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What is the first major step in setting investment objectives?







Assessing risk tolerance.

Estimating security betas.

Evaluating the capital markets.






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Answer: A

Explanation: Because the expected return of an investment is based upon its risk, the first step in setting investment objectives is assessing the risk tolerance of the investor.


Choice ""b"" is incorrect. The risk of securities is estimated only after investment objectives have been defined.


Choice ""c"" is incorrect. Evaluating the capital markets is part of the Situation Analysis step of the portfolio management process, which is performed well after the assessment of client risk.








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