a. Discuss the objectives and constraints that need to be considered when formulating the statement of advice. b. Describe situational profiling and psychological profiling and their roles in financial planning. c. What is behavioural finance? Explain the role of behavioural finance in understanding a client’s risk perception. d. In an efficient market, investors cannot systematically earn abnormal returns. What are the roles of financial planners/advisors assuming that markets are operating efficiently? e. What are the typical investment objectives for investors in different life phrases, namely foundation, accumulation, maintenance and distribution?