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CFP Prep Exam > CFP Code of Ethics > Flashcards

CFP Code of Ethics Flashcards

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1
Q

CFP Code of Ethics (6 Steps)

A
  1. Act with honesty, integrity, competence, & intelligence
  2. Act in clients best interest
  3. Exercise due care
  4. Avoid or disclose & manage conflicts of interest
  5. Maintain the confidentiality & protect the privacy of client information
  6. Act in a manner that reflects positively on the financial planning profession & CFP certification
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2
Q

CFP Standards of Conduct

A
  1. Duties owed to clients (15 Steps)
  2. Financial planning & application of the practice standards for the financial planning process
  3. Practice standards for the financial planning process
  4. Duties owed to firms & subordinates
  5. Duties owed to CFP board
  6. Prohibition of circumvention
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3
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 1

A
  1. FIDUCIARY DUTY
    1a: Loyalty
    2a: Care
    3a: Follow client instructions
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4
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 2

A
  1. INTEGRITY
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5
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 3

A
  1. COMPETENCE
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6
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 4

A
  1. DILIGENCE
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7
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 5

A
  1. DISCLOSE CONFLICTS OF INTEREST
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8
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 6

A
  1. SOUND & OBJECTIVE PROFESSIONAL JUDGEMENT
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9
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 7

A
  1. PROFESSIONALISM
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10
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 8

A
  1. COMPLY W/ THE LAW
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11
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 9

A
  1. CONFIDENTIALITY & PRIVACY
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12
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 10

A
  1. PROVIDE INFO TO A CLIENT
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13
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 11

A
  1. DUTIES WHEN COMMUNICATING W/ A CLIENT
    (MUST BE REASONABLE AND EASILY UNDERSTOOD)
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14
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 12

A
  1. DUTIES WHEN REPRESENTING COMPENSATION
    12a: FEE ONLY: ONLY PLANNING FEES (NO SALES RELATED COMPENSATION
    12b: FEE BASED: PLANNING FEES + SALES RELATED COMPENSATION
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15
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 13

A
  1. DUTIES WHEN RECOMMENDING, ENGAGING, & WORKING W/ ADDITIONAL PERSONS
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16
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 14

A
  1. DUTIES WHEN USING & RECOMMENDING TECHNOLOGY
17
Q

CFP Standards of Conduct
(Duties owed to clients-15 steps)
STEP 15

A

REFRAIN FROM BORROWING, OR LENDING $, & COMMINGLING ASSETS
CFP CANIDATE CAN BORROW $ IF CLIENT IS A FAM MEMBER OR IF THE LENDER IS AN ORGANIZATION OR ENTITY IN THE BUSINESS OF LENDING $

CFP Prep Exam (12 decks)

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