AI for Financial Advisors Quiz

Answers and explanations appear as you take the quiz.

1. An AI notetaker drafts a follow-up email after a client review. What does the guide say must happen to AI-generated notes and emails?
   • They can be deleted once sent
   • They must be kept and supervised like any other business record
   • They are exempt from recordkeeping because a machine wrote them
   • They must be filed with the SEC
2. What do the SEC's AI washing enforcement actions concern?
   • Failing to use AI
   • Charging excessive fees
   • False or exaggerated claims about a firm's use of AI
   • Unregistered robo-advisors
3. Which duty do registered investment advisers owe clients under the Investment Advisers Act?
   • A fiduciary duty of care and loyalty
   • Only a duty to execute trades promptly
   • No duty once a client signs an agreement
   • A duty to use the newest technology
4. What misconception about AI recommendations does the guide correct?
   • That AI can summarize documents
   • That AI can transcribe meetings
   • That firms can build internal tools
   • That an AI-generated recommendation shifts responsibility away from the advisor
5. Besides productivity, what issue does the guide raise about recording client meetings?
   • Consent requirements that vary by state, and sensitive data in transcripts
   • Recordings are banned by FINRA
   • Recordings replace the need for a CRM
   • Recordings must be published to clients
6. Why do enterprise AI deployments connect models to the firm's CRM and planning systems through retrieval?
   • To make the model run faster on phones
   • To ground answers in that client's own records
   • To avoid any need for review
   • To replace custodians
7. How should access controls work for an advisor-facing AI assistant?
   • Every advisor should see every client
   • Only compliance staff should use it
   • They should mirror existing entitlements, so advisors see only their own clients' data
   • Access controls are unnecessary for internal tools
8. A planning copilot drafts three retirement scenarios. What does the example say the advisor adds?
   • Faster computation
   • A new tax law
   • More scenarios
   • Judgment about which scenario fits the client's stated worry about outliving savings