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What should members and candidates do when communicating with client?

帮考网校 2020-05-15 17:23:26

What should members and candidates do when communicating with client?

Communication with client, Members and Candidates must:

Disclose to clients and prospective clients the basic format and general principles(披露投资过程的一般方式和基本原则)of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes. (投资过程有实质性的变化,要及时与客户沟通)

Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

“…will be…” => fact

“ may be ” => opinion

If recommendations are in capsule form (such as a recommended stock list), should notify clients that additional information and analyses are available upon request. (可以提供简易版报告,但必须告知客户,需要的话可以提供详细版)

Outline known limitations of the analysis and conclusions contained in their investment advice. Include those limitations in the report. (告诉客户分析和结论有一定的局限性)


Dox is a mining analyst. He has finished a report on BB Minerals. Included in his report is his assessment of geological extent of mineral reserves likely to be found on the company’s land. He completed calculation on the basis of the core samples from the drilling and assessed that the company has more than 500,000 ounces of gold on the property. He concludes his report as follows: “Based on the fact that the company has 500,000 ounces of gold to be mined, I recommend a strong BUY.”

Comment: His calculation of the gold reserve is opinion but not fact. He will violate “Investment (Communication with clients)” if he issues the report as written.

(notification of fund mandate change) MAA is a successful small cap manager with increasing new clients. For liquidity purpose, the CIO decides to lift the maximum market‐cap ceiling from 250 million to 500 million and informs prospective clients and third-party consultants.

Comment: The CIO must also inform the existing clients about this material change otherwise he violated Standard “Investment (Communication with clients)”.

Jim, CFA, an investment advisory firm serving high net worth investors.  For the past decade, Alvarez has invested his clients’ money in mid-cap stocks. After much research, Jim determines that small-cap stocks are undervalued and moves a portion of all of his clients’ assets into these stocks. Alvarez plans to inform his clients of this change with their year end statements in three months.  Has Alvarez violated any CFA Institute Standards?

A. No.

B. Yes, with respect to misrepresentation.

      C.Yes, with respect to communication with clients and prospective clients.


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