Client Types

Exam Weight: ~3 questions (3% of exam)

Understanding the different types of clients is fundamental to providing suitable investment advice. Each client type has distinct legal structures, tax treatment, and liability characteristics that affect how an investment adviser serves them.

What You'll Learn

• Individual accounts, joint accounts (JTWROS and TIC), investment profile factors, and sole proprietorships
• Business entities: general partnerships, limited partnerships, LLCs, C-corporations, and S-corporations
• Trusts (revocable, irrevocable, testamentary), estates, trustee fiduciary duties under UPIA, and who is the IA's client
• Private foundations, public charities, donor-advised funds, and endowment investment strategy