealing with concentrated holdings? A. Direct indexing for optimizing tax-loss harvesting in portfolios B. Using unified managed accounts C. Using structured sales to minimize tax impacts D. All of the above

8. How is wealth-tech helpful for concentrated positions? A. It can alert advisors when their client portfolios exceed stock-concentration thresholds. B. It can monitor portfolios over time. C. It can suggest hedging strategies. D. All of the above

From“ Social Security And A Classic Market Problem,” page 60

9. What does a client’ s strategy of waiting until age 70 to take Social Security protect against, according to the author? A. Sequence-of-return risk B. The failure of the 4 % rule C. An undiversified portfolio D. The need to invest in Treasurys

10. What are some good reasons to wait until age 70 to take Social Security? A. That increase doesn’ t care what the market does. B. It’ s a volatility buffer that protects the portfolio when sequence risk is at its worst. C. Benefits will increase D. All of the above

56 | FINANCIAL ADVISOR MAGAZINE | MAY / JUNE 2026 WWW. FA-MAG. COM