Self-study exam based on a thorough understanding of articles published in Volume 33, Issue 1 of Financial Services Review, the academic journal of the Academy of Financial Services. 

After reading and understanding the two articles required for this exam, the planner will understand:

Investment Planning

D.30. Quantitative investment concepts and measures of investment returns

• d. Explain the use of return distributions in portfolio structuring.
• f. Measure and interpret investment returns including after-tax return, holding period return, effective annual rate, annual percentage rate, time- and dollar- weighted returns, geometric and arithmetic returns.

D.35. Alternative investments and liquidity risk

• a. Define and describe what qualifies as an alternative investment (e.g., cryptocurrency, precious metals, etc.).
• i. Explain asset class and describe the basic differences between the traditional asset classes and alternative asset classes
• ii. Explain the primary rationale and uses for alternative asset classes
• iii. Explain the advantages and disadvantages of incorporating of alternative asset classes in a household's investment portfolio

 Retirement Savings and Income Planning

F.44. Retirement needs analysis

• a. Identify and evaluate the assumptions used in analyzing retirement needs including: age at retirement, cash inflows and outflows in various stages of retirement, goal priority and importance, longevity, rate of investment return, market volatility and effects of inflation.
• d. Recommend a plan for maximizing the probability of achieving the client’s goals and mitigating longevity risk.

Psychology of Financial Planning

H.66. Behavioral finance

• b. Describe how a client's psychology, such as their financial comfort zone, socialization, money beliefs, and past financial experiences and behaviors impact their objectives, goals, understanding, decision making and actions.