Identifying Your Investor Profile - Merrill
Identifying your Investor ProfileNameDateDetermining risk toleranceOne of the first steps in developing an investment strategy is to identify your tolerance for risk as an investor, referred to as your InvestorProfile. It can depend on the goals you are investing toward, as well as your personality, in making investment decisions.Merrill Edge has identified investor profiles that generally coincide with the ways in which investors characterize themselves, theirobjectives, and their feelings about risk. Each investor profile — Conservative, Moderately Conservative, Moderate, Moderately Aggressiveand Aggressive — has an associated asset allocation based on your overall risk tolerance.Review the investor profile descriptions on page 5 and the investor profile models on page 6 to identify the Investor Profile that bestdescribes your investment objectives. Or you can complete the self-evaluation to help identify your personal investment preferences.This evaluation will measure your reaction to market volatility and help you identify your investment objectives.Investor Profile self-evaluationPlease read and answer the following questions. Then, use the scoring process to identify the Investor Profile that corresponds to yourfeelings about investing. A description of each profile is provided on page 5. Your Investor Profile will be based on all of your responsescollectively, with no single question being the determining factor.12When you invest money,what is your primary goal?a. Preserve the value of my investments. I want tominimize the risk of my investments losing value.b. Emphasize current income. My investments should berelatively safe.c. Generate current income. However, I would also like tobuild the value of my investments gradually over time.I am willing to expose my investments to a moderatelevel of risk.The degree to which the value of an investmentincreases and decreases is called volatility (onemeasure of risk). More volatile investmentsgenerally offer greater long-term growthpotential than less volatile investments, butthey may produce greater losses. How muchvolatility are you comfortable with?a. As little as possible. I want to focus on current incomeand stability of value even if it means that my totalreturns are relatively small.b. Some. I am willing to accept occasional losses in valueas long as my investments have some potential forgrowth over time.d. Have the value of my investments grow over time.However, I would also like to generate some currentincome. I am willing to expose my investments to afair level of risk.c. Moderate. I am willing to take moderate risk as longas my investments have a greater potential for growthover time.e. Have the value of my investments grow substantiallyover time. I do not need to generate current income.I am willing to expose my investments to aconsiderable level of risk.d. A considerable amount. I am willing to take asubstantial risk in pursuit of higher total returns.1
36Extremely conservative investments sometimesearn less than the inflation rate. This may resultin the loss of purchasing power. With respectto your investment objectives, which of thefollowing is most true?If you could choose only one of the fivehypothetical portfolios characterized below,which would you select?20a. My investments should be safe, even if it means myreturns do not keep pace with inflation.11.7%105ALowestAnnual ReturnYou understand the value of investments willfluctuate over time, depending on the amountof risk taken. What is the approximate loss inany one-year period that you would be willingto accept before deciding to change yourinvestments?b. (5%) to (10%)e. (25%) or more4.4%0Highest 10.3%Annual Returnd. My investments should grow much faster thaninflation. I am willing to accept considerable riskto achieve this goal.d. (15%) to (25%)8.8%6.5%c. It is important that my investments grow somewhatfaster than inflation. I am willing to accept some riskto achieve this goal.a. Less than (5%)17.2%15b. I am willing to risk an occasional loss of investmentvalue so that my investments may grow at about thesame rate as inflation over time.4Average Annual Total Return0.0%BCDE17.3%26.2%34.0%58.8%(4.7%)(18.9%) (30.8%) (41.1%)a. Portfolio Ad. Portfolio Db. Portfolio Be. Portfolio Ec. Portfolio CNote: These hypothetical portfolios do not correspond to the Merrill LynchInvestor Profile models. “A” represents the least risk, whereas “E” representsthe highest risk. No time frame is provided for the swing between thelowest annual return and highest annual return possibilities, and this graphis used to determine risk tolerance only.c. (10%) to (15%)57Consider two different investments:Investment A, which provides an average annualreturn of 5% with a minimal risk of loss of value,and Investment B, which provides an averageannual return of 10% and a potential loss