Financial Planner

Answer: B - Control is not a phase of life cycle associated with a client’s risk tolerance. In the accumulation phase, individuals are accepting of high-risk investments for above-average returns. In the consolidation phase, individuals are accepting of moderate-risk investments. In the spending phase, individuals are accepting of low-risk investments. In this phase, the overall portfolio is less risky than during the consolidation years, but individuals still need to have some risky growth investments, such as common stock, for inflation protection. The gifting phase risk level is comparable to the spending phase.