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"Portfolio Management":Parcel account
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Questions 1:
You are preparing an investment policy statement for a client who manages her own successful marketing consultancy. Her annual income is approximately $500,000. She describes herself as a finance novice. Most of her savings are invested in bank term deposits and short-term government securities. In her responses to the standard risk assessment questionnaire, she strongly agrees with the statements that she “feels more comfortable putting money in a bank account than in the stock market.” Also, she “thinks of the word ‘risk’ as being a ‘loss’”. Based on this information, your client’s ability and willingness to take risk can best be described as:
A 、low ability and high willingness.
B、 high ability and willingness.
C、 high ability and low willingness.
Questions 2:
A key difference between a wrap account and a mutual fund is that wrap accounts:
A 、have assets that are owned directly by the individual.
B 、cannot be tailored to the tax needs of a client.
C 、have a lower required minimum investment.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. Although the client owns a successful business and has a high income, she exhibits above-average risk aversion, indicating that her ability to take risk is high, but her willingness to take risk is low.
A is incorrect because her ability to take risk is high (not low), and there is low (not high) willingness to take risk.
B is incorrect because her ability to take risk is high, but there is low (not high) willingness to take risk.
【Answer to question 2】A
【analysis】
A is correct. The key difference between a wrap account and a mutual fund is that in a wrap account, the assets are owned directly by the individual.
B is incorrect. Wrap accounts can be tailored to the tax needs of a client.
C is incorrect. Wrap accounts have higher required minimum investments.
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