答案和详解如下： Q5. The planning Ryals is helping the Arlts do regarding showing them how much they would have to save today to meet their retirement needs is helping to mitigate what type of risk? A) Savings risk. B) Longevity risk. C) Earnings risk. Correct answer is A) Savings risk is the risk of spending too much now and not saving enough for later on in life. This risk is usually caused by a lack of proper planning which Ryals is helping the Arlts determine how much they would have to save given their various constraints of when they want to retire, how long they will live, expected returns before and during retirement, and whether or not to assume there will be anything left over of the portfolio after they die.
Note: CFA Institute almost always assumes the asset base in the portfolio will not be touched in retirement and that the investor will live off the total return of the portfolio instead of a combination of the total return and principal as in this question. Q6. What type of risk will the purchase of the deferred variable annuity mitigate against? A) Longevity risk. B) Savings risk. C) Financial market risk. Correct answer is A) The deferred variable annuity will mitigate against longevity risk which is the risk of living too long by paying out an income stream for the remaining life of the purchaser of the annuity. Savings risk relates to consuming too much now and not saving enough for retirement. Purchasing an annuity may help to decrease savings risk because this forces the person to save a portion of their income but the main purpose of an annuity is to provide an income stream for life. Financial market risk is the risk of a person’s wealth decreasing due to a downturn in the financial markets. A remedy for financial risk is to diversify your assets. A variable annuity can hedge against financial risk because they offer the ability to diversify among many different types of equity and fixed income investments. Thus, even though a deferred variable annuity can help to reduce savings risk and financial market risk through diversification options, the main purpose of an annuity is to provide an income stream for life which reduces longevity risk. Q7. The three phases of an investor’s life in the correct order are: A) preparation, savings, and retirement. B) accumulation, retirement, and post-retirement. C) preparation, accumulation, and retirement. Correct answer is C) Preparation, accumulation, and retirement are the three phases of an investor’s life. The preparation phase occurs first when the investor receives necessary training or education. During the accumulation phase the investor builds financial capital through savings and investment growth. At the retirement stage, the investor’s human capital is at zero, so the investor relies on distributions from the portfolio to meet living expenses. | 
发表于 2009-1-20 10:15
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