1. Adherence to the Code of Ethics of the Financial Planning Standards Council by Financial Planners...

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1. Adherence to the Code of Ethics of the Financial Planning Standards Council by Financial Planners A. Miranda Slokum engaged Harry Wiles, CFP, as her financial planner for many years, and he had been involved in executing an investment strategy on her behalf. Unfortunately, Harry had a severe heart attack a few days ago and the partnership has temporarily divided his accounts across the various partners. Miranda's account has been handed to Jerry Smith, CFP, for immediate attention as $400,000 of bonds, representing 40% of Miranda's portfolio are maturing tomorrow. To avoid violating the FPSC code, what is Jerry's best course of action tomorrow? Justify your reasoning. Additional facts that may influence Jerry's decision: 1. Attempts to contact Miranda have been unsuccessful in the last day or so. It is believed that she may be on a three month vacation in Europe but nobody is sure how she can be reached in the meantime. 2. In reviewing Harry's files, Jerry notices that the current portfolio is quite similar in risk and term to the one chosen prior to this maturing one (that portfolio had been constructed five years ago). 3. Jerry asked his sales assistant, Marg, to determine the asset allocation of his other clients who were of a similar age and wealth to Miranda. She said that she would have that information available in the morning. 1. Adherence to the Code of Ethics of the Financial Planning Standards Council by Financial Planners A. Miranda Slokum engaged Harry Wiles, CFP, as her financial planner for many years, and he had been involved in executing an investment strategy on her behalf. Unfortunately, Harry had a severe heart attack a few days ago and the partnership has temporarily divided his accounts across the various partners. Miranda's account has been handed to Jerry Smith, CFP, for immediate attention as $400,000 of bonds, representing 40% of Miranda's portfolio are maturing tomorrow. To avoid violating the FPSC code, what is Jerry's best course of action tomorrow? Justify your reasoning. Additional facts that may influence Jerry's decision: 1. Attempts to contact Miranda have been unsuccessful in the last day or so. It is believed that she may be on a three month vacation in Europe but nobody is sure how she can be reached in the meantime. 2. In reviewing Harry's files, Jerry notices that the current portfolio is quite similar in risk and term to the one chosen prior to this maturing one (that portfolio had been constructed five years ago). 3. Jerry asked his sales assistant, Marg, to determine the asset allocation of his other clients who were of a similar age and wealth to Miranda. She said that she would have that information available in the morning.

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Jerry Smith as an Ensured Monetary Organizer CFP is limited by the Overarching set of rules of the Monetary Arranging Principles Committee FPSC One of ... View the full answer