CPFA Exam with Questions and Verified Answers

CPFA Exam with Questions and Verified Answers Sue is a plan advisor for the ABC Retirement Plan. On the agenda for the upcoming ABC Plan Committee meeting is an action item to replace Len and nominate a new member to the Committee. Len has been asked to leave the Committee due to his unsatisfactory attendance at monthly meetings. All of the following are best practices regarding fiduciary changes, EXCEPT: A) Per Len's request, the Committee minutes will exclude the reason Len was asked to leave the committee. B) Sue should educate the members on the importance of documenting fiduciary changes. C) The Committee minutes should document the process of naming Len's replacement. D) The new member should be informed of the goals of the Committee and attendance requirements. ANSWER A) Per Len's request, the Committee minutes will exclude the reason Len was asked to leave the committee. Sharon is a 3(21) advisor. She is meeting with a potential client and is preparing for her meeting. All of the following are services that Sharon may offer the prospect, EXCEPT: A) Attend the client's investment committee meetings. B) Create the agendas for the client's investment committee meetings. C) Assist with the review of the investments. D) Make decision to replace funds on the watch list pursuant to the investment policy statement, prior to attending the investment committee meeting. ANSWER D) Make