Client Resources

Risk Tolerance Questionnaire

Two assessments, one profile. Schwab’s standard investor model, then our own — and at the end, the Bull Run portfolio your answers point to, measured against the S&P 500 back to 2008.

10–15 minutes Optional now · required eventually

Charles SchwabStandard investor profile model · Part One

Investor Profile Questionnaire

Determine your investment time horizon and risk tolerance

Your investing strategy should reflect the kind of investor you are. This questionnaire contains two assessments. The first is Charles Schwab’s standard model, covering time horizon and risk tolerance. The second is Bull Run’s own, which goes further — measuring how you have actually behaved through real market cycles rather than how you expect you would.

Each assessment produces its own chart. The two are then weighted equally and read against your financial capacity on a third chart, which selects your model portfolio. The average time to complete is 10–15 minutes.

Your time horizon

When will you begin withdrawing money from this account, and at what rate? If that day is many years away, there is more time to weather the market’s inevitable ups and downs — and more room for a portfolio with greater potential for appreciation and a higher level of risk.

Your risk tolerance

How do you feel about risk? Some investments fluctuate far more dramatically in value than others, but may carry the potential for higher returns. It matters that your investments sit inside your own tolerance for that risk — not somebody else’s.

How this is scored

No hidden weighting and no black box. You circle points, add them up, and find where your two subtotals intersect on a chart — exactly the way Schwab’s paper questionnaire works, and we use the same method for our own half. Every point value appears beside its answer as you go.

Schwab — 50% of your tolerance score
Question	Points	Of total
Which range of outcomes is acceptable	10	12.5%
How much risk are you willing to take	8	10.0%
What you own or have owned	8	10.0%
The market drops 25% — what you do	8	10.0%
Your knowledge of investments	6	7.5%
Schwab risk tolerance score	40	50.0%

Bull Run — 50% of your tolerance score
Question group	Points	Of total
Near-cycle scenarios — 5 and 10 year (4 questions)	20	25.0%
Full-cycle scenarios — 20 and 30 year (4 questions)	20	25.0%
Bull Run scenario score	40	50.0%

All eight scenario questions are worth 5 points and carry identical weight — 6.25% of your tolerance score apiece.

The whole range, before you start

Five profiles, and the score each one needs. Every subtotal’s range also appears beside it at the point where you add it up.

0–20Conservative 20–40Mod. conservative 40–60Moderate 60–80Mod. aggressive 80–100Aggressive

Choose the most aggressive answer to every scored question and you finish at 100. Choose the most conservative every time and you finish at 0. Anything in between lands where the arithmetic puts it.

Show the exact ranges for every subtotal

Subtotal	Conservative	Mod. cons.	Moderate	Mod. agg.	Aggressive
Schwab risk tolerance 0–40 *	0–10	11–17	18–24	25–31	32–40
Bull Run scenarios 8–40	8–13	14–19	20–25	26–32	33–40
Track record 2–10	2	3–4	5–6	7–8	9–10
Capacity 3–15	3–5	6–8	9–11	12–13	14–15
Your risk number 0–100	0–20	20–40	40–60	60–80	80–100

* Schwab’s cut-offs shift with your time horizon: the shorter the horizon, the higher the score needed for each band. The row above shows their longest-horizon scale, and their full chart in Part One lets you read your own row directly.

Three things are scored but never added into that number. Your time horizon, what you did in past declines, and your financial capacity are not measures of nerve — they are limits on it. Each forms the vertical axis of a chart and can only ever move your result down. The rule is the same on all three: your band is your score’s band, unless the limit sits more than one band below it, in which case the limit decides.

Some questions carry no weight at all. How much of your net worth we would manage, how closely you watch your accounts, what this money is for — we ask because they change the conversation, not the arithmetic. They are marked not scored wherever they appear.

