General Securities Sales Supervisor (Series10) Practice Exam

The statement regarding account review being allowed only if the representative is registered as an adviser reflects the importance of regulatory compliance in the financial services industry. A Certified Financial Planner (CFP) must ensure they are properly registered and authorized to provide advice related to financial plans and investment accounts. Registration as an adviser signifies that the individual has met specific qualifications and is compliant with applicable regulatory standards, which facilitates the legal and ethical review of accounts. This means that even if someone holds a CFP designation, they must also have the necessary registration to engage in account reviews and present financial plans. Registration ensures that the advisor adheres to fiduciary standards and other obligations that a registered adviser must fulfill, thereby protecting the client and ensuring that their financial planning needs are addressed appropriately. In this context, the other options do not accurately represent the requirements for account review: client permission is not the primary factor for a registered adviser; holding a CFP alone does not grant such authority without being registered; and simply being an existing customer does not exempt the financial planner from regulatory requirements.