Reading 14. Lifetime Financial Advice: Human Capital, Asset  Allocation, And Insurance
　　The candidate should be able to:
　　a. explain the concept and discuss the characteristics of “human capital” as a component of an investor’s total wealth;
　　b. discuss the earnings risk, mortality risk, and longevity risk associated with human capital and explain how these risks can be reduced by appropriate portfolio diversification, life insurance, and annuity products;
　　c. explain how asset allocation policy is influenced by the risk characteristics of human capital and the relative relationships of  human capital, financial capital, and total wealth;
　　d. discuss how asset allocation and the appropriate level of life insurance are influenced by the joint consideration of human capital, financial capital, bequest preferences, risk tolerance, and financial wealth;
　　e. discuss the financial market risk, longevity risk, and savings risk faced by investors in retirement and explain how these risks can be reduced by appropriate portfolio diversification, insurance products, and savings discipline;
　　f. discuss the relative advantages of fixed and variable annuities as hedges against longevity risk;
　　g. recommend basic strategies for asset allocation and risk reduction when given an investor profile of key inputs, including human capit financial capital, stage of life cycle, bequest preferences, risk tolerance, and financial wealth.
　　　
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