Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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An IAR of a state-registered investment adviser recommends that a client invest $75,000 in a mutual fund advised by the adviser's affiliate. The fund's expense ratio is 1.35%, while several comparable funds with similar strategies and performance records have expense ratios below 0.60%. The adviser receives a fee from the fund. Before the purchase, the IAR discloses the affiliation and the fee arrangement to the client in writing, and the client consents. The fund is consistent with the client's risk tolerance and investment objective.
Under the fiduciary duty of an investment adviser, which statement is correct?
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