Professional Responsibility and Seniors: Advisor Guidance for Ethical Practice
As a CFP professional, you need a professional responsibility CE credit annually. This course provides that credit. The focus is on ethics but you’ll read background on the challenges seniors present and thought-provoking case studies centred on seniors. Each case study draws upon FPSC® Principles and Rules to provide guidance for your responsibilities as a professional.
As a CFP professional, you need a professional responsibility CE credit annually. This course provides that credit. The focus is on ethics but you’ll read background on the challenges seniors present and thought-provoking case studies centred on seniors. Each case study draws upon FPSC® Principles and Rules to provide guidance for your responsibilities as a professional.
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Key <strong>Seniors</strong>’ Issues <strong>and</strong> <strong>Practice</strong> Concerns<br />
Senior Client<br />
Issue<br />
Power of<br />
attorney<br />
Effective<br />
Communications<br />
Policies <strong>and</strong><br />
procedures<br />
Product due<br />
diligence, know<br />
your product <strong>and</strong><br />
know your client<br />
Suitability<br />
Senior<br />
designations<br />
Specific Concern <strong>for</strong> <strong>Advisor</strong>s in <strong>Practice</strong><br />
- Does a POA exist when an account is opened<br />
or while the account is opened?<br />
- Does the advisor have a copy of the POA?<br />
- Is a POA revised with an apparent lack of<br />
connection between the client <strong>and</strong> the<br />
attorney?<br />
- How can an advisor monitor <strong>for</strong> a revised<br />
POA?<br />
- What is the frequency of contact?<br />
- Is in<strong>for</strong>mation on file accurate <strong>and</strong><br />
supplemented with documentation?<br />
- Does a POA exist, <strong>and</strong> is a trusted contact<br />
person named in the client file?<br />
- Is language clear in communications?<br />
- Are communications appropriate to client<br />
comprehension?<br />
- Is there training <strong>and</strong> education on senior<br />
issues?<br />
- Is advertising <strong>and</strong> marketing to senior clients<br />
appropriate?<br />
- Are investments suitable?<br />
- Is due diligence of product strictly observed?<br />
- Are the structure, features, <strong>and</strong> risks of<br />
products understood by the advisor? By the<br />
senior?<br />
- Is the identity of each client confirmed?<br />
- Are recommendations <strong>and</strong> orders suitable <strong>for</strong><br />
the client?<br />
- Is the time horizon known <strong>for</strong> each account?<br />
- What are the investment objectives <strong>for</strong> each<br />
account?<br />
- What is the risk tolerance of the account<br />
owner?<br />
- Is the senior designation valid?<br />
- Is the designation used appropriately?<br />
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