"Portfolio Management":Parcel account

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來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2021/03/17 14:24:18　字體：大小

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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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