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- Question 92
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Question 92/103
Salvatore and Harriet recently got married. They are presently renting but are looking forward to buying a new home within 5 years. They both have separate savings established in their respective registered retirement savings plans (RRSPs) of $100,000 each. They have come to Dustin, a Dealing Representative, to open an additional joint investment account to increase their savings to assist with their future plans of buying a new home.
What does Dustin need to ensure about his recommendation?
What does Dustin need to ensure about his recommendation?
Correct Answer: D
Explanation
Dustin needs to ensure that his recommendation is suitable for the new joint account, which may have a different risk profile than the individual accounts of Salvatore and Harriet. A joint account is an account that is owned by two or more people who share the rights and responsibilities of the account. A joint account may have different investment objectives, time horizon, risk tolerance, and financial situation than the individual accounts of the joint owners. Therefore, Dustin needs to conduct a know your client (KYC) process for the joint account and determine the appropriate risk profile for the account, based on the collective responses of Salvatore and Harriet. The risk profile of the joint account will guide Dustin in recommending suitable investment products and services that match the goals and needs of the joint owners
Dustin needs to ensure that his recommendation is suitable for the new joint account, which may have a different risk profile than the individual accounts of Salvatore and Harriet. A joint account is an account that is owned by two or more people who share the rights and responsibilities of the account. A joint account may have different investment objectives, time horizon, risk tolerance, and financial situation than the individual accounts of the joint owners. Therefore, Dustin needs to conduct a know your client (KYC) process for the joint account and determine the appropriate risk profile for the account, based on the collective responses of Salvatore and Harriet. The risk profile of the joint account will guide Dustin in recommending suitable investment products and services that match the goals and needs of the joint owners
- Question List (103q)
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- Question 12: Which of the following applies to a mutual fund trust?...
- Question 13: Which of the following money market securities have the high...
- Question 14: One of your clients, Harry, has heard that he can defer payi...
- Question 15: Jasmine received an inheritance from her grandmother of $10,...
- Question 16: Which of the following could be a passively managed fund?...
- Question 17: Your client Gerard is 30 years old and plans to retire at ag...
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- Question 19: When comparing mutual funds, what information would help a D...
- Question 20: The Mutual Fund Dealers Association of Canada (MFDA) has str...
- Question 21: Which of the following statements about your mutual fund reg...
- Question 22: Maalik opens an account for a new client, John. During the n...
- Question 23: Which of the following Dealing Representatives has CORRECTLY...
- Question 24: Yesterday, Mariana purchased mutual funds for the first time...
- Question 25: Quintin has been a Dealing Representative for Global Maximum...
- Question 26: In a mutual fund dealer, who is the person responsible for e...
- Question 27: Bernadette has a high-paying job and is in the top tax brack...
- Question 28: Natasha currently owns 2 mutual funds: a bond fund and a Can...
- Question 29: One of your clients, Fernando, is approaching 71 years of ag...
- Question 30: Preston has been working for Thompson Industries for just ov...
- Question 31: Reagan has accepted a role to be the Chief Revenue Officer o...
- Question 32: Your client, James, would like to work beyond the normal ret...
- Question 33: Which of the following statements best describes dollar-cost...
- Question 34: Danny is a Dealing Representative for Everbright Investments...
- Question 35: Which of the following is a characteristic of a bond fund?...
- Question 36: What role do investment dealers play in the Canadian and glo...
- Question 37: Which among the following plans includes a provision that pl...
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- Question 39: Felipe is a Dealing Representative who is developing a non-r...
- Question 40: Karen's know your client (KYC) profile corresponds to someon...
- Question 41: Which of the following statements is TRUE about the movement...
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- Question 64: What information can be found from a simplified prospectus i...
- Question 65: What purpose does it serve for non-money market mutual funds...
- Question 66: Xerxes, 45 years old, is a successful architect, having an a...
- Question 67: Which statement regarding the Fund Facts document is CORRECT...
- Question 68: While assessing the suitability of an investment recommendat...
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- Question 70: Which statement about a net capital loss incurred by a mutua...
- Question 71: Which of the following statements about registered education...
- Question 72: Which of the following statements about nominee name account...
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- Question 89: Ken is a member of his employer's Defined Benefit Pension Pl...
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- Question 91: Which document contains information regarding the Independen...
- Question 92: Salvatore and Harriet recently got married. They are present...
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- Question 94: Sandra presently participates in her employer-sponsored defi...
- Question 95: What information does Fund Facts provide to potential invest...
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- Question 101: Maureen is 65 years old and will be retiring soon. She has a...
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