11. An investor recently had a life change that prompted her financial advisor, with whom she has been working for several years, to revise her investment policy statement. The next step in determining the investors future asset allocation is:

1. Assessing the investors risk tolerance
2. Selecting a portfolio from the mean-variance efficient frontier allocating to major asset classes
3. Identifying market anomalies
4. Forecasting expected returns and estimating alphas and betas of companies stocks
5. Analyzing financial statements of companies