问题如下：
Prepare the Investment Objectives section of Patel’s IPS.
Patel has been working with Zik for 10 years. At the beginning of the 10- year period, Zik forecasted that the equities in Patel’s portfolio would outperform their benchmark and that the bonds would match their benchmark. Now, at the end of the 10- year period, equities have outperformed the benchmark, but with higher volatility than the benchmark. In addition, the bonds in the portfolio matched their benchmark performance, but with lower volatility than the benchmark. However, returns and volatility are within IPS specifications for both equities and bonds.
Patel stated his goals to Zik at the beginning of the 10- year period and has not changed them. Patel’s plan is to retire this year, and he wants to be able to support a specified annual spending level.
Zik’s original capital sufficiency analysis modeled a 6% rate of return, and Patel’s portfolio has earned slightly more than that over the 10- year period. Zik’s most recent capital sufficiency analysis shows that the portfolio and strategy are very likely to meet Patel’s needs as he transitions into retirement.
Zik has followed the guidelines stated in the original IPS in terms of rebalancing the portfolio, maintaining an ongoing dialog with Patel, and coordinating the strategy with Patel’s retirement and philanthropic goals. Although fees have remained unchanged at 1%, Zik has been able to reduce expenses for equities by 20 bps and for bonds by 12 bps.
选项：
解释：
Investment Objectives:
■● Purpose: Support Patel’s lifestyle in retirement (higher priority), provide for family’s needs (higher priority), fund philanthropic activities (lower priority), provide inheritance for children (lower priority)
■● Anticipated annual need: €200,000, with annual increases for inflation
■● Annual need met with: Income from small business (approx. €120,000), pension (€50,000 with annual inflation increases), portfolio distributions
■● Intent to purchase of €1.4 million vacation home in three years
■● Zik should assist in quantifying philanthropic and bequest goals and determining how to fund the vacation home purchase.
The purpose of this portfolio is to support Garbanzo Patel’s lifestyle in retirement, to provide for his family’s needs, to fund his philanthropic activities, and to provide an inheritance for his children. Patel’s primary objective is to provide for his family’s needs and support his lifestyle during his retirement. The philanthropic and bequest objectives are lower priorities.
To meet all his objectives, Patel anticipates needing €200,000 per year, with annual increases for inflation. His cash needs will be primarily satisfied through income from his small business of approximately €120,000 per year and his union pension payments of €50,000 per year. The pension payments will increase annually for inflation. Any remaining cash needs will be satisfied by taking distributions from his portfolio.
Patel also intends to purchase a vacation home in three years and plans to pay approximately €1.4 million.
Patel has not articulated specific amounts for his philanthropic activities or his children’s inheritances. Zik should work with Patel to quantify his philanthropic and bequest goals and to decide on the best way to fund the purchase of his vacation home.
请问考试时答bullet points就可以拿分吗？还是说要写成答案中的一段话。