of 25%or more in any year. How would you divide yourinvestment dollars?20%15%10%5%0AverageAnnual Return5%a. Short term — 0 to 2 yearsb. Medium term — More than 2 but less than 5 yearsc. Long term — 5 years or more8AverageAnnual Return10%ABMinimal Riskof LossLowestAnnual Return-25%When is the earliest you anticipate needing all ora substantial portion of your investment assets?Are your total investment assets less than 1 million?a. Yesb. No9If your response to Question 8 is No, is theamount you are investing less than 10% ofyour total investment assets?a. Yesb. Noa. 100% in Investment A and 0% in Investment Bb. 80% in Investment A and 20% in Investment Bc. 50% in Investment A and 50% in Investment Bd. 20% in Investment A and 80% in Investment Be. 0% in Investment A and 100% in Investment B2
Determination of Investor Profile modelSTEP1For easy reference, list your answer to eachquestion in the box above the question number.Then, circle the number of points awardedfor your response to each question, add thepoints and record your total points in the boxto the right.My answers2Response toQuestion 3123456a111111b333333c577555d799777e9999b – MEDIUMc – LONGConservativeConservativeConservativeb, c or ponse toQuestion 1List your answers to questions 7–9 in the boxesabove the question numbers, and circle yourresponse below.Questions3a – SHORTaIf your total points are 16–25 and:789aShortYesYesbMediumNoNocLongResponse to Question 7a – SHORTb – MEDIUMc – eb, c or ConservativeModerateIf your total points are 26–34 and:My answersSTEPResponse to Question 7Total pointsQuestionsSTEPIf your total points are 6–15 and:Response toQuestion 1a – SHORTb – MEDIUMc – LONGa or ModerateModeratelyAggressived or eFind the matrix that corresponds to your totalpoints. Read down and across, using yourresponses to the selected questions, to identifyyour Investor Profile.Response to Question 7If your total points are 35–44 and:Response toQuestion 8a – YesResponse to Question 7a – SHORTModerateb – Nob – MEDIUMc – LONGModerateModeratelyAggressiveProceed to next chartMy Investor ProfileResponse toQuestion 9Response to Question 7a – SHORTb – MEDIUMc – LONGa – YesModerateModeratelyAggressiveAggressiveb – NoModerateModerateModeratelyAggressiveIf your total points are 45–54 and:Response to Question 73a – SHORTb – MEDIUMc – LONGModerateAggressiveAggressive
Investor Profile sample scoringThe scoring procedure involves four steps:My answers1 Totaling your points per your responses to 1–6.Total pointsQuestions2 Identifying your responses to 7–9.3 Selecting the correct scoring matrix per your total points.4 Responding to the questions in the matrix per your previousanswers.If you have difficulty understanding this procedure, refer to thesample test e frame to invest: More than two but less than five yearsMy answersQuestions789aShortYesYesbMediumNoNocLongIf your total points are 35–44 and:Response toQuestion 8a – YesResponse to Question 7a – SHORTb – MEDIUMc – LONGModerateModerateModeratelyAggressiveb – NoResponse toQuestion 9Proceed to next chartResponse to Question 7a – SHORTb – MEDIUMc – LONGa – YesModerateModeratelyAggressiveAggressiveb – NoModerateModerateModeratelyAggressiveThe investor scored 36 points and therefore selects the 35 – 44 scoring matrix toidentify her Investor Profile. She pencils in her response to Question 8 on the matrix,reads across and follows the directions to proceed to the next matrix. On the nextmatrix, she fills in her responses to Questions 9 and 7, and reads across and down fromher answers to find her Profile — Moderate.4
Investor Profile descriptionsThe chart on the right shows the target asset allocation for eachinvestor profile and a corresponding description. The investorprofiles do not consider alternative investment exposure.Conservative Target AllocationStocks 20%Bonds 55%An individual’s profile as an investor can depend on several criteria,including:Cash 25% The goal and its time frameInvestors who have multiple goals often are willing to take morerisk with some goals than with others. Generally, a critical goalor an objective that has a time frame of less than three yearsmay dictate a conservative investing approach. Less critical goalsor objectives with time horizons of more than three years mayallow for a more aggressive investing approach, because there isgenerally time to recover from market downturns.For investors who are predominately risk-averse.Primary focus is on portfolio stability and preservationof capital. Investors using this model should be willingto achieve investment returns (adjusted for inflation)that are low or, in some years, negative, in exchangefor reduced risk of principal loss and a high level ofliquidity. A typical portfolio will be heavily weightedtoward cash and fixed income investments.Moderately Conservative Target AllocationStocks 40%Bonds 50%Cash 10% PersonalitySome people’s personalities