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1、Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27ReadingReferences:1.evelIII,Volume2,StudySession4,ReadingIOManagingIndividualInvestorPortfblioSjCh.2,JamesW.Bronson,CFA,MatthewH.Scanlan,CFA,andJanR.Squires,CFA,ManagbiffInvestmentPortfolios:ADynamicProcess、ThirdEdition(CFAInstitute,2007).1.e
2、velIII,Volume2,StudySession4,Reading14LifetimeFinancialAdvice:HumanCapital,AssetAllocation,andInsurance,”RogerG.Ibbotson,MosheA.Milevsky,PengChen,CFA,KevinX.Zhu(TheResearchFoundationofCFAInstitute,2007).1.OS:2012-11I-2-10-aJ,kJfcfcManagingIndividualInvestorPortfolioswThecandidateshouldbeableto:a)dis
3、cusshowsourceOfwealth,measureofwealth,andstageoflifeaffectanindividualinvestorsrisktolerance;b)explaintheroleofsituationalandpsychologicalprofilinginunderstandinganindividualinvestor;c)comparethetraditionalfinanceandbehavioralfinancemodelsofinvestordecisionmaking;d)explaintheinfluenceofinvestorpsych
4、ologyonrisktoleranceandinvestmentchoices;e)explaintheuseofapersonalitytypingquestionnaireforidentifyinganinvestor,spersonalitytype;f)compareriskattitudesanddecision-makingstylesamongdistinctinvestorpersonalitytypes,includingcautious,methodical,spontaneous,andindividualisticinvestors;g)explainthepote
5、ntialbenefits,forbothclientsandinvestmentadvisers,ofhavingaformalinvestmentpolicystatement;h)explaintheprocessinvolvedincreatinganinvestmentpolicystatement;i)distinguishbetweenrequiredreturnanddesiredreturnandexplaintheimpactthesehaveontheindividualinvestor,sinvestmentpolicy;j)explainhowtosetriskand
6、returnobjectivesforindividualinvestorportfoliosanddiscusstheimpactthatabilityandwillingnesstotakeriskhaveonrisktolerance;k)discusseachofthemajorconstraintcategoriesincludedinanindividualinvestorsinvestmentpolicystatement;I)formulateandjustifyaninvestmentpolicystatementforanindividualinvestor;m)deter
7、minethestrategicassetallocationthatismostappropriateforanindividualinvestor5sspecificinvestmentobjectivesandconstraints;Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27n)compareMonteCarloandtraditionaldeteinisticapproachestoretirementplanningandexplaintheadvantagesofaMonteCarloapproach.201
8、2-I11-2-14-b,c,gLifetimeFinancialAdvice:HumanCapital,AssetAllocation,andInSUraliceThecandidateshouldbeableto:a)explaintheconceptanddiscussthecharacteristicsofuhumancapitalasacomponentofaninvestorstotalwealth;b)discusstheearningsrisk,mortalityrisk,andlongevityriskassociatedwithhumancapitalandexplainh
9、owtheseriskscanbereducedbyappropriateportfoliodiversification,lifeinsurance,andannuityproducts;c)explainhowassetallocationpolicyisinfluencedbytheriskcharacteristicsofhumancapitalandtherelativerelationshipsofhumanCaPitaLfinancialcapital,andtotalwealth;d)discusshowassetallocationandtheappropriatelevel
10、oflifeinsuranceareinuencedbythejointconsiderationofhumancapital,financialcapital,bequestpreferences,risktolerance,andfinancialwealth;e)discussthefinancialmarketrisk,longevityrisk,andsavingsriskfacedbyinvestorsinretirementandexplainhowtheseriskscanbereducedbyappropriateportfoliodiversification,insura
11、nceproducts,andsavingsdiscipline;f)discusstherelativeadvantagesoffixedandvariableannuitiesashedgesagainstlongevityrisk;g)recommendbasicstrategiesforassetallocationandriskreductionwhengivenaninvestorprofileofkeyinputs,includinghumancapital,financialcapital,stageoflifecycle,bequestpreferences,risktole
12、rance,andfinancialwealth.Question:1Topic:IndividualPM(IPSandHumanCapital)Minutes:27GuidelineAnswer:PartATocalculatetherequiredreturnneededtoreachthetargetannuityfuturevalue,usethefollowinginputs:Numberofyearstoretirement=15Annualsavings=-25,000Currentportfoliovalue-650,000(900,000-250,000trustcontri
13、bution)Targetportfoliovalue=1,600,000Thensolvefori:i=3.6467%or,roundedto3.65%PartBAlonso,sabilitytotakeriskappearstobeaboveaverageforthefollowingreasons:Hehastheabilitytoconsistentlysavepartofhisannualearnings.Hehasarelativelylargeassetbaseincomparisontohisgoal,andthusalowrequiredrctu,allowinghimtow
14、ithstandshort-tcnnmarketvolatility.Alonsomakesasubstantialgifteveryyeartoachildrenssportsprogram.Ifnecessary,hecoulddecreaseoreliminatethegift,reducinghisexpenses.Alonsohasamedium-tolong-terminvestmenthorizonforsavingthefundsneededatretirementAlonsodoesnotplantoleaveanestate.Question:1Topic:Individu
15、alPM(IPSandHumanCapital)Minutes:27PartCTemplateforQuestionI-Ci.Describeonechangeinlonsoa,scircumstancesthathas:decreasedhisearningsrisk.Alonsonowhasalongerterm(guaranteed10-year)contract,insteadofaone-yearcontract.Thisreducestheriskofasubstantialdropinhisincome.ORAlonsosincreasedsavingscanhelptooffsethisearningsrisk.increasedhisearningsrisk.TheguaranteeonAlonso,semploymentcontractisbackedbycorporateownership,subjectingAlonsotothecreditriskoftheownersandthepossibilityofasubstantialdropinhisincomeincaseofdefault.ii.DescribeonechangeinAlonso,scircumstancesthathas:decreasedhis
