NO.PZ2018091705000114
问题如下：
Val Sili, age 22, has just graduated from college and begins making ambitious future financial plans. The four stages of his plan are summarized below. Sili would like to have outside financial advice at each of these stages.
Stage 1—Age 22–26: Sili plans to work as a software developer in a startup company, where he will earn both a salary and stock options. He will save as much as he can to invest, but his portfolio will be relatively small, and he will be willing to pay only low management fees. Sili would like to use a sophisticated mean–variance optimization technique for asset allocation, although he will limit his investments to exchange- traded funds and mutual funds.
Stage 2—Age 26–30: Sili will have reached a more senior position in the company. He plans to have accumulated assets of $350,000, and his investment focus will be on building his portfolio. Sili will want help with his increasing financial planning needs and will be able to afford the fees of a professional wealth manager.
Stage 3—Age 30–36: Sili plans to exercise his stock options to buy a large quantity of the company’s stock at a price significantly below its market value. The proceeds should increase his portfolio value to $8 million. Sili will quit his job to start his own software company. Sili will be interested in more sophisticated investments with longer time horizons, greater risk, and less liquidity. He will also want specialized advisers for taxes, legal issues, and investment strategies.
Stage 4—After Age 36: Sili will sell his software company for $200 million and retire. He will spend his retirement traveling on his private jet and collecting artwork for his collection; therefore, he will need advice on acquiring high- end assets. The substantial increase in the value of his investment portfolio will allow him to have a multi- generational time horizon. He will require a wider range of investment advisory services, including complex tax planning, estate planning, and bill payment services.
Determine the client segment or adviser type that is most appropriate for each stage of Sili’s plan. Justify each response.
选项：
解释：
备注：这个是原版书的课后题，答案协会是根据老考纲写的，新考纲后协会未对这个题进行勘误。由于题目协会这么出的，目前只能保留这个答案。等协会勘误后进行对应修改。
No.PZ2018091705000114 (问答题)
