Client Data Gathering

What this video covers

• The four required Customer Identification Program (CIP) items for natural persons (name, date of birth, residential address, government ID number) and why CIP is an anti-money laundering (AML) check, not a suitability analysis
• The critical exam distinction between CIP (who are you?) and the full suitability profile (what do you need?)
• Why standardized questionnaires alone are insufficient for establishing a complete client profile, and how interviews uncover behavioral inconsistencies
• The mandatory components of an Investment Policy Statement (IPS) and its role as the governing document for all recommendations
• Why the IPS is a living document that must be reviewed and updated before any portfolio changes after a client's major life event
• How a recommendation can become unsuitable even when the investment itself has not changed, if the adviser fails to update the IPS and reassess suitability