Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
The 3 different standards of fiduciary duty -
correct answer ✅1. Department of Labor (DOL) fiduciary standard
2. Registered investment advisor (RIA) fiduciary standard
3. Registered representatives (RRs) and agents suitability standard
Figure 6.3: Differences in Standards -
correct answer ✅
,Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
The 3 Duties of fiduciary responsibility -
correct answer ✅I. Duty of Loyalty
II. Duty of Care
III. Duty to Follow
Duty of Loyalty -
correct answer ✅A CFP® professional must place the interests of
the client above the interests of the CFP® professional and the CFP®
professional's firm. A CFP® professional also must avoid conflicts of
interest, or fully disclose material conflicts of interest to the client,
obtain the client's informed consent, and manage the conflict.
Duty of Care -
correct answer ✅A CFP® professional must act with the care, skill,
prudence, and diligence that a prudent professional would exercise
in light of the client's goals, risk tolerance, objectives, and financial
and personal circumstances.
Duty to Follow Client Instructions -
correct answer ✅A CFP® professional must comply with the terms
of the client engagement and follow all directions of the client that
are reasonable and lawful.
,Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
Examples of Relative Elements -
correct answer ✅Developing client goals
Managing assets and liabilities
Managing cash flow
Identifying and managing risks
Integration Factors -
correct answer ✅Variables that determine wether financial advice
requires financial planning
Ex: Number of relative elements involved
Portion/Amount of financial assets affected
Length of time the clients circumstances may be affected
The effect of client's overall exposure to risk
The barriers to modifying actions taken
6. Which of the following correctly states the duty of care that a
CFP® certificant owes clients according to Standard A.1, Fiduciary
Duty?
, Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
A. The CFP® certificant must always do what is suitable for the
client based upon thoroughly gathering relevant data from the
client.
B. A CFP® certificant shall at all times place the interests of the
client ahead of his or her own. When the CFP® certificant provides
financial planning or material elements of financial planning, the
certificant owes to the client the duty of care of a fiduciary as
defined by the CFP Board.
C. The CFP® certificant and the prospective client or client shall
mutually agree upon the services to be provided.
D. A CFP® certificant owes to the client the duty of care of a
fiduciary as defined by the CFP Board at all times. -
correct answer ✅B
The answer is the certificant shall at all times place the interests of
the client ahead of his or her own. When the certificant provides
financial planning or material elements of financial planning, the
certificant owes to the client the duty of care of a fiduciary as
defined by the CFP Board. According to Standard A.1 (Fiduciary
Duty), Duty of Care, a CFP® professional must act with the care,
skill, prudence, and diligence that a prudent professional would
Responsibility Exam Questions and
Answers (Latest Update 2026)
The 3 different standards of fiduciary duty -
correct answer ✅1. Department of Labor (DOL) fiduciary standard
2. Registered investment advisor (RIA) fiduciary standard
3. Registered representatives (RRs) and agents suitability standard
Figure 6.3: Differences in Standards -
correct answer ✅
,Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
The 3 Duties of fiduciary responsibility -
correct answer ✅I. Duty of Loyalty
II. Duty of Care
III. Duty to Follow
Duty of Loyalty -
correct answer ✅A CFP® professional must place the interests of
the client above the interests of the CFP® professional and the CFP®
professional's firm. A CFP® professional also must avoid conflicts of
interest, or fully disclose material conflicts of interest to the client,
obtain the client's informed consent, and manage the conflict.
Duty of Care -
correct answer ✅A CFP® professional must act with the care, skill,
prudence, and diligence that a prudent professional would exercise
in light of the client's goals, risk tolerance, objectives, and financial
and personal circumstances.
Duty to Follow Client Instructions -
correct answer ✅A CFP® professional must comply with the terms
of the client engagement and follow all directions of the client that
are reasonable and lawful.
,Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
Examples of Relative Elements -
correct answer ✅Developing client goals
Managing assets and liabilities
Managing cash flow
Identifying and managing risks
Integration Factors -
correct answer ✅Variables that determine wether financial advice
requires financial planning
Ex: Number of relative elements involved
Portion/Amount of financial assets affected
Length of time the clients circumstances may be affected
The effect of client's overall exposure to risk
The barriers to modifying actions taken
6. Which of the following correctly states the duty of care that a
CFP® certificant owes clients according to Standard A.1, Fiduciary
Duty?
, Professional Conduct and Fiduciary
Responsibility Exam Questions and
Answers (Latest Update 2026)
A. The CFP® certificant must always do what is suitable for the
client based upon thoroughly gathering relevant data from the
client.
B. A CFP® certificant shall at all times place the interests of the
client ahead of his or her own. When the CFP® certificant provides
financial planning or material elements of financial planning, the
certificant owes to the client the duty of care of a fiduciary as
defined by the CFP Board.
C. The CFP® certificant and the prospective client or client shall
mutually agree upon the services to be provided.
D. A CFP® certificant owes to the client the duty of care of a
fiduciary as defined by the CFP Board at all times. -
correct answer ✅B
The answer is the certificant shall at all times place the interests of
the client ahead of his or her own. When the certificant provides
financial planning or material elements of financial planning, the
certificant owes to the client the duty of care of a fiduciary as
defined by the CFP Board. According to Standard A.1 (Fiduciary
Duty), Duty of Care, a CFP® professional must act with the care,
skill, prudence, and diligence that a prudent professional would
