From“ Tax-Loss Harvesting: What Advisors Miss,” page 14

1. What’ s wrong with the idea of a tax-loss harvesting“ button”? A. It might miss wash-sale rules. B. It might not understand a household’ s whole equity exposure. C. It might not understand reinvestment timelines. D. All of the above

2. What’ s one of the risks of tax-loss harvesting amid stock volatility? A. Rapid stock selloffs can be followed by sharp recoveries. B. There are seldom appropriate replacement names. C. You can’ t write off capital gains from things like sale of a business. D. None of the above

From“ The Mental Blocks To Giving,” page 21

3. What if clients are worried about getting too many charity requests? A. Have them draft mission statements so nonprofits know their boundaries B. Suggest they give anonymously. C. Have them start small with giving. D. All of the above

4. What issues arise with children and charitable giving? A. The kids’ values may be different from those of parents. B. The kids can’ t take advantage of tax incentives for giving. C. There are no ways to give privately. D. None of the above

From“ A Healthy Slice Of Income,” page 42

5. The JPMorgan Income ETF’ s recent 30-day SEC yield was about ____. A. 4.48 % B. 5.40 % C. 5.8 % D. 6 %

6. The JPMorgan Income ETF’ s recent average duration was ____. A. 1 year B. 1.5 years C. 2.32 years D. 3.5 years

From“ RILAs Continue Their Wild Ride,” page 47

7. Registered index-linked annuities saw first half 2025 sales surge __ year-over-year to ___. A. 5 %, $ 10 billion B. 10 %, $ 15 billion C. 15 %, $ 20 billion D. 20 %, $ 37 billion

8. Unlike traditional variable annuities, RILAs are“ buffered,” meaning ____. A. There are preset maximum and minimum returns. B. You can lose nothing but your gain is capped. C. The annuity tracks the market exactly. D. None of the above

From“ Lessons From Icons Of Estate Planning,” page 54

9. GRAT assets must outperform the ___ rate for excess appreciation to pass tax-free to heirs. A. IRS Section 7520 B. IRS Section 1031 C. IRS Section 1043 D. None of the above

10. What was the Walton family’ s estate planning innovation? A. The use of charitable remainder trusts B. The use of short-term, rolling GRATs designed to capture small increments of growth C. Using testamentary charitable lead annuity trusts D. Creating a for-profit company within a giving foundation

From“ Tax-Loss Harvesting: What Advisors Miss,” page 14

1. When seeking replacement securities after harvesting losses, what should you keep in mind? A. Replacement securities must maintain the intent of the original strategy. B. The whole portfolio must be visible. C. It might be a basket of securities. D. All of the above

2. Why might you want to exit a falling tech stock and reinvest in a custom basket? A. The falling tech stock might go back up. B. You’ re trying to reduce tracking error. C. You’ re trying to avoid a wash sale. D. None of the above

From“ The Mental Blocks To Giving,” page 21

3. How do you allay clients’ fears that their giving will attract negative attention? A Suggest that they give anonymously. B. Have them share the success stories of their giving. C. Use their giving to further educational opportunities. D. All of the above

4. How do you answer the objection that philanthropy is too time-consuming? A. Show clients the tax incentives. B. Show the clients that writing a check is the easiest solution. C. Be willing to delegate some tasks to other professionals. D. None of the above

From“ A Healthy Slice Of Income,” page 42

5. The JPMorgan Income ETF’ s managers stress that the fund’ s primary goal is ____. A. Producing risk-adjusted income B. Capital appreciation C. Hewing close to the Bloomberg U. S. Aggregate Index D. None of the above

6. The JPMorgan Income ETF holds approximately ____ securities. A. 50 B. 100 C. 500 D. 2,000

From“ RILAs Continue Their Wild Ride,” page 47 7. What could cause registered index-linked annuities sales to slump?

A. A bear market

B. A rise in interest rates C. Market oversaturation D. All of the above

8. Ten years ago there were just ___ registered index-linked annuities. Now there are __. A. 3, 10 B. 3, 22 C. 3, 50 D. 10, 50

From“ Lessons From Icons Of Estate Planning,” page 54

9. What was Jacqueline Kennedy Onassis’ s estate planning innovation? A. Establishing irrevocable trusts to remove assets from an estate B. Transferring business ownership interests and taking advantage of valuation discounts C. Gifting assets before exclusions decrease D. Using a zeroed-out testamentary CLAT that blends tax efficiency with philanthropic intent

10. What was Paul Newman’ s estate planning innovation? A. A private foundation holding 100 % of a for-profit food business B. A testamentary charitable lead annuity trust C. Rolling GRATs D. None of the above

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