EIOC-200: Advisor Sales Process and Client Interview Exam Questions And Answers

Making sure there are no adverse tax consequences. - ANS An important consideration when implementing a portfolio for a new client withexisting assets is: Open-ended - ANS During the first meetings with a prospective client, the best questions are: False - ANS Fees are generally never discussed until the last or next-to-last meeting with a prospect. True - ANS Generally, the later one elects to collect their Social Security benefits, the larger the amount. True - ANS It is important for risk tolerance assessment to be made regarding the upside and downside of investments. Risk tolerance. - ANS Most advisors say, the most difficult part of creating a client profile is accurately assessing the client's: False - ANS The consultative sales process is a fixed, four-step process to which every financial advisor should closely adhere. Both the risk and the need - ANS The following are typical challenges that an investor may have: 1. Information gathering and client profile; 2. Presenting financial plan; 3. Plan implementation, 4. Ongoing monitoring and research. - ANS er The four steps of the consultative sales process are: To allow the financial advisor to understand the client completely. - ANS The main purpose of creating a client profile is: Referrals - ANS The majority of an investment advisor's clients come from: False - ANS The majority of today's investors typically have a defined benefit plan at work; therefore saving for retirement is not a priority. True - ANS The Social Security Administration is on record saying that the program was never intended to be a retired person's only source of income. Accumulation, Transition, Distribution - ANS The three client life cycle phases are: Choosing an earlier distribution can result in a locked-in reduction to the monthly amount. - ANS The timing of distributions from Social Security is important because: Primary Insurance Amount. - ANS What does the Social Security acronym PIA stand for? All of the above - ANS Which of the following statements are TRUE regarding a 529 savings plan? Couples who claim spousal payments at FRA cannot later switch to payments based upon their own work record. - ANS Which of the following statements is NOT TRUE about Social Security: