CISI PCIAM Practice Questions - CISI Private Client Investment Advice & Management Exam

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Within the PCIAM advice process, what is the primary purpose of the 'know your customer' (KYC) and fact-find stage before any portfolio recommendation is made?

To gather and document the client's financial circumstances, objectives, knowledge, experience and capacity for loss so advice can be assessed as suitable To calculate the adviser's ongoing fee based on assets under management To satisfy HMRC reporting obligations for income tax To select a benchmark index for performance measurement only

Correct Answer:

To gather and document the client's financial circumstances, objectives, knowledge, experience and capacity for loss so advice can be assessed as suitable

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