Certified Financial Planner (CFP) Exam 2026 – 400 Free Practice Questions to Pass the Exam

The classification of "Duty Owed to Clients" according to the CFP Board Standards of Conduct includes a variety of ethical obligations that financial planners must adhere to in their professional conduct. Each of the attributes mentioned—independence, professionalism, and competence—plays a critical role in maintaining a trusted advisor-client relationship.

Independence refers to the financial planner's obligation to provide unbiased advice, free from conflicts of interest. This ensures that the planner's recommendations are in the best interest of the client rather than being influenced by external factors.

Professionalism encompasses the adherence to ethical standards, responsibilities, and behaviors expected in the financial planning profession. It reflects the planner's commitment to acting honorably and responsibly towards clients and the profession as a whole.

Competence is fundamental in ensuring that the planner possesses the necessary knowledge, skills, and abilities to provide effective financial advice. This includes being adequately educated and staying informed about changes in laws, regulations, and financial practices.

Since all three components—independence, professionalism, and competence—collectively contribute to the overall duty owed to clients, the correct classification encompasses all of them. Thus, identifying them all as a Duty Owed to Clients aligns with the ethical framework set forth by the CFP Board.