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Foundations of Wealth Management Week 1

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Questions and Answers

What is the most common definition of a high net worth (HNW) individual or family in Canada?

$1 million or more in liquid assets (correct)
$10 million or more in investable assets
$2 million or more in short-term liabilities
$5 million or more in real estate

Which type of assets are included in the definition of a high net worth individual?

Liquid assets only (correct)
Real estate and long-term liabilities
Real estate and short-term liabilities
Short-term liabilities only

What is considered ultra-high net worth (UHNW) in Canada?

$10 million or more in liquid assets (correct)
$5 million or more in real estate
$2 million or more in short-term liabilities
$1 million or more in investable assets

Which occupational groups are mentioned as examples of clients that some HNW advisory firms specialize in?

Professional athletes and entrepreneurs (D) Signup and view all the answers

What distinguishes ultra-high net worth (UHNW) individuals from high net worth (HNW) individuals?

UHNW individuals have at least $10 million in liquid wealth (D) Signup and view all the answers

Which segments of clients are mentioned as having different goals, objectives, and challenges?

Entrepreneurs and retirees (D) Signup and view all the answers

Which of the following statements accurately describes the Canadian wealth management industry in relation to London and Switzerland?

The Canadian market has historically been less well-defined compared to London and Switzerland. (A) Signup and view all the answers

What is a key characteristic of high net worth (HNW) individuals or families in Canada?

They must have at least $1 million in investable assets, excluding real estate. (A) Signup and view all the answers

What distinguishes ultra-high net worth (UHNW) individuals from high net worth (HNW) individuals in Canada?

UHNW individuals have $10 million or more in liquid wealth, while HNW individuals have at least $1 million in investable assets. (D) Signup and view all the answers

Which occupational group is NOT mentioned as an example of clients that some HNW advisory firms specialize in?

Healthcare professionals (C) Signup and view all the answers

What are some key segments of high net worth (HNW) clients mentioned in the text?

Retirees and entrepreneurs (A) Signup and view all the answers

What trend have some HNW advisory firms started to follow regarding specialization?

Specializing and catering to specific occupational groups like entrepreneurs and professional athletes (C) Signup and view all the answers

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