©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
CFP Exam Questions and Answers 100%
Solved
CFP Standards of Conduct Sections (6) - ✔✔A. Duties owed to clients.
B. Fin. Planning and Application of Practice Standards
C. Practice Standards for Fin. Planning Process
D. Duties owed to firms/subordinates
E. Duties owed to CFP Board
F. Prohibition on Circumvention
Section A of CFP Standards of Conduct - ✔✔Duties owed to Client:
1. Fiduciary Duty
2. Integrity
3. Competence
4. Diligence
5. Disclose and Manage Conflicts of Interest
6. Sound and Objective Professional Judgment
7. Professionalism
8. Comply with the Law
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
9. Confidentiality and Privacy
10. Provide information to client
11. Duties when communicating with a client
12. Duties when representing compensation method
13. Duties when recommending/working with other persons
14. Duties when selecting/using Technology
15. Refrain from borrowing money/ commingling assets
Section B of CFP Standards of Conduct - ✔✔Definition and standard for
compliance when practicing financial planning: Financial Planning is a
collaborative process that helps maximize a Client's potential for meeting
life goals through Financial Advice that integrates relevant elements of the
Client's personal and financial circumstances. Must limit scope of
engagement if only giving financial ADVICE, not financial PLANNING.
Section C of CFP Standards of Conduct - ✔✔Practice standards for the
FP process (7):
1. Understand Client's Personal and Financial circumstances
2. Identify and Select Goals
3. Analyse Current Course of Action and Potential Alternatives
4. Develop FP Recommendations
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
5. Present FP Recommendations
6. Implement FP Recommendations
7. Monitor Progress and Update
Section D of CFP Standards of Conduct - ✔✔Duties owed to
Firm/Subordinates (3):
1. Use Reasonable Care when Supervising
2. Comply with Lawful Objectives of the Firm
3. Provide Notice of Public Discipline to the Firm
Section E of CFP Standards of Conduct - ✔✔Duties owed to CFP Board:
Cannot engage in conduct that reflects adversely on CFP marks or upon
the profession. 5 types of conduct that violate CFP standard, 14 reportable
events.
- Must report to CFP board within 30 days
- Provide Board with a narrative statement
- Cooperate with Board and comply with Certification and TM license and
terms
Section F of CFP Standards of Conduct - ✔✔Prohibition on
Circumvention
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Cannot act indirectly or through another person to violate CFP Practice
Standards
Types of conduct that violate CFP practice standards (5) - ✔✔1. Felony
or relevant misdemeanor
2. Fraud, theft, misrepresentation, other dishonesty
3. Bankruptcy
4. Federal tax lien
5. Other lien or civil judgment that has not been satisfied
Chapter 7 Bankruptcy Exemptions (7) - ✔✔1. Primary homestead
2. Vehicle (limited)
3. Retirement savings/pension
4. Wages to provide for dependents
5. Limited personal property
6. Life insurance/annuity
7. Disability
Chapter 7 Bankruptcy NOT EXEMPTED assets (3) - ✔✔1. ESA/529s if
contributions are within 2 years of bankruptcy
2. Inherited IRAs
3. IRA assets over $1M
CFP Exam Questions and Answers 100%
Solved
CFP Standards of Conduct Sections (6) - ✔✔A. Duties owed to clients.
B. Fin. Planning and Application of Practice Standards
C. Practice Standards for Fin. Planning Process
D. Duties owed to firms/subordinates
E. Duties owed to CFP Board
F. Prohibition on Circumvention
Section A of CFP Standards of Conduct - ✔✔Duties owed to Client:
1. Fiduciary Duty
2. Integrity
3. Competence
4. Diligence
5. Disclose and Manage Conflicts of Interest
6. Sound and Objective Professional Judgment
7. Professionalism
8. Comply with the Law
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
9. Confidentiality and Privacy
10. Provide information to client
11. Duties when communicating with a client
12. Duties when representing compensation method
13. Duties when recommending/working with other persons
14. Duties when selecting/using Technology
15. Refrain from borrowing money/ commingling assets
Section B of CFP Standards of Conduct - ✔✔Definition and standard for
compliance when practicing financial planning: Financial Planning is a
collaborative process that helps maximize a Client's potential for meeting
life goals through Financial Advice that integrates relevant elements of the
Client's personal and financial circumstances. Must limit scope of
engagement if only giving financial ADVICE, not financial PLANNING.
Section C of CFP Standards of Conduct - ✔✔Practice standards for the
FP process (7):
1. Understand Client's Personal and Financial circumstances
2. Identify and Select Goals
3. Analyse Current Course of Action and Potential Alternatives
4. Develop FP Recommendations
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
5. Present FP Recommendations
6. Implement FP Recommendations
7. Monitor Progress and Update
Section D of CFP Standards of Conduct - ✔✔Duties owed to
Firm/Subordinates (3):
1. Use Reasonable Care when Supervising
2. Comply with Lawful Objectives of the Firm
3. Provide Notice of Public Discipline to the Firm
Section E of CFP Standards of Conduct - ✔✔Duties owed to CFP Board:
Cannot engage in conduct that reflects adversely on CFP marks or upon
the profession. 5 types of conduct that violate CFP standard, 14 reportable
events.
- Must report to CFP board within 30 days
- Provide Board with a narrative statement
- Cooperate with Board and comply with Certification and TM license and
terms
Section F of CFP Standards of Conduct - ✔✔Prohibition on
Circumvention
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Cannot act indirectly or through another person to violate CFP Practice
Standards
Types of conduct that violate CFP practice standards (5) - ✔✔1. Felony
or relevant misdemeanor
2. Fraud, theft, misrepresentation, other dishonesty
3. Bankruptcy
4. Federal tax lien
5. Other lien or civil judgment that has not been satisfied
Chapter 7 Bankruptcy Exemptions (7) - ✔✔1. Primary homestead
2. Vehicle (limited)
3. Retirement savings/pension
4. Wages to provide for dependents
5. Limited personal property
6. Life insurance/annuity
7. Disability
Chapter 7 Bankruptcy NOT EXEMPTED assets (3) - ✔✔1. ESA/529s if
contributions are within 2 years of bankruptcy
2. Inherited IRAs
3. IRA assets over $1M
