INVESTMENTS&WEALTH MONITOR 68
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From “Retirement Income Planning” (page 9)
1. Reichenstein and Meyer demonstrate that the conventional
wisdom about retirement decumulation is never optimized for a
retiree’s situation. Why not?
a. It is tax-inefficient
b. Clients find it difficult to understand and implement
c. It does not account for the effect of market forces on
d. Clients’ incomes and tax brackets may vary throughout
2. Why did Reichenstein and Meyer’s previous article understate the
value of tax-efficient withdrawal strategies?
a. Changes in the tax code
b. Improvements to tax software
c. Simplifying assumptions in the calculations
d. It did not understate the value of tax-efficient withdrawal
From “Sustainable Spending Policies” (page 12)
3. In Holman, a “smoothing rule” is a ratio of what two numbers?
a. Prior year’s spending to portfolio’s current valuation
b. Prior year’s spending to inflation rate
c. Four-year average of inflation rate to prior year’s spending
d. CPI increase to prior year’s spending
4. What is the drawback to an endowment spending policy, according
a. It can deplete the portfolio too quickly during periods of high
b. It can create estate tax problems that do not exist with other
c. Spending may not increase proportionate to cost of living
d. Spending amounts may not be as predictable from year to
From “The Advisor Introduction to Health Savings Accounts” (page 19)
5. What change to an investment policy statement does LaFleur
recommend when using HSAs for retirement savings?
a. Adjusting them to maintain prescribed asset allocation
b. Adjusting them to account for higher fees inherent in HSAs
c. Adjusting them to account for the investment array offered
d. None of the above
6. Which of the following can limit the viability of HSAs as a
retirement saving tool, according to LaFleur?
a. High fees for investment options
b. Relatively few HSAs provide investment choices to
c. Opaque fee structures
d. All of the above
From “Turning Lemons Into Lemonade” (page 25)
7. Sharry suggests several benefits from adopting a goals-based
wealth management approach. He does not cite which of the
a. The ability to justify sensible rollovers because of tax
savings and improved results
b. The ability to limit the engagement and reduce overall
c. The ability to monitor and rebalance appropriately
d. The ability to track compliance information across the
8. Sharry cites research for improving investment returns through
overall portfolio management, including which of the following?
a. Tax efficiency
b. Reduced burden of compliance
c. Both of the above
d. Neither of the above
From “Digital Assets in an Estate” (page 40)
9. Waldrip outlines several challenges that a fiduciary faces when
administering digital assets. Which of the following does she cite?
a. Non-uniform terms of service across digital asset platforms
b. Inability to collect the assets because passwords and
permissions are not clearly provided to the executor
c. Both of the above
d. Neither of the above
10. In Waldrip, which of the following challenges does she cite, related
to The Fiduciary Access to Digital Assets Act (RUFADAA)?
a. People don’t know they should be documenting their
wishes relative to digital assets
b. It gives primacy to terms of service over the decedent’s
c. It has only been adopted by 14 states, to date
d. It was developed before provisions such as Facebook’s
legacy contact, and does not account for them