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Answer: Yes, regarding the investment in venture capital funds without updating the client's profile.
**Explanation:** Bravoria violated **Standard III(A)-Loyalty, Prudence, and Care** because he had not updated the client's profile (including risk tolerance, financial constraints, and objectives) in over two years. Making high-risk investments without this update was imprudent. While Bravoria provided investment statements more frequently than required (quarterly is sufficient), this does not mitigate the violation of Standard III(A). The correct answer is **C**.
Author: LeetQuiz Editorial Team
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David Bravoria, CFA, an independent financial advisor, had not contacted a high-net-worth client in over two years. During a brief phone call, the client expressed a desire to increase risk exposure. Bravoria then invested in high-risk venture capital funds on the client's behalf while continuing to send monthly detailed investment statements. Did Bravoria likely violate any CFA Institute Standards?
A
No.
B
Yes, regarding the provision of investment statements.
C
Yes, regarding the investment in venture capital funds without updating the client's profile.
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