《Kaplan考试和QBank二级（考友版）：V1阶段考试1 AM（题目+解析）.docx》由会员分享，可在线阅读，更多相关《Kaplan考试和QBank二级（考友版）：V1阶段考试1 AM（题目+解析）.docx（69页珍藏版）》请在第壹文秘上搜索。
1、CFALevel11Questions#1-6of60UsethefbllovinginformationtoanswerQuestions1through6.Forthepast15years,SusanLuna,CFA,KyleLawson,CFA,andMattMiller,CFA.haveworkedtogetherasequityanalystsandIhenequityportfoliomanagersintheJivestmentmanagementdivision(BIMCO)ofBroadwayLifeInsuranceCompany.Forthepastfi,eyears,
2、theIhreeassociateshaveworkedtogethermanagingtheBIMC0AggressiveGrowthFund(BAGF).DuringIheirmanagementtenure,theBAGFhadexcellentperformanceandwaswellrecognizediefinancialpress.Justoveroneyearago,BroadwayLifewasacquiredbyalargercompany,GobbleInsurance,andaspartoftheconsolidationprocess,BlMCOwasclosed.T
3、heclosurealbwcdLuna,Lawson,andMillcrlostartIheirowninvestmentmanagementfilm,TrioInvestmentManagementLLC(TIM).TIMfocusesonthesmallcapitalizationgrowthequitiesarea.ThisisthesameinvestmentfocusastheBGF,butTTMwi11haveindividuallymanagedaccounts.SeveralcaseshavearisencallhgforIiterpretationastoconsistenc
4、ywithCFAInstituteStandardsofProfessionalConduct.Case1TIMmarketsitshvestmentmanagementservicesbycontractingwithsmall,bcalbanktrustdepartments.OneofthenewestbanktrustclientsfcrTIMisShadowMountainBankandTrustJudySampson,CFA,thetstofficerforShadowMountain,hasscheduledameetingwithapotentialclient.WhenLaw
5、sonarrivesfortieclientmeeting,hefdsthatalltheTIMmarketingmaterial,TicludingbiographiesofTIMportfoliomanagers,hasbeenrelabeledbySampsonastheShadowMountainWealthManagementTeam.SampsonhasalsoaddedtheperfonanccofBAGFintothecuontTIMEqUityCompositeIndexportfolioandrelabeledtheresultantcombinedgraph,theSha
6、dowMountainEquityCompositeIndex.SampsonstatesthatmakingsuchchangeswouldprobablypleaseclientsandimprovethechancesofacquiringadditionaltrustmanagementaccountsforShadowMountainandTIM.LawsongoesalongandmakesthepresentatbntothepotentialclientusingtheShadowMountainmarketingmate*ialandtherelabeledBAGFT1Meq
7、uityperformancerecordCase2SusanLunaofTIMismeetingwithSolWurtzel,anInstititionalsalesmanforTurnByerahrgenationalbrokeragefn.LunacomplainsthatTIM,stechnologycostsaretoohigh,especiallyIheiroutsidesoftwareservicescosts.TIMcurrentlysubscribesIdtwoinvestment-relatedsoftwareservices*Thefirstsoftwarevendori
8、sStockCalSoftwareServices(StockCal),whichprovidesvaluationandstock-chartingcapabilitiesthatTIMusesinitsequityresearchandselectionprocess.TheothervendorisAdd-InvestSoftware(Add-Invest),asoftwareprogramprovidingaccountmanagementandperfoimanceevaluationreporting,whichTIMusesindevelopingmonthlyreportsfo
9、rallclients.InresponsetoLunalWurtzelsuggestsIhatTurnByerhasanexcellentsoftdoUartradingdeskandwouldbewilligtooffertocoverTIM*SStockCalandAdd-Investexpensesthroughsoftdollarcommissions.LunathenreviewsT1M,SprojectedcommissiondollarsforIheyearanddecidestherearemorethanenoughsoftdollarstopaytheStockCal,A
10、GF,andAdd-InvestSoftwarebillscombined.LunabelievesshecanbeassuredofexcellentIradCexecutionfromTurnByerandimprovedprofitabilityforTIMbecauseoftheincreaseduseofsoftdollarsLunathendirectsthattheStockCalandAdd-Investsoftwareservicesbepaidforwithsoftdollarorclientbrokeragedollars.Case3SolWUrtZeLtheequity
11、salesmanforTurnByer,hasreferredseveralclientstoTIMoverthepastyear.Jiifeet,Wurtzelreferralscurrentlyaccountftralmost20%oftheassetsmanagedbyTIM.TheprincipalsofTTMdecidetorewardWurtzel,eitherbydoublingthecommissionspaidontradesexecutedthroughTurnByeronWurtzesreferralaccounts,orbypayingWurtzelacashrfcrr
12、alfeeforeachadditionalTlMaccountopenedbyaWurtzelrcfurml.Theprincipalsagree(hatanycashreferralfeewouldneedtobedisclosedtoclientsradvance.Case41.unanotesthatherclientshavebecomeincreasinglyawareofthedirectedclientbrokerage/softdollarcommissionsissue.tarecentmeetingwithoneofherhrgepensionclients.Servic
13、eWorkersUnionLocalNo.1418,thesubjectofdirectedcommissionscameup.Uponlearningofthecommissiondollarsavailableto1hei*account,theUniontusteesdirectedLunatouseIheirclientbrokerageofapproximately$25,000todonatetoaIhinkIankcalledtheHooverStudyCenterofUnionsatSamfordUniversi.ServiceWorkerstrusteesbelievethe
14、Hooverstudywillicreasethepublicawarenessofthebenefit;unionsoffertoIheirmembersandincreaseunionmembership.LUnaconcurswithIhetrusteeSjudgmentonincreasingunionenrolentasagreatgoal,andfollowstheclientsXstructionsandmakesthe$25,000contributiontotheHooverStudyCenter.Anotherclient,RosaLutz,hasaskedLunatocr
15、editesoftdollarclientbrokerageproceedsfiomherpersonalretirementaccountstoRoswelIAcademy,toupdatetheircomputerhb.LunaagreesthatanewcomputerlabforRoswellAcademyisgreatlyneeded,andsheaUocates$10,000OfLUtZScommissiondollarstoRoswellAcademy.Question#1of60Question:1212644DidSampsonand/orLawsonviolatetheCF
16、AInstituteStandardsOfProfessionalConductwithrcspecttopresentingtheTIMbiographiestotheclient?A)Yes,bothSampsonandLawsonviolatedtheStandards.B)Yes,SampsonviolatedtheStandards,whileLawsondidnotC)NeitherSampsonnorLawsonviolatedtheStandards,becausesuchoutsourcingispermitted*Question I): 1212645Question#2of60Sampson*SuseofIherelabeledBGFinvestmentperfbimancerecordviolatesCFInstituteStandards:A)onlyifSampsonfailstoincludewrit
