IACCP MASTER TERMS NRS IACCP EXAM
2026 COMPLETE SOLUTION SCRIPT
ACCURATE RESPONSES A+
◉ Part 1 of Form ADV. Answer: Section requiring general information
about the adviser, including ownership, business, clients, and regulatory
assets under management.
◉ Part 2 of Form ADV. Answer: The narrative "brochure" provided to
clients, describing the adviser's qualifications, business practices, fees,
conflicts of interest, and disciplinary history.
◉ Part 3 of Form ADV (Form CRS). Answer: Client Relationship
Summary; a plain-English summary for retail investors about services,
fees, conflicts, and disciplinary history.
◉ IARD (Investment Adviser Registration Depository). Answer: The
online system for filing and maintaining Form ADV and related
documents.
◉ Regulatory Assets Under Management (RAUM). Answer: The total
value of securities portfolios for which an adviser provides continuous
and regular supervisory or management services.
, ◉ Wrap Fee Program. Answer: A program offering bundled investment
advisory and brokerage services for a single fee, requiring a special
brochure (Part 2A Appendix 1).
◉ Chief Compliance Officer (CCO). Answer: The individual responsible
for overseeing and administering the adviser's compliance program.
◉ Fiduciary Duty. Answer: The obligation of an adviser to act in the best
interest of clients, including duties of care and loyalty.
◉ Duty of Loyalty. Answer: The requirement to put client interests
ahead of the adviser's own and to fully disclose all material conflicts of
interest.
◉ Duty of Care. Answer: The requirement to provide advice in the
client's best interest, seek best execution, and monitor client accounts.
◉ Full and Fair Disclosure. Answer: Providing clients with all material
facts and conflicts of interest so they can make informed decisions.
◉ Informed Consent. Answer: Client agreement to conflicts of interest
after receiving full and fair disclosure.
◉ Material Fact. Answer: Any information a reasonable client would
consider important in making an investment decision.
2026 COMPLETE SOLUTION SCRIPT
ACCURATE RESPONSES A+
◉ Part 1 of Form ADV. Answer: Section requiring general information
about the adviser, including ownership, business, clients, and regulatory
assets under management.
◉ Part 2 of Form ADV. Answer: The narrative "brochure" provided to
clients, describing the adviser's qualifications, business practices, fees,
conflicts of interest, and disciplinary history.
◉ Part 3 of Form ADV (Form CRS). Answer: Client Relationship
Summary; a plain-English summary for retail investors about services,
fees, conflicts, and disciplinary history.
◉ IARD (Investment Adviser Registration Depository). Answer: The
online system for filing and maintaining Form ADV and related
documents.
◉ Regulatory Assets Under Management (RAUM). Answer: The total
value of securities portfolios for which an adviser provides continuous
and regular supervisory or management services.
, ◉ Wrap Fee Program. Answer: A program offering bundled investment
advisory and brokerage services for a single fee, requiring a special
brochure (Part 2A Appendix 1).
◉ Chief Compliance Officer (CCO). Answer: The individual responsible
for overseeing and administering the adviser's compliance program.
◉ Fiduciary Duty. Answer: The obligation of an adviser to act in the best
interest of clients, including duties of care and loyalty.
◉ Duty of Loyalty. Answer: The requirement to put client interests
ahead of the adviser's own and to fully disclose all material conflicts of
interest.
◉ Duty of Care. Answer: The requirement to provide advice in the
client's best interest, seek best execution, and monitor client accounts.
◉ Full and Fair Disclosure. Answer: Providing clients with all material
facts and conflicts of interest so they can make informed decisions.
◉ Informed Consent. Answer: Client agreement to conflicts of interest
after receiving full and fair disclosure.
◉ Material Fact. Answer: Any information a reasonable client would
consider important in making an investment decision.
