CFP EXAM 2026/2027 UPDATE | VERIFIED QUESTIONS & ANSWERS
100% CORRECT | GRADED A+
Regarding buying securities on margin, which self-regulatory organizations (SROs) require you to
deposit a minimum of $2000 or 100 percent of the purchase price, whichever is less? - ANSWER
Financial Industry Regulatory Authority (FINRA)
Principle 4—Fairness does not include - ANSWER Treating all clients the same.
Under CFP Board fiduciary rules, a CFP professional who is providing financial planning advice must
follow client instructions. There are times, however, when a CFP professional is allowed to disregard
a client's directions. In which of the following situations may a CFP professional ignore a client's
directions?
When the client's directions are complex.
When the client's directions are unlawful.
When the financial planner strongly disagrees with the client's directions. - ANSWER (2) Only
A fee-only CFP® Certificant has a client who is looking for a tax accountant. The CFP® Certificant
refers the client to a CPA. The CPA provides the client with the necessary tax preparation services. To
show his gratitude the CPA sends the CFP® Certificant a case of wine valued at $1500. The CFP®
Certificant should: - ANSWER Immediately call the client and let her know about the case of wine.
Barbara and Steve have a son, Josh, who is in middle school and they want to begin saving for
college. They want to open an account today with $20,000 that can be used to pay for all qualified
education expenses throughout Josh's graduate school years, when he is 23. Which type of account
is appropriate? - ANSWER Section 529 savings account
Your clients are visual learners, so in a meeting you would NOT expect them to: - ANSWER Benefit by
taking extensive notes
The business cycle - ANSWER Bottom is called a trough.
Factors critical to a client understanding the recommendations you have prepared would not include:
- ANSWER Compensation.
The CFP's potential compensation should not be a factor when clients review and decide on
recommendations.
100% CORRECT | GRADED A+
Regarding buying securities on margin, which self-regulatory organizations (SROs) require you to
deposit a minimum of $2000 or 100 percent of the purchase price, whichever is less? - ANSWER
Financial Industry Regulatory Authority (FINRA)
Principle 4—Fairness does not include - ANSWER Treating all clients the same.
Under CFP Board fiduciary rules, a CFP professional who is providing financial planning advice must
follow client instructions. There are times, however, when a CFP professional is allowed to disregard
a client's directions. In which of the following situations may a CFP professional ignore a client's
directions?
When the client's directions are complex.
When the client's directions are unlawful.
When the financial planner strongly disagrees with the client's directions. - ANSWER (2) Only
A fee-only CFP® Certificant has a client who is looking for a tax accountant. The CFP® Certificant
refers the client to a CPA. The CPA provides the client with the necessary tax preparation services. To
show his gratitude the CPA sends the CFP® Certificant a case of wine valued at $1500. The CFP®
Certificant should: - ANSWER Immediately call the client and let her know about the case of wine.
Barbara and Steve have a son, Josh, who is in middle school and they want to begin saving for
college. They want to open an account today with $20,000 that can be used to pay for all qualified
education expenses throughout Josh's graduate school years, when he is 23. Which type of account
is appropriate? - ANSWER Section 529 savings account
Your clients are visual learners, so in a meeting you would NOT expect them to: - ANSWER Benefit by
taking extensive notes
The business cycle - ANSWER Bottom is called a trough.
Factors critical to a client understanding the recommendations you have prepared would not include:
- ANSWER Compensation.
The CFP's potential compensation should not be a factor when clients review and decide on
recommendations.
