文中哪里看出来V和B已经不适合了？

问题如下：

Stacia Finnegan, CFA, manages a regional office of Harvest Financial’s brokerage business. Her responsibilities include training all personnel in compliance with the firm’s standards, policies, procedures, and applicable laws and regulations.

Finnegan is currently providing training on the firm’s new PlusAccount, a comprehensive fee-based brokerage account. "PlusAccounts," she tells the brokers, "are an excellent way to ensure that the financial advisor does not recommend trades for the purpose of generating commissions. The advisor and client’s interests are aligned." She continues, "You will find that many clients will benefit from converting a traditional brokerage account to a PlusAccount. Be aware, however, that PlusAccounts are not appropriate for all categories of investors, including buy-and-hold clients and certain clients with assets less than $50,000." Finnegan distributes written compliance procedures for establishing and maintaining PlusAccounts. She carefully explains that regulatory rules "require that we have reasonable grounds for believing that the PlusAccount is appropriate for a particular customer. Additionally, we must review each account on an annual basis to determine whether PlusAccount status remains appropriate. The policies outlined in these documents are designed to ensure compliance with industry standards and regulatory requirements. You must follow these compliance procedures exactly."

Finnegan then distributes and explains the sales and disclosure materials for clients. The materials include the following fee structure:

PlusAccount Annual Fee (as a Percent of Assets)*

From 0–$250,000 2.00 1.00

Next $250,000 1.50 1.00

Next $250,000 1.25 1.00

Next $250,000 1.00 1.00

More than $1 million 0.75 0.75

*Minimum annual fee of $1,000 billed quarterly.

Finnegan spends the rest of the afternoon training the staff on detailed procedures and answering their questions.

Chris Klein is a registered broker and financial advisor with Harvest. He is also a Level II Candidate in the CFA Program. Klein is excited about the new PlusAccounts and believes that they will be attractive for many clients.

One of Klein’s clients is Elaine Vanderon, who contributes weekly to her brokerage account. Under Vanderon’s directions, Klein invests the weekly contributions in actively managed mutual funds (unit trusts). The funds have below-average management fees and average returns. Commissions for Vanderon average $35 per transaction.

When Vanderon’s account reaches $50,000 in assets, Klein recommends conversion to a PlusAccount. He carefully explains that in a PlusAccount, both the cost of investment advice and many implementation costs are wrapped into the management fee billed on a quarterly basis. Stock and bond commissions, he tells Vanderon, are discounted by 70%. Klein informs Vanderon that in a PlusAccount, she can buy or sell thousands of mutual funds or unit trusts (including those in which she invests) for no commissions or transaction charges. He explains that PlusAccounts are ideal for clients who trade often$—$or as part of a periodic investment program such as hers. Vanderon reads through the disclosure material provided by Klein and accepts his recommendation.

Klein routinely informs clients about the benefits of PlusAccount status and presents them with all the disclosure materials. Another client Klein encourages to open a PlusAccount is Lee Brown. Brown has accumulated stock holdings of $300,000 and trades equities almost daily.

His annual commissions for the previous twelve months equal $9,100. His portfolio is well-diversified. He has a high risk tolerance and prefers growth stocks. After explaining the fee structure, Klein tells Brown "The PlusAccount is ideal for an active trader like you."

One year later, Finnegan is promoted. She delegates supervisory responsibility for Klein and 15 other brokers to her assistant branch manager.

The same month, Klein meets with Vanderon and Brown to review their portfolios and financial situations. Both clients are happy with their PlusAccounts. Vanderon’s commission costs have declined to zero. Her account continues to grow in line with her plans and expectations. Brown is also happy with his account. His annual commission costs have declined 70% to $2,700.

Two months later, Vanderon receives a $1 million inheritance and places it in her PlusAccount. Although he conducted a full review two months earlier, Klein meets with Vanderon to review her financial situation and discuss potential changes to her investment policy. During their meeting, Klein mentions that he has completed Level III of the CFA examination. He informs Vanderon "Completion of the CFA Program has enhanced my portfolio management skills." He tells Vanderon "As a CFA charterholder, I am the best qualified to manage your investments." Vanderon congratulates Klein on his accomplishment and agrees to consider any changes he recommends to her PlusAccount.

The following month, Klein telephones Vanderon to recommend a highly-rated mutual fund. Klein states "The fund has an excellent performance history and is ranked in the top decile of comparable funds. For the past three- and five-year periods, its average annual return has exceeded the benchmark by 90 basis points. Of course, past performance is no guarantee of future returns, but several of my clients hold this fund and they are all very happy with it. One of them invested $50,000 five years ago. That investment is worth more than $100,000 today." When Vanderon asks about fees, Klein explains that the fund’s management fees are 25 basis points higher than those of her existing investments. He adds "Because of your PlusAccount status, you won’t incur a brokerage commission for this transaction even though I will receive a referral fee if you invest in the fund."

Six months later, Brown suffers serious medical and financial problems and stops trading. Klein telephones him to review his financial situation. Brown insists that he will make a full recovery and that he will be trading again shortly. During the next twelve months, Brown is too ill to trade. His growing expenses force him to withdraw large amounts from his PlusAccount. Within another 18 months, his PlusAccount value is less than $50,000.

6. In her supervisory duties, does Finnegan violate any CFA Standards?

选项：

A.

No.

B.

Yes, because she fails to ensure that compliance procedures are enforced.

C.

Yes, because she delegates supervisory authority to her assistant branch manager.

解释：

B is correct.

Finnegan violates Standard IV(C) —Responsibilities of Supervisors by failing to ensure that compliance procedures are enforced. As she informed her staff, Harvest "must review each account on an annual basis to determine whether PlusAccount status remains appropriate." Had Vanderon’s and Brown’s accounts been reviewed annually in accordance with compliance procedures, it would have been clear that the PlusAccount was no longer suitable for either. Delegating supervisory authority to another individual does not violate the Standards.