1.Which asset allocation approach factors in the investor's circumstances and goals as well as capital market conditions in developing a long term plan, but no temporary modifications are made either for changes in investor circumstances or market conditions?

strategic

insured

integrated

tactical

2.Maria is an investment manager for her client, Reginald.Maria worked with Reginald to develop a long term plan and investment allocation to meet his financial goals.Recently, Reginald suffered a temporary reduction in pay due to a pandemic that resulted in reduced hours for him at work as well as decreased bonus payouts in his performance review.Additionally, the market crashed in a spectacular fashion with abnormally high levels of volatility in equities as well as dramatic increases in credit spreads on bonds.If Maria considered this information and, as a result, increased Reginald's equity exposure slightly during the time of panic, but not as much as she would have done if Reginald's employment income was unaffected, which approach to asset allocation is she most likely following?

creative

hypothetical

tactical

integrated