Chartered Investment Manager (CIM) Practice Exam · Question
A Canadian investment advisor is conducting a Know Your Client (KYC) assessment for a new client. Which of the following is an essential piece of information to gather during this process?
The KYC process, as mandated by CIRO, requires advisors to gather detailed information about a client's financial situation, investment objectives, and risk tol
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Question: A Canadian investment advisor is conducting a Know Your Client (KYC) assessment for a new client. Which of the following is an essential piece of information to gather during this process?
Answer options:
- The client's preferred brand of automobile.
- The client's favourite holiday destination. ✅ The client's investment objectives and risk tolerance.
- The client's social media activity.
Correct answer: The client's investment objectives and risk tolerance.
Explanation: The KYC process, as mandated by CIRO, requires advisors to gather detailed information about a client's financial situation, investment objectives, and risk tolerance to ensure suitability of recommendations.
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Other Canadian certifications candidates often prepare for alongside this one.