James and Lou Olsen are meeting with Tony, a CFP expert and a representative of an investment adviser, to evaluate their financial strategy, which includes investing and retirement planning. Jimmy questions the tax implications of their strategy as they go over it. A referral agreement between Tony and his CPA colleague states that the CPA will pay Wayne $125 for each client he introduces who hires the CPA for tax preparation or planning services. Wayne suggests his CPA colleague to the Olsens. The referral agreement is not mentioned by him. <br>
Which of the following statements most accurately sums up Wayne's behavior during the meeting?
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A
The referral money is not regarded as a major sum needing disclosure, hence Tony did not transgress the standards of conduct for the CFP Board regarding transparency and conflicts of interest.
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B
Due to the disclosure of the referral agreement in the firm's ADV part 2, which the customer had already received before the recommendation, Tony complied with the CFP Board's Standards of Conduct.
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C
When he recommended a different expert to assist the client with the tax element of their financial plan, Tony violated the CFP Board's Standards of Conduct for the duty of care owed to the Olsens.
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D
Tony violated the CFP Board's Standards of Conduct for failing to disclose that he might get paid a referral fee if they decide to work with his CPA colleague at the time of the recommendation.