Does anyone remember that one a) Yes b) annual meeting with clients is not enough c) don’t remember d) more frequent meetings should be held between the indicated meeting schedule I pick up b), I think the meeting with clients should be quarterly, but not sure.
I search the whole document of the CFA reading 1-2 for the word “quarterly” and can’t find related requiremnet. but for “annually” I found: “…Such an inquiry should be repeated at least annually and prior to material changes to any specific investment recommendations…” – Standard III C. Duty to Client, Suitability.
I picked A, don’t if its right or not.
i think another option was that it was a violation since he did not report all holdings to the clients. but i don’t think that is a requirment. i think the answer was just annually.
I think the question asked whether the communication policy of the firm is correct and I guess A should be correct then. Isn’t it?
my first answer in the morning was an A . i recall thinking about it being an ‘A’. then immediately told myself to stop looking for stupid patterns in the answers.
Still think it’s nonsense though. If I have a discretionary agreement with a client, I make sure I have our equivalent of an IPS, and that we make sure this is updated annually. However, I’m not going to go back to them to say I’m making a recommendation change - I’ll just do it and tell them after. That’s what they pay me for.
My view is that meetings should occur at least annually *and* when circumstances change. I can’t remember what answer I picked but that was my overriding thought when looking at the answer options. You can’t just lock in once a year and that’s that.
Don’t exactly remember but I think the fourth option said that you need to have more meetings if the situations change
I believe in-person meetings are NOT required annually so long as an inquiry is made as to the client’s financial/risk situation at least annually. No clue if a meeting is required if strategy changes. What pisses me off is how nit-picky these questions are. Like who cares if the meeting is in-person or not – i mean what if your client lives on their own island somewhere, and in-person meetings are not practical. As long as you discuss it with the client it should be adequate, right?
kabhii Wrote: ------------------------------------------------------- > I picked A, don’t if its right or not. I did the same thing. A is the answer
What was option A?
yes, communication policy was correct
Yup… I picked that too.
me too…A
me fifteenth 