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Exam (elaborations)

AWMA Exam 2 Questions and Answers – Updated 2024

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AWMA Exam 2 Questions and Answers – Updated 2024 Of the following practical dimensions of emotional intelligence, which is the most complex and difficult to attain? A)Regulation of adviser and/or client emotions B)Integration of emotional intelligence into thinking C)Perception and differen...

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  • October 16, 2024
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EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024




AWMA Exam 2 Questions and Answers –
Updated 2024

Of the following practical dimensions of emotional intelligence, which is the most complex and

difficult to attain?




A)Regulation of adviser and/or client emotions


B)Integration of emotional intelligence into thinking


C)Perception and differentiation between emotions


D)Understanding and explanation of the emotions - Answer✔✔-A) Individuals who score highly

on the main dimensions of EI are able to perceive and differentiate between emotions,

integrate this information into thinking, accurately understand and explain the emotions, and

regulate their own and other's emotions, all while anticipating and managing their responses to

other's emotional displays. The ability to perform well in one dimension is dependent upon

one's abilities in the other dimensions, with emotional perception being the least complex and

emotional regulation being the most complex. Mod 1


Warning signs of possible elder abuse of a client include




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,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024


A)having solid powers of attorney.


B) having dementia.


C) sudden happiness with a new friend.


D) someone isolating the client from family and friends. - Answer✔✔-D) A planner should be

savvy to the following warning signs of elder abuse: signs of dementia and/or confusion with

questionable or no powers of attorney granted; someone isolating the client from family and

friends; and irritability and/or depression. Dementia can be present without the client being a

victim of fraud; this still requires family or planner intervention. Mod 1


Which one of the following is most correct concerning high net worth client discussions about

finances with their children?




A) Most millennials express that the best time to introduce children to the financial adviser is

under age 12.


B) About 60% of high net worth clients have not yet talked to their children about their wealth.


C) Most high net worth individuals do not plan to ever talk to their children about their wealth.


D) Most baby boomers say it does not matter when children are introduced to a financial

adviser. - Answer✔✔-A) A Northern Trust survey found that 26% of wealthy individuals have not

yet talked to their children about wealth and some (not most) do not plan to ever do so. A

Spectrem study shows that 54% of millennials say that under age 12 is the best age to introduce



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,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024


a financial planner. Considering the average of all demographic categories, and that of baby

boomers, the ages 18 to 25 group was found to be the ideal time to introduce a financial

adviser. Mod 1


Which one of the following is most important in establishing trust with a client?




A) Being associated with a good financial company


B)Having a pleasant manner


C)Demonstrating professional knowledge


D)Being genuine and following best practices - Answer✔✔-D) Being genuine and following best

practices are two of the most important factors in establishing trust with a client. Mod 1


Which one of the following is a question that a wealth adviser could best pose to clients when

starting a conversation about family matters?




A)Do you exclude family members from learning about or participating in decisions related to

the family's business or wealth?


B)Do you fight when the family communicates about wealth matters?


C)Are there any major transitions that are important?


D)What steps has the family taken to ensure that family members are financially fluent and well

positioned to serve as responsible stewards of wealth? - Answer✔✔-D) When starting a

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, EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024


discourse with a wealthy client, the questions about family matters should be open-ended and

not leading clients to answer a certain way. Mod 1


Which one of the following is a regulation that allows members to put a temporary hold on

disbursements from an elder account if elder abuse is suspected?




A)Elder Justice Initiative


B) FINRA Rule 4512


C) FINRA Rule 2165


D) Senior Safe Act - Answer✔✔-C) FINRA Rule 2165 goes beyond the Senior Safe Act in not only

detecting financial abuse, but allowing an adviser to put a temporary hold (up to 25 days) on

disbursements from an elder account (over 65) if financial abuse is suspected to be present or

commencing. FINRA Rule 4512 requires financial advisers to make a "reasonable effort" to

collect the name of a "trusted contact person." The Elder Justice Initiative supports and

coordinates the Department of Justice's enforcement and programmatic efforts to combat elder

abuse, neglect, and financial fraud and scams. Mod 1


When the personal circumstances of a client change, to which wealth management step does

the investment professional return?




A)Data gathering and goal establishment



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