Aif - Study guides, Class notes & Summaries

AIF UPDATED Exam Questions and CORRECT Answers Level 1 Fiduciary Assessment - Correct ANSWER- Gap Analysis and may be conducted by a trained internal staff or by external fiduciary experts. Level 2 Assessment - Correct ANSWER- If deficiencies are identified, a competent assessor is best positioned to conduct remediation. Level 3 Assessment - Correct ANSWER- When all deficiencies are remediated

AIF TRAINING – QUESTIONS AND ANSWERS

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AIF Training UPDATED Actual Exam Questions and CORRECT Answers In the event of litigation, factors a judge will consider when making a determination of fiduciary status include all the following: - CORRECT ANSWER- 1. Number of implementation options 2. Scope of services 3. Sophistication of client Define Fiduciary - CORRECT ANSWER- A fiduciary is someone who: manages property for the benefit of another; exercises discretionary authority or control over assets; and/or acts in a prof...

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AIF Overview UPDATED Exam Questions and CORRECT Answers Standard of Care - Fiduciary - Correct ANSWER- 1-Principles and relationship based 2-Undivided duty of loyalty to client: • Avoid or manage conflicts • Greater transparency of conflicts 3-Duty of care of a prudent expert with utmost good faith: • Prudent expert standard • Advice must be suitable and in clients best interests

AIF Test UPDATED Exam Questions and CORRECT Answers What make you a Fiduciary? - Correct ANSWER- Being named fiduciary in governing docs Providing personalized investment advice for compensation Exercising investment discretion Having authority to appoint other fiduciaries ERISA - Correct ANSWER- Type of Plan: Private Retirement Oversight: DOL, IRS and Pension Benefit Guaranty Common Plans: 401k, Private 403b, Profit Sharing , DB Plans, SEP & SIMPLE Taft-Hartley Act (1947) - Correct A...

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AIF Overview