Schweser practice exam V1, p 273, 117. It says: “It is quite possible to be loyal to pension-plan beneficiaries without following standard VI(B)” – priority of transaction. Why is that? Does it mean that the beneficiaries is not client, instead, the pension fund is the client?
No beneficiaries are the client… check out page 117 in CFAI, question 24. It specifically states fiduciary duty is to participants and beneficiaries. Dont know the answer to the question tho, on exam day i will play it safe and say that beneficiaries are like other clients when it comes to priority of transactions, unless someone knows something they can share…