Question

Joni is a financial planner for ABC firm. She provided all of her clients with the same products. She felt this was OK since she had thoroughly researched them years ago and found them to be excellent. By concentrating her recommendations with a few firms, she was able to receive commission bonuses. She never discussed their goals and characteristics with her clients unless they brought them up. Explain her violations of SEC and CFP regulations. Indicate what should be done.

Answer 1

She is in violations of SEC and CFP regulations because she impose her own opinion or want on the client without the clients knowledge.

What is the case about?

The case above is failure of Joni to divulge some vital information  regarding a product to her client.

Note that Joni is ok with the product, that does not mean that the client will still be okay with it. She is suppose to tell her client all that they need to know and then they can decide what to do and she failed to do so and as such She is in violations of SEC and CFP regulations because she impose her own opinion or want on the client without the clients knowledge.

The solution is that she needs to tell her client what she omitted, tender an apology and also she should explain all that there is to know to the client.

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