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CFP Exam Questions and Answers 100% Solved
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CFP Exam Questions and Answers 100% Solved CFP Standards of Conduct Sections (6) - A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition...

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  • October 10, 2024
  • 159
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • CFP
  • CFP

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

CFP Exam Questions and Answers 100%

Solved


CFP Standards of Conduct Sections (6) - ✔✔A. Duties owed to clients.

B. Fin. Planning and Application of Practice Standards

C. Practice Standards for Fin. Planning Process

D. Duties owed to firms/subordinates

E. Duties owed to CFP Board

F. Prohibition on Circumvention

Section A of CFP Standards of Conduct - ✔✔Duties owed to Client:

1. Fiduciary Duty

2. Integrity

3. Competence

4. Diligence

5. Disclose and Manage Conflicts of Interest

6. Sound and Objective Professional Judgment

7. Professionalism

8. Comply with the Law

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

9. Confidentiality and Privacy

10. Provide information to client

11. Duties when communicating with a client

12. Duties when representing compensation method

13. Duties when recommending/working with other persons

14. Duties when selecting/using Technology

15. Refrain from borrowing money/ commingling assets

Section B of CFP Standards of Conduct - ✔✔Definition and standard for

compliance when practicing financial planning: 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. Must limit scope of

engagement if only giving financial ADVICE, not financial PLANNING.

Section C of CFP Standards of Conduct - ✔✔Practice standards for the

FP process (7):

1. Understand Client's Personal and Financial circumstances

2. Identify and Select Goals

3. Analyse Current Course of Action and Potential Alternatives

4. Develop FP Recommendations

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

5. Present FP Recommendations

6. Implement FP Recommendations

7. Monitor Progress and Update

Section D of CFP Standards of Conduct - ✔✔Duties owed to

Firm/Subordinates (3):

1. Use Reasonable Care when Supervising

2. Comply with Lawful Objectives of the Firm

3. Provide Notice of Public Discipline to the Firm

Section E of CFP Standards of Conduct - ✔✔Duties owed to CFP Board:

Cannot engage in conduct that reflects adversely on CFP marks or upon

the profession. 5 types of conduct that violate CFP standard, 14 reportable

events.

- Must report to CFP board within 30 days

- Provide Board with a narrative statement

- Cooperate with Board and comply with Certification and TM license and

terms

Section F of CFP Standards of Conduct - ✔✔Prohibition on

Circumvention

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Cannot act indirectly or through another person to violate CFP Practice

Standards

Types of conduct that violate CFP practice standards (5) - ✔✔1. Felony

or relevant misdemeanor

2. Fraud, theft, misrepresentation, other dishonesty

3. Bankruptcy

4. Federal tax lien

5. Other lien or civil judgment that has not been satisfied

Chapter 7 Bankruptcy Exemptions (7) - ✔✔1. Primary homestead

2. Vehicle (limited)

3. Retirement savings/pension

4. Wages to provide for dependents

5. Limited personal property

6. Life insurance/annuity

7. Disability

Chapter 7 Bankruptcy NOT EXEMPTED assets (3) - ✔✔1. ESA/529s if

contributions are within 2 years of bankruptcy

2. Inherited IRAs

3. IRA assets over $1M

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