are simply geared toward lesser orgreater risk taking.For investors who are somewhat risk-averse. Primaryfocus is to achieve a modest level of portfolioappreciation with minimal principal loss and volatility.Investors using this model should be willing to absorbsome level of volatility and principal loss. A typicalportfolio will include primarily cash and fixed incomeinvestments with a modest allocation to equities. Income and asset baseThe larger your income and asset base, the more risk you may bewilling to take, at least for some subset of your investments. Thisis because you have a greater ability to recover from investmentsthat may not perform as expected. Conversely, some investorswith a large asset base may feel more comfortable with a moreconservative approach, knowing they do not need to take onadditional risk in order to meet their goals.Moderate Target AllocationStocks 60%Bonds 35%Cash 5%For investors who are willing to take a moderatelevel of risk. Primary emphasis is to strike a balancebetween portfolio stability and portfolio appreciation.Investors using this model should be willing to assumea moderate level of volatility and risk of principal loss.A typical portfolio will primarily include a balance offixed income and equities.Moderately Aggressive Target AllocationStocks 70%Bonds 25%Cash 5%For investors who are willing to take a fair amountof risk. Primary emphasis is on achieving portfolioappreciation over time. Investors using this modelshould be willing to assume a high level of portfoliovolatility and risk of principal loss. A typical portfoliowill have exposure to various asset classes but will beprimarily weighted toward equities.Aggressive Target AllocationStocks 80%Bonds 15%Cash 5%For investors who are willing to take substantial risk.Primary emphasis is on achieving above-averageportfolio appreciation over time. Investors usingthis model should be willing to assume a significantlevel of portfolio volatility and risk of principal loss. Atypical portfolio will have exposure to various assetclasses but will be heavily weighted toward equities.Merrill Lynch has changed the allocations for each model in the past and might change the allocations in the future, depending uponresearch and investment strategy recommendations. These target allocations are current as of August 2013.5
Investor Profile modelsThe grid to the right illustrates the trade-offs that must beconsidered when designing an investment strategy. YourMerrill Edge Financial Solutions Advisor can help you finda balance between risk and return potential to create aninvestment strategy tailored to your specific urnPotentialLessMORETargetAssetAllocationStocks 20%ConservativeBonds 55%Cash 25%ModeratelyConservativeStocks 40%Bonds 50%Cash 10%Stocks 60%ModerateBonds 35%Cash 5%ModeratelyAggressiveStocks 70%Bonds 25%Cash 5%Stocks 80%AggressiveBonds 15%Cash 5%Merrill Lynch has changed the allocations for each model in the past and might change the allocations in the future, depending uponresearch and investment strategy recommendations.Although the Investor Profile asset allocation does not consider alternative investments, certain investments in the Portfolios youselect based on your investor profile may be classified as alternative investments. These may include investments in asset classes suchas commodities and real estate, as well as investments in non-traditional funds (“NTFs”). NTFs are investments such as mutual fundsand exchange-traded funds (“ETFs”) that we classify as alternative investments because of the investment strategies used and/or thealternative asset exposure they provide. Merrill Lynch may classify these investments, including NTFs, as ‘Alternative Investments’ onyour asset allocation reporting because we believe that may be a more accurate characterization of the risk/return attributes of theseinvestments than classifying them as stocks. The alternative investment exposure is anticipated to be minimal.The Investor Profile model allocations are prepared by the Investment Management & Guidance Group (IMG). The views expressed are those of IMG only and are subject to change.This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill Lynchentity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) andself-directed online investing.MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.Investment products:Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose Value 2013 Bank of America Corporation. All rights reserved. ARUL4DDD BRO-06-13-0327 00-66-0533NSB 08/20136
Investor Profile self-evaluation Please read and answer the following questions. Then, use the scoring process to identify the Investor Profile that corresponds to your feelings about investing. A description of each profile is provided on page 5. Your Investor Profile will be based on all of your responses
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