FP 511 Final Quiz

FP 511 Final Quiz
Which of the following activities would be appropriate if you were establishing and
defining the client-planner relationship or gathering information necessary to fulfill the
engagement?
I. Collecting personal financial information
II. Inquiring about the number of dependents
III. Inquiring about the age or dates of birth of dependents
IV. Determining which stocks to purchase for the client's investment portfolio
Establishing and defining the client-planner relationship does not include determining
which stocks or investments to purchase. This occurs in the fourth phase of the financial
planning process, developing the recommendations.
Which of the following CFP® certificants would likely be considered to be engaged in
financial planning or the material elements of financial planning?
I. Lance, who reviews a life insurance sales brochure with his client, Arthur, and
completes a variable life insurance application
II. Nadia, who conducts comprehensive data gathering regarding Jason's investments,
life insurance, retirement plans, wills, and trusts and makes recommendations for him
The correct answer is II only. Because Nadia's services involve several of the financial
planning subject areas and she is involved in the elements of financial planning, she is
likely providing financial planning. Lance's service to Arthur is limited, and the
engagement would likely not be considered financial planning.
According to CFP Board Code of Ethics, Connor, a CFP® professional, is responsible
for which of the following?
I. Acting in the client's best interests
II. Avoiding or disclosing and managing conflicts of interest
III. Acting with honesty, integrity, competence, and diligence
IV. Maintaining the confidentiality and protect the privacy of client information
The correct answer is I, II, III, and IV. A CFP® professional must
Act with honesty, integrity, competence, and diligence.
Act in the client's best interests.
Exercise due care.
Avoid or disclose and manage conflicts of interest.
Maintain the confidentiality and protect the privacy of client information.

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