FP 511 ACTUAL EXAM |
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Terms in this set (175)
Identify corrections to the business "Certified Financial Planner" must be changed to
card displaying the following name: all capital letters and the TM has to be used
Joni J. Smith, Certified Financial instead of copyright
Planner®
a. "Certified Financial Planner" must
be changed to all capital letters.
b The ™ must be used instead of ®.
c. "Certified Financial Planner" must
change to "CFP."
d. A CFP Board‒approved noun
must be added.
,Joseph, a licensed attorney, All of the above - because Joseph is a licensed
decided to focus more on financial attorney he can draft legal documents as well
planning and no longer offer
divorce advice. As a member of a
team of financial advisers, Joseph's
responsibilities to his client typically
include which of the following?
i. Helping the client identify and
select financial goals
ii. Drafting a power of attorney for
the client
iii. Analyzing the client's current
course of action
iv. Monitoring whether the client is
complying with a plan after
implementation
Identify the responsibilities a CFP® i., iii., and iv. - CFP professionals do not have to
professional must uphold while monitor the professional to ensure compliance
working with another professional with the Code and Standards
on a client's behalf.
i. Communicate with the other
professional about the services
each will provide
ii. Monitor the professional to
ensure their compliance with the
Code and Standards
iii. Communicate respective
responsibilities
iv. Inform the client in a timely
manner if the other professional did
not perform the services in
accordance with the scope of
services
, When a client-planner engagement i. and ii - in instances where the engagement
involves Financial Advice for which involves financial advice that requires financial
Financial Planning is required, and planning but the client does not enlist the
the client does not enlist the planners services the planners must uphold the
planner for services, the Planner fiduciary duty and abide by the code of ethics
must abide by but the practice standards is not required
i. Fiduciary Duty.
ii. the Code of Ethics.
iii. the Practice Standards for the
Financial Planning Process.
iv. the Suitability Standard.
According to the CFP Board's Code i. only - while all of those duties are in the code
and Ethics, under Standards of they are not all under duties owed to clients, it is
Conduct that relate to Duties Owed important to read the questions carefully.
to Clients, which of the following
are requirements with which the For example - the correct use of the CFP mark is
CFP® certificant must comply? found in teh rules related to Obligations to the
i Make only recommendations that CFP board not to clients, excercising reasonable
are suitable for the client. care when supervising persons acting under the
ii. Use the CFP® mark in compliance CFP professionals direction is found in duties
with the rules and regulations of the owed to firms and subordinates, not to clients
CFP Board.
iii. Exercise reasonable care when
supervising persons acting under
the CFP® professional's direction.
iv. May not make false or
misleading representations to CFP
Board or obstruct CFP Board in the
performance of its duties
UPDATE|COMPREHENSIVE FREQUENT MOST-
TESTED QUESTIONS AND VERIFIED
ANSWERS/SOLUTIONS|GET IT 100%
ACCURATE!!
Save
Terms in this set (175)
Identify corrections to the business "Certified Financial Planner" must be changed to
card displaying the following name: all capital letters and the TM has to be used
Joni J. Smith, Certified Financial instead of copyright
Planner®
a. "Certified Financial Planner" must
be changed to all capital letters.
b The ™ must be used instead of ®.
c. "Certified Financial Planner" must
change to "CFP."
d. A CFP Board‒approved noun
must be added.
,Joseph, a licensed attorney, All of the above - because Joseph is a licensed
decided to focus more on financial attorney he can draft legal documents as well
planning and no longer offer
divorce advice. As a member of a
team of financial advisers, Joseph's
responsibilities to his client typically
include which of the following?
i. Helping the client identify and
select financial goals
ii. Drafting a power of attorney for
the client
iii. Analyzing the client's current
course of action
iv. Monitoring whether the client is
complying with a plan after
implementation
Identify the responsibilities a CFP® i., iii., and iv. - CFP professionals do not have to
professional must uphold while monitor the professional to ensure compliance
working with another professional with the Code and Standards
on a client's behalf.
i. Communicate with the other
professional about the services
each will provide
ii. Monitor the professional to
ensure their compliance with the
Code and Standards
iii. Communicate respective
responsibilities
iv. Inform the client in a timely
manner if the other professional did
not perform the services in
accordance with the scope of
services
, When a client-planner engagement i. and ii - in instances where the engagement
involves Financial Advice for which involves financial advice that requires financial
Financial Planning is required, and planning but the client does not enlist the
the client does not enlist the planners services the planners must uphold the
planner for services, the Planner fiduciary duty and abide by the code of ethics
must abide by but the practice standards is not required
i. Fiduciary Duty.
ii. the Code of Ethics.
iii. the Practice Standards for the
Financial Planning Process.
iv. the Suitability Standard.
According to the CFP Board's Code i. only - while all of those duties are in the code
and Ethics, under Standards of they are not all under duties owed to clients, it is
Conduct that relate to Duties Owed important to read the questions carefully.
to Clients, which of the following
are requirements with which the For example - the correct use of the CFP mark is
CFP® certificant must comply? found in teh rules related to Obligations to the
i Make only recommendations that CFP board not to clients, excercising reasonable
are suitable for the client. care when supervising persons acting under the
ii. Use the CFP® mark in compliance CFP professionals direction is found in duties
with the rules and regulations of the owed to firms and subordinates, not to clients
CFP Board.
iii. Exercise reasonable care when
supervising persons acting under
the CFP® professional's direction.
iv. May not make false or
misleading representations to CFP
Board or obstruct CFP Board in the
performance of its duties
