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Justin's CFP > Professional Conduct and Fiduciary Responsibility > Flashcards

Professional Conduct and Fiduciary Responsibility Flashcards

1
Q

7 Principles of the Code of Ethics and Professional Responsibility (CEPR)

A
  • Integrity
  • Objectivity
  • Competence
  • Fairness
  • Confidentiality
  • Professionalism
  • Diligence

In order (to) care for clients, please do!

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2
Q

CEPR Rules 101, 102, 103

A

101 - Deals with honesty in marketing CFP services.

102 - Don’t lie, cheat, or steal.

103 - Responsibilities a CFP has to their clients.

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3
Q

CEPR Rules 201, 202, 301, 302

A

201 - Exercise reasonable and prudent judgement.

202 - Act in the interest of the client

301 - Continuing Education

302 - Advice only in areas where you’re qualified.

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4
Q

CEPR Rules 401, 402, 403, 404, 405

A

401 - Material Disclosures

402 - Written Disclosures

403 - Written risks of objectivity.

404 - Disclose New Conflicts of Interest

405 - Disclosure of Compensation

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5
Q

CEPR Rules 406, 407, 408, 409, 410

A

406 - Fair Compensation

407 - Client Recommendations

408 - Define Scope and Authority of CFP

409 - Uniform Adherence by all CFP

410 - Conform to Lawful Objectives of Employer

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6
Q

CEPR Rules 411, 412, 413, 414, 415, 416

A

411 - Inform Employer of Outside Affiliations

412 - Act in Good Faith with Partners

413 - Disclose Relevant Information to Partners

414 - Loyalty Clause

415 - Disclose Outside Compensation to Partners

416 - Fair and Reasonable Service to Clients

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7
Q

CEPR Rules 501, 502, 503

A

501 - Do Not Disclose Client Information

502 - Do Not Disclose Employer Information

503 - Adhere to Expectations of Confidentiality

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8
Q

CEPR Rules 601, 602, 603

A

601 - Use Marks in Compliance with Rules

602 - Show Respect to other CFPs

603 - Duty to Report Violations to CFP Board

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9
Q

CEPR Rules 604, 605, 606

A

604 - Duty to Report Violations to Other Regulatories

605 - Duty to Report Violations to Employer

606 - Duty to Not Commit Violations

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10
Q

CEPR Rules 607, 608, 609

A

607 - Do Not Embarrass the CFP Marks

608 - Duty to Report Firm’s Status to Clients

609 - Duty to Not Practice Other Professions for which a CFP isn’t Qualified

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11
Q

CEPR Rules 610, 611, 612

A

610 - Return Client Information ASAP

611 - No Reporting of Fake Violations for Spite

612 - Comply with Renewal Requirements

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12
Q

CEPR Rules 701, 702, 703, 704, 705

A

701 - Serve Diligently

702 - Gather All Necessary Information First

703 - Implement Suitable Recommendations

704 - Research Products

705 - Provide Proper Supervision

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13
Q

CFP Practice Standards

A

1 - Learn Clients Personal and Financial Situation

2 - Identify and Select Goals

3 - Analyze and Evaluate Current Financial Status

4 - Develop Recommendations

5 - Present Recommendations

6 - Implement Recommendations

7 - Monitor Recommendations

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14
Q

Written Disclosures

A
  1. Parties to the Agreement
  2. Date and Length of Engagement
  3. How to Terminate Engagement
  4. Services Provided
  5. Compensation
  6. Conflicts of Interest
  7. Contact Information
  8. Any Relevant Information for Choosing this CFP.
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15
Q

Verbal Disclosures

A
  1. Obligations of the planner to the client.
  2. Compensation
  3. Proprietary Products
  4. Other Ways to Fulfill Engagement
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16
Q

Reporting Requirements to CFP Board

A

45 Days - Changes in personal information.

30 Days - Crime or disciplinary actions.

30 Days - Changes to any matters of violation.

17
Q

Board of Professional Review Panels

A

Inquiry Panel - Investigates Reports of Violations if within 20 days the designee files a written response.

Hearing Panel - Administrates Hearings of Violations if no response to allegations are received.

18
Q

CFP Board Methods of Discipline

A

Private Censure - Letter in your file.

Letter of Public Admonition - Public Shaming

Suspension - Temporary ban on using CFP marks, not to exceed five years.

Revocation - Permanent ban on using CFP marks.

19
Q

When must you act as a fiduciary?

A

When providing financial ADVICE. Advice begins in step 2, when you start learning the client’s goals.

20
Q

Duty to Report IRT Other Professional Services

A

Must report becoming the subject of an investigation or regulatory action alleging failure to comply with the laws, rules, or regulations.

Justin's CFP (8 decks)

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