Exam CIFC Topic 1 Question 1 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 1
Topic #: 1

Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?

A. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing. B. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first. C. Based on Orel's stated need, recommending an RRSP contribution is unsuitable. D. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first

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