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一只可爱的猪 · 2022年08月28日

这道case题中的小问题

1、Noèmie Açor works for an international bank as a private wealth adviser. Açor speaks several regional languages in addition to her native language. She prepares for two client meetings next week. First, Açor will meet with Winifred Njau, who has recently retired. Njau has made a charitable pledge to a non-profit university endowment, the Udhamini Fund. Açor prepares a draft of the investment objectives section of an investment policy statement (IPS) for Njau using selected client information, which is presented in Exhibit 1.




Açor’s notes from her previous meeting with Njau indicate the following behavioral considerations related to Njau’s retirement planning:

Njau would like to increase her level of spending if supported by investment projections.

Although Njau could pay a lump sum and receive a series of fixed payments, she prefers not to lose control over her assets.

Njau understands the risk–return relationship and is willing to accept some short-term losses to achieve long-term growth.

Next, Açor reviews a recent risk tolerance questionnaire completed by Njau, which relates to overall portfolio risk. Açor focuses on the type of capital sufficiency analysis to perform for Njau. To determine the optimal allocation, Açor seeks to ensure that Njau’s charitable pledge can be met and implements a goal-based investing approach. Açor runs a Monte Carlo simulation to determine the probability of success, which is the likelihood that Njau can meet her charitable pledge objective. The simulation results are presented in Exhibit 2.




One week after this meeting, the bank sends a client satisfaction survey to Njau. In response to questions about Açor’s soft skills and technical skills, Njau responds with the following comments:

Comment 1 Açor constructed a portfolio that is appropriate for my unique situation.

Comment 2 Açor spoke to me in my own regional language throughout the meeting.

Comment 3 Açor educated me about how my investments perform and affect my portfolio.

Açor’s second meeting will be with Thanh Bañuq. Bañuq is Njau’s nephew and serves on the board of directors of Udhamini. Açor obtained the essential facts about Bañuq when she opened his account, including his risk and return objectives and the origin of his wealth. In preparation for the meeting, Açor considers the high level of taxes that Bañuq pays. Açor will recommend changing the asset location of highdividend-paying equities that Bañuq owns from a taxable account to a retirement account with tax-free earnings and withdrawals.

During their meeting, Açor and Bañuq discuss charitable pledges that Udhamini has recently received and the likelihood that Njau will meet her charitable pledge. Bañuq then asks Açor the following question:

“How might my investment objectives and constraints differ from those of a typical university endowment, such as Udhamini?

The day after Açor’s meeting with Bañuq, Açor realizes that her actions in the meeting may have raised an ethical concern.

(1)Based on Exhibit 1, which of the following items is Açor most likely to include in the section of the IPS she is drafting for Njau?

A Moderate risk tolerance 

B 40% allocation to equities 

C $500,000 charitable pledge in 15 years

答案C

难道A中的 risk tolerance 不需要在IPS中说明吗?

(3)Açor’s recommendation regarding asset location in Bañuq’s portfolio is most likely an example of tax:

A deferral.

B reduction.

C avoidance.

答案C

为什么这题是选C,不是选B呢?TEA账户不免税啊


3 个答案
已采纳答案

王暄_品职助教 · 2022年08月29日

所以TDA和TEA账户都是tax avoidance,对吗

是的,都是完全规避了投资税收。

王暄_品职助教 · 2022年08月28日

2、为什么这题是选C,不是选B呢?TEA账户不免税啊

Acor建议把分红多的股票从taxable account转移到一个retirement account(也就是TDA)去避免交税。TDA账户存入的时候不交税,在账户里操作也不要交税,只有取出要交税。所以相当于把投资税收全部规避,并不是仅仅减免,所以是C。

王暄_品职助教 · 2022年08月28日

1、难道A中的 risk tolerance 不需要在IPS中说明吗?

在结合题目对应的信息点:如下图

我们会发现,实际上,题目是说Acor在准备IPS的【investment objective section】,所以本题问Exhibit 1中哪个应该包含进去。

 

所以本题考查 【Background and investment objectives--投资目标】部分包括哪些内容,而50万的慈善款项就属于投资目标,所以选C。

 

risk tolerance属于Investment Parameters、allocation属于Portfolio Asset Allocation,这两个不属于投资目标所以不需要包括进去。

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