10/27/24, 9:06 AM FP 511 ACTUAL EXAM |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS AND VERIFIED…
FP 511 ACTUAL EXAM |2024-2025
UPDATE|COMPREHENSIVE FREQUENT MOST-
TESTED QUESTIONS AND VERIFIED
ANSWERS/SOLUTIONS|GET IT 100%
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Terms in this set (175)
Identify corrections to "Certified Financial Planner" must be changed to all
the business card capital letters and the TM has to be used instead of
displaying the following copyright
name:
Joni J. Smith, Certified
Financial Planner®
a. "Certified Financial
Planner" must be
changed to all capital
letters.
b The ™ must be used
instead of ®.
c. "Certified Financial
Planner" must change to
"CFP."
d. A CFP Board‒
approved noun must be
added.
,10/27/24, 9:06 AM FP 511 ACTUAL EXAM |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS AND VERIFIED…
Joseph, a licensed All of the above - because Joseph is a licensed
attorney, decided to attorney he can draft legal documents as well
focus more on financial
planning and no longer
offer divorce advice. As a
member of a team of
financial advisers,
Joseph's responsibilities
to his client typically
include which of the
following?
i. Helping the client
identify and select
financial goals
ii. Drafting a power of
attorney for the client
iii. Analyzing the client's
current course of action
iv. Monitoring whether
the client is complying
with a plan after
implementation
,10/27/24, 9:06 AM FP 511 ACTUAL EXAM |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS AND VERIFIED…
Identify the i., iii., and iv. - CFP professionals do not have to
responsibilities a CFP® monitor the professional to ensure compliance with
professional must uphold the Code and Standards
while working with
another professional on a
client's behalf.
i. Communicate with the
other professional about
the services each will
provide
ii. Monitor the
professional to ensure
their compliance with the
Code and Standards
iii. Communicate
respective
responsibilities
iv. Inform the client in a
timely manner if the other
professional did not
perform the services in
accordance with the
scope of services
When a client-planner i. and ii - in instances where the engagement
engagement involves involves financial advice that requires financial
Financial Advice for planning but the client does not enlist the planners
which Financial Planning services the planners must uphold the fiduciary duty
is required, and the client and abide by the code of ethics but the practice
does not enlist the standards is not required
planner for services, the
Planner must abide by
i. Fiduciary Duty.
ii. the Code of Ethics.
iii. the Practice Standards
for the Financial Planning
Process.
iv. the Suitability
Standard.
, 10/27/24, 9:06 AM FP 511 ACTUAL EXAM |2024-2025 UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS AND VERIFIED…
According to the CFP i. only - while all of those duties are in the code they
Board's Code and Ethics, are not all under duties owed to clients, it is
under Standards of important to read the questions carefully.
Conduct that relate to
Duties Owed to Clients, For example - the correct use of the CFP mark is
which of the following found in teh rules related to Obligations to the CFP
are requirements with board not to clients, excercising reasonable care
which the CFP® when supervising persons acting under the CFP
certificant must comply? professionals direction is found in duties owed to
i Make only firms and subordinates, not to clients
recommendations that
are suitable for the client.
ii. Use the CFP® mark in
compliance with the rules
and regulations of the
CFP Board.
iii. Exercise reasonable
care when supervising
persons acting under the
CFP® professional's
direction.
iv. May not make false or
misleading
representations to CFP
Board or obstruct CFP
Board in the
performance of its duties
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