WHY DO YOU NEED TO TRUST ON CISI ICWIM EXAM QUESTIONS?

Why Do You Need to Trust on CISI ICWIM Exam Questions?

Why Do You Need to Trust on CISI ICWIM Exam Questions?

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q81-Q86):

NEW QUESTION # 81
An advisor is reviewing a client's portfolio which has a time horizon of 15 years and is made up primarily of bonds and cash but with some exposure to equities and other higher-risk investments. It is reasonable to believe that the client's risk appetite is:

  • A. Mid Risk
  • B. Mid-High Risk
  • C. Low Risk
  • D. Low-Mid Risk

Answer: D

Explanation:
* Risk Appetite and Portfolio Composition
* A portfolio primarily of bonds and cash indicates a conservative approach, but the inclusion of equities and higher-risk investments suggests some tolerance for risk.
* A 15-year time horizon allows for a balanced approach, mitigating risks associated with equities over time.
* Why the Answer is B
* The mix of low-risk (bonds, cash) and some high-risk exposure (equities) aligns withLow-Mid Risk.
* Why Other Options are Incorrect
* A. Low Risk: Overlooks the equity and higher-risk components.
* C. Mid Risk / D. Mid-High Risk: Overestimate the risk level due to the dominance of bonds and cash.
* ICWIM Study Guide, Chapter on Risk Profiling: Explains portfolio risk classification.
References


NEW QUESTION # 82
Which financial instrument is the corporate equivalent of a Treasury Bill?

  • A. Commercial Paper
  • B. Bearer Securities
  • C. Bill of Exchange
  • D. Certificates of Deposit

Answer: A

Explanation:
Commercial Paper (CP) is the corporate equivalent of a Treasury Bill and is used for short-term funding by companies.
* Key Features:
* Issued by corporations with high credit ratings.
* Unsecured, short-term debt instrument (maturity up to 270 days).
* Used to finance working capital or short-term obligations.
* Comparison to Treasury Bills:
* Treasury Bills (T-Bills) # Issued by governments (risk-free).
* Commercial Paper # Issued by corporations (higher risk).
# Reference: Bank of England (Commercial Paper Market), CISI Wealth & Investment Management.


NEW QUESTION # 83
What fiduciary responsibility does a financial adviser have for their clients?

  • A. Decrease the overall risk of their portfolio
  • B. Offer conservative advice with low risk
  • C. Provide their services at a competitive fee
  • D. Act in the best interests of their clients

Answer: D

Explanation:
A fiduciary duty requires a financial adviser to prioritise the client's best interests above their own.
* Core Responsibilities:
* Act with integrity and transparency when providing financial advice.
* Provide suitable recommendations based on the client's risk profile, objectives, and financial situation.
* Avoid conflicts of interest (or disclose them).
* Regulatory Requirement: The FCA and MiFID II mandate that advisers act in a client's best interests when offering financial services.
# Reference: FCA Handbook (Principles for Businesses - Principle 6), CISI Code of Conduct.


NEW QUESTION # 84
Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?

  • A. In order to collect fees prior to implementation of the recommendations
  • B. To establish the client's tax position
  • C. To afford the opportunity to clear up any misunderstandings
  • D. So that the client can review the adviser's qualifications

Answer: C

Explanation:
* Purpose of Client Meetings: A face-to-face meeting allows the adviser to personally communicate complex financial recommendations.
* Importance of Clarity: Clients may misunderstand written reports due to technical jargon or unfamiliarity with financial terms. This meeting provides an opportunity to ensure clarity and build trust.
* Elimination of Other Options:
* A: Collecting fees can be done online or through invoices; this is not the primary purpose of a meeting.
* B: Tax position assessment is typically done before preparing recommendations.
* C: Reviewing adviser qualifications is rare in meetings; trust is built through prior interactions.
References:
* ICWIM Module 2: Focus on professional adviser-client relationships and clear communication.


NEW QUESTION # 85
A stockbroking firm receives buy and sell orders for the same security from different clients. How can they best avoid a conflict of interest?

  • A. Withdraw their services for the transaction
  • B. Openly disclose all orders received to the clients
  • C. Place orders as they are received from the clients
  • D. Process the sell orders before the buy orders

Answer: C

Explanation:
When a stockbroking firm receives buy and sell orders for the same security, they must ensure fair execution to avoid conflicts of interest.
* Best Execution Principle:
* Orders should be executed in the order received (time priority).
* Brokers must act impartially and in the best interests of all clients.
* No preferential treatment is allowed, even for higher-value orders.
* Regulatory Compliance:
* Under MiFID II (Markets in Financial Instruments Directive) and FCA COBS rules, brokers must ensure:
* Transparency in order handling.
* Fair and prompt execution of trades.
* No manipulation or front-running (trading ahead of clients).
* Why Not Other Options?
* A (Withdraw their services) # This would disadvantage clients and is unnecessary.
* C (Openly disclose all orders) # Not required unless there is a material conflict of interest.
* D (Process sell orders before buy orders) # Would create an unfair trading practice.
# Reference: FCA Handbook (COBS 11 - Best Execution), MiFID II Regulations, CISI Wealth & Investment Management.


NEW QUESTION # 86
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