01Tell us about you and the money in question

02Schwab’s seven questions, and their chart

03Bull Run’s ten questions, and ours

04Your capacity, the final chart, and your portfolio

Schwab—

Bull Run—

Profile—

Every subtotal is one you can add yourself · nothing is sent until you sign 0 of 21

Step One · About You

Start with the basics

Every field is required and none of it is scored. It stays confidential and is used only to build your profile and, if you’d like, a portfolio proposal.

First name *

Last name *

Email *

Phone *

Your age *

Co-client age (if applicable)

State of residence *

Employment status *

Investable assets *

Have we spoken yet? *

Time Horizon & Risk Tolerance

Charles Schwab’s standard investor profile model, reproduced without changes. Seven questions: the first two establish your time horizon, the next five your tolerance for risk. The two subtotals intersect on Schwab’s own chart. We use their band — where you land on the spectrum — and not their model portfolios.

Schwab standard model · 50% of tolerance

Time HorizonQuestions 1–2 · the vertical axis, not scored as tolerance

Time Horizon Score—of 18

Schwab’s own instruction: a score below 3 indicates a very short investment horizon, and their model stops there. For a horizon that short, a low-risk mix of short-term bonds and cash is more appropriate than equities — we’ll flag it in your results.

Risk ToleranceQuestions 3–7 · the horizontal axis

Risk Tolerance Score—of 40

Schwab Investor Profile—

Scenarios & Track Record

Model portfolios built on broad asset-allocation principles are a solid foundation. We go a step further. Eight scenarios run across 5, 10, 20 and 30 years — complete with bull runs, flat stretches and major drawdowns — and then two questions about what you have actually done, which set the vertical axis of our chart.

Bull Run proprietary · 50% of tolerance

Near-Cycle ScenariosQuestions 8–11 · 5 and 10 year outcomes

Full-Cycle ScenariosQuestions 12–15 · 20 and 30 year outcomes

Scenario Score—of 40

8–13Conservative14–19Mod. cons.20–25Moderate26–32Mod. agg.33–40Aggressive

Track RecordQuestions 16–17 · the vertical axis, not scored as tolerance

Track Record Score—of 10

Bull Run Profile—

2Conservative3–4Mod. cons.5–6Moderate7–8Mod. agg.9–10Aggressive

Capacity

The two assessments above measure what you are willing to live through. These three measure what your circumstances can absorb. They never raise your result — only cap it, and only when your situation sits well below your appetite. For most people this chart changes nothing, which is as it should be.

Limit, not a weight

Capacity Score—of 15

Blended Tolerance—

Your Profile—

3–5Conservative6–8Mod. cons.9–11Moderate12–13Mod. agg.14–15Aggressive

Step Four · Context

Questions that change the conversation, not the score

None of what follows moves your profile by a single point. We ask because the answers change what Chris says to you, which strategies come up, and what he watches for later.

Not scored

The bonus question · not scored

The question that tells us the most

Assume you are offered one of the highest-potential growth opportunities available in the public markets — targeting a long-term annualized return of roughly 20% over the next twenty years. In exchange, you accept periodic drawdowns of varying depth depending on the market cycle. What level of drawdown would you accept in pursuit of that return?

This one sits outside the scoring and will not move your profile. It tells Chris how to talk with you about the Equity Innovation strategy.

Step Five · Acknowledgment & Signature

Sign, and your profile unlocks

Your three charts, your model portfolio, and a live growth comparison against the S&P 500 appear below once you sign. A signed copy goes to Chris.

I have reviewed this risk tolerance questionnaire and confirm that my responses are accurate to the best of my knowledge. I understand that they will help guide the development of a personalized investment strategy tailored to my financial goals, risk profile, and time horizon. I understand this questionnaire is an assessment tool, not investment advice, and that my final allocation is determined together with my adviser after a review of my complete financial picture. I intend my electronic signature below to be the legal equivalent of my handwritten signature.

Your signature *

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Print your full legal name *

Date

Your investor profile is waiting Complete every scored question above and sign, and this section fills in with your profile, all five Bull Run model portfolios, and a live growth comparison against the S&P 500 running back to 2008.

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