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Dalton CFP Review > Fundamentals and Insurance > Flashcards

Fundamentals and Insurance Flashcards

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CFP® flashcards
1
Q

A CFP Professional Must:

A

Act with honesty, integrity, competence, and diligence

Act in the client’s best interests

Exercise due care

Maintain the confidentiality and protect the privacy of client information

Act in a manner that reflects positively on the financial planning profession and CFP certification

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2
Q

Key words relating to Fiduciary Duty

A

Duty of Loyalty, Duty of Care, Follow Instructions

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3
Q

Key words relating to Integrity

A

Honesty, Upstanding, Candor

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4
Q

Key words relating to Competence

A

Relevantly Apply Knowledge

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5
Q

Key words relating to Diligence

A

Timely, Thorough

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6
Q

Key words relating to Disclose and Manage Conflicts of Interest

A

Active Consent, Disclosure, Manage, Material Conflict, Ambiguity

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7
Q

Key words relating to Sound and Objective Professional Judgement

A

Exercise judgement, not subordinated

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8
Q

Key words relating to Professionalism

A

Dignity, Courtesy, and Respect

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9
Q

Key words relating to Comply with the Law

A

Laws, Rules, Regulations, Standards

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10
Q

Key words relating to Confidentiality and Privacy

A

Consent, Ordinary Business, Legal and Enforcement Purposes, Policies

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11
Q

Key words relating to Provide Information to a Client

A

Financial Advice, Financial Planning

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12
Q

Key words relating to Communicating with a Client

A

Reasonable, Expected to Understand, Avoid Complexity

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13
Q

Key words relating to Duties when Representing Compensation

A

Fee-Only, Fee-Based, Sales Related Compensation, Soft Dollars, Non-Monetary Benefits, Related Party

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14
Q

Key words relating to recommending, Engaging or Working with Additional Person

A

Reasonable Basis, Reputation, Experience, Qualifications, Disclosure, Reasonable Care

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15
Q

Key words relating to Selecting and Using Technology

A

Reasonable Care and Judgement, Level of Understanding

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16
Q

Key words relating to Refrain from Borrowing or Lending Money and Commingling

A

Commingle, Client Assets, Borrow, Lend

17
Q

What is Fiduciary Duty

A

At all times when providing Financial Advice to a Client, a CFP Professional must act as a fiduciary, and therefore act in the best interests of the Client

18
Q

What 3 duties does a CFP always have?

A

Duty of Loyalty
Duty of Care
Duty to Follow Client Instructions

19
Q

What is the obligation of integrity?

A

Obligation of Integrity requires a CFP professional to be honest and upstanding

20
Q

What must you do when you have a conflict of interest?

A

Disclose and manage

21
Q

What are the exceptions to the confidentiality and privacy policy?

A

Business or legal and enforcement purposes

22
Q

What are the 3 compensation models and which one does the CFP Board prefer?

A

Fee-Only
Fee-Based
Sales-Related Compensation

The CFP Board does not have a preferred compensation model.

23
Q

What is the definition of Financial Planning?

A

Financial Planning is a collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice that integrates relevant elements of the Client’s personal and financial circumstances

24
Q

When must a CFP follow practice standard?

A

When performing financial planning, financial advice that requires financial planning, or when the Client has a reasonable basis to believe the CFP professional will provide or has provided Financial Planning

25
Q

What must you do if a Client does not agree to engage the CFP professional to provide financial planning?

A

Not enter into the engagement, limit, provide service after explaining how Financial Planning would benefit them, or terminate the engagement

Dalton CFP Review (3 decks)

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