CIFC practice question 14 of 30
Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old…
Choose your answer, then check it against the explanation.
Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards
his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average
$65,000
per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-
free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has
always
made his own investment decisions. His money is mostly invested in balanced funds. He feels most
comfortable with these types of mutual funds since they offer potential investment growth but
without being too aggressive. Cosmo has no other assets.
What additional information do you need about Cosmo to fulfill your know your client obligation?
Question 14 of 30
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