A client completed a financial plan two years ago. Since then, she has divorced, changed jobs, and purchased a new home. What is the planner's most appropriate recommendation?

• A. Wait until the original five-year review date.
• B. Conduct a comprehensive review of goals, cash flow, insurance, tax, retirement, and estate planning.
• C. Update the file only if the client requests new products.
• D. Review only the investment portfolio because the plan already exists.

Mark, a financial planner, is meeting his client Adam for the first time. From the conversation, Mark learned that Adam has some experience on trading stocks. Adam asked Mark to explain about efficient market theory that he overheard a colleague talking about a few days ago. How should Mark respond to Adam's question in simple terms?

• A. Investors react differently to information.
• B. Stock prices reflect all publicly-available information.
• C. Past mistakes can be avoided by using the information to anticipate change.
• D. Market prices of stocks have no relation to past price behaviour.

James is visiting Gurjeet, his financial planner, to discuss his financial affairs after the recent passing of his long-time partner Peter. James is concerned that the cost of probate will be a heavy burden. Which holdings should Gurjeet advise James are included in calculating the cost of probate?

• A. Assets held in a formal, irrevocable trust account.
• B. Assets held joint tenants in common.
• C. Registered plans with an adult child designated as the beneficiary.
• D. Insurance contracts with a preferred beneficiary designated.

Jelena, age 32, is single and works as a partner in a law firm. She is meeting with her financial planner, May, as she would like to start investing. Her friend John talks about hot sectors in the stock markets and has recently brought up the cannabis sector. She has done some reading about this sector and is willing to experience large decline in her investments. Jelena also mentioned to May that she believes in high long-term returns. What conclusion can May draw based on their discussions about the stock market and Jelena's expectations?

• A. Jelena has limited Investment knowledge and experience.
• B. Jelena has limited investment knowledge but good experience.
• C. Jelena has good investment knowledge and experience.
• D. Jelena has good investment knowledge but low experience.