Capítulo 2 de 435% del examen
Client Recommendations & Investment Strategies
Building a client profile and making suitable recommendations: risk, asset allocation and portfolio construction, taxation, retirement and estate planning, trading approaches, and performance measurement used to serve the client's objectives.
Client Profiling & Suitability
Suitability begins with understanding the client's financial situation, objectives, risk tolerance, time horizon, and constraints before any recommendation.
Time horizon strongly shapes recommendations; short-horizon goals favor liquidity and preservation, while long horizons can bear more equity risk.
Concentrated positions, especially in employer stock, create outsized unsystematic risk that advisers should address through diversification.
Behavioral biases such as loss aversion can lead to poorly timed selling; advisers coach clients toward a disciplined plan.
Asset Allocation & Portfolio Strategy
Strategic asset allocation sets long-term target weights and rebalances periodically, contrasting with tactical shifts.
Diversification across low-correlation assets reduces unsystematic risk but cannot eliminate systematic market risk.
The efficient frontier represents portfolios offering the highest expected return for a given level of risk.
Rebalancing and glide-path approaches enforce discipline and align risk with a client's changing time horizon.
Risk and Performance Measurement
Standard deviation measures total volatility; for equal returns, lower standard deviation is preferred on a risk-adjusted basis.
Beta measures systematic risk relative to the market, while the Sharpe ratio expresses excess return per unit of total risk.
Alpha measures return above what beta would predict, and R-squared and tracking error show how closely a fund follows its benchmark.
Duration estimates a bond's price sensitivity to interest-rate changes.
Taxation Strategies
Assets held longer than one year produce long-term capital gains taxed at preferential rates; short-term gains are taxed as ordinary income.
The wash-sale rule disallows a loss when substantially identical securities are bought within 30 days before or after the sale, adding the loss to basis.
Tax-loss harvesting realizes losses to offset gains and a limited amount of ordinary income, with excess carried forward.
Qualified dividends and donations of appreciated securities offer tax efficiency, and private-activity municipal bond interest may be an AMT preference item.
Retirement & Estate Planning
Roth IRAs use after-tax contributions with tax-free qualified distributions; traditional IRA early withdrawals generally incur tax plus a 10% penalty.
Direct rollovers preserve tax deferral, while Roth conversions are taxable and require planning for the liability.
Irrevocable trusts can remove assets from the taxable estate, and the annual gift tax exclusion allows tax-free gifting up to a set amount per recipient.
529 plans provide tax-advantaged growth for qualified education expenses within a comprehensive financial plan.
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Last updated: July 2026