Index of Case Studies: Applying the New Code and Standards
CFP Board has developed case studies to provide practical guidance to CFP® professionals and their firms on the new Code of Ethics and Standards of Conduct ("Code and Standards"), effective October 1, 2019.
Each case study presents a hypothetical factual circumstance and then asks a question about a CFP® professional’s duty in that circumstance under the Code and Standards. The case study then presents the response options, identifies the best response, and then discusses the rationale for why that response is the best and why the other response options are not the best. CFP Board intends for these case studies to guide CFP® professionals in their application of the Code and Standards to their own practice.
Below is a list of the case studies by topic:
Conflicts of Interest
- The Duty to Disclose Material Conflicts of Interest When Making A Rollover Recommendation
- The Duty to Disclose Material Conflicts of Interest When Responding to a Client’s Investment Inquiry
- The Duty to Disclose Material Conflicts of Interest When Recommending a Product Issued by an Affiliate
- The Duty to Disclose and Manage Material Conflicts of Interest Involving Proprietary Products
- The Fiduciary Duty Applies to a Rollover Recommendation
- The Fiduciary Duty Applies to an Opinion About a Financial Asset
- The Duty to Follow a Client's Instruction to Use a Specific Firm for Execution
- The Fiduciary Duty to Obtain Factual Information When Working on a Team
- The Fiduciary Duty When a Client Exhibits Signs of Lack of Capacity or Undue Influence
- Apply the Fiduciary Duty to Client Instructions that Conflict with the Duty of Care
- The Fiduciary Duty and an A Share Class Recommendation
Recommending, engaging, and working with other persons
- Duties When Recommending Additional Persons to Provide Financial or Professional Services to a Client
- Duties When Recommending Another Service Provider
representation of compensation method
What is Financial Advice?
- The Fiduciary Duty Does Not Apply When Providing General Financial Educational Materials Concerning Education Planning
- The Fiduciary Duty Does Not Apply When Providing General Financial Educational Materials Concerning Retirement Planning
- The Delivery of Firm Research Does Not Constitute Financial Advice
WHEN IS FINANCIAL PLANNING REQUIRED?
- Financial Advice That Requires Financial Planning
- When a Client Has a Reasonable Basis to Believe a CFP® Professional Will Provide Financial Planning
- Determining Whether Financial Planning is Required When an Engagement Expands Over Time
- When Financial Advice Does Not Require Financial Planning
WORKING IN TEAMS
Access More Guidance Materials
This compliance resource is part of a full library of resources that CFP® professionals can use to comply with the Code and Standards. More guidance materials can be found in our Compliance Resources Library.