Use this syllabus as your case checklist for WME-FP Exam 2 (scenario-focused).
What’s covered
Getting to Know the Client and Assessing their Financial Situation (22%)
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Chapter 1 - Wealth Management Today
- Apply the wealth management process to a client scenario and select the correct next step.
- Choose the wealth management services that best match a client’s stated needs and complexity.
- Prioritize which client goals and constraints should be addressed first when time is limited.
- Interpret how a stated regulatory or firm-policy constraint changes what you can recommend or say.
- Recommend when to involve a specialist (tax, legal, insurance) based on a client scenario.
- Justify a team-based advice approach when multiple specialists are needed to manage client risk.
- Diagnose common process failures in scenarios (skipped discovery, no documentation, unsuitable product-first thinking).
- Choose the most appropriate advisor behaviour that supports trust and long-term client outcomes.
Chapter 2 - Ethics and Wealth Management
- Apply an ethical decision framework to a scenario and choose the most defensible action.
- Diagnose the ethical dilemma type (conflict of interest, confidentiality, suitability, pressure) in a case.
- Choose what must be disclosed and documented to manage a conflict in a wealth management situation.
- Prioritize client interests when competing incentives or sales pressure exist in a scenario.
- Interpret how agency or fiduciary duty affects your obligations in a client relationship scenario.
- Recommend escalation steps (supervisor/compliance) when an ethical issue is unclear or high-risk.
- Justify why a proposed action is ethical even if it delays a transaction or reduces compensation.
- Choose the corrective action after an ethical lapse (notify, document, remediate, prevent recurrence).
Chapter 3 - Getting to Know the Client
- Apply KYC requirements to a client case and choose what information must be gathered before advising.
- Prioritize missing discovery information that prevents a suitability decision (horizon, liquidity, risk capacity).
- Choose the best discovery questions to clarify objectives, constraints, and risk profile.
- Diagnose whether a recommendation failure is due to incomplete KYC, poor documentation, or misunderstanding goals.
- Interpret client-provided information and translate it into planning constraints and priorities.
- Recommend how to document discovery findings so the suitability rationale is audit-ready.
- Choose when to update discovery after a client change (job loss, inheritance, new debt, new goal).
- Justify deferring or declining a recommendation until required discovery is completed.
Chapter 4 - Assessing the Client's Financial Situation
- Interpret a client’s net worth statement and diagnose liquidity or leverage concerns.
- Diagnose cash flow issues from a simplified income/expense scenario and prioritize fixes.
- Apply time value of money to estimate whether a goal is feasible given contributions and horizon.
- Choose a savings plan adjustment (increase contributions, change timeline, change risk) based on feasibility results.
- Recommend how to balance debt repayment versus saving/investing given a client’s cash flow constraints.
- Interpret the impact of compounding and time horizon when comparing two savings strategies.
- Prioritize which assumptions to validate in a plan (inflation, rate of return, contributions) for a given client.
- Justify the most suitable recommendation when the client’s stated goal conflicts with capacity.
Chapter 5 - Consumer Lending and Mortgages
- Choose the most appropriate mortgage structure (term, rate type, amortization) given a client’s constraints.
- Diagnose affordability risk using simplified home-purchase inputs and prioritize risk mitigation steps.
- Interpret the impact of interest rate changes on payments and total interest cost in a scenario.
- Recommend methods to reduce interest costs or penalties based on a client’s refinancing/prepayment situation.
- Choose when a mortgage-related recommendation creates concentration or liquidity risk that must be addressed.
- Prioritize mortgage planning issues that affect broader goals (retirement saving, emergency fund, insurance).
- Justify recommending a conservative borrowing approach when the client is over-leveraged.
- Apply a process to document mortgage advice assumptions and risks in the client file.
Family Law, Risk Management and Tax Planning (14%)
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Chapter 6 - Legal Aspects of Family Dynamics
- Apply family-law-related facts in a scenario to identify the planning implications for net worth and cash flow.
- Choose the appropriate next step when domestic contracts or legal agreements affect a client plan.
- Prioritize planning updates after separation/divorce (beneficiaries, wills, insurance, budgets) in a case.
- Interpret how property division and support obligations change goal feasibility.
- Recommend when to involve legal counsel and how to document scope and limitations of advice.
- Diagnose common family-dynamics risks (vulnerable client, undue influence) and choose escalation steps.
- Justify a conservative recommendation when family changes increase uncertainty or litigation risk.
- Choose the most compliant way to communicate sensitive family-law considerations to a client.
Chapter 7 - Personal Risk Management Process
- Diagnose key risks in a client scenario and prioritize which exposures to address first.
- Choose the most appropriate risk management technique (avoid, reduce, transfer, retain) for a stated risk.
- Recommend insurance or other mitigation approaches aligned to the client’s life-cycle stage and dependents.
- Interpret how changes in family life cycle affect risk capacity and planning priorities.
- Apply the personal risk management process to a case and select the correct next step.
- Prioritize which risk information to gather (assets at risk, liabilities, income replacement needs) before recommending coverage.
- Justify a recommendation that improves wealth preservation even if it reduces short-term investment allocation.
- Choose how to document risk management decisions and client trade-offs.
Chapter 8 - Understanding Tax Returns
- Interpret a simplified tax return to identify planning-relevant items (income type, deductions, benefits).
- Diagnose whether a client’s investment return should be evaluated on an after-tax basis and adjust recommendations.
- Choose the most tax-efficient type of investment income for a client situation (conceptual, policy-aware).
- Prioritize which tax details must be confirmed before giving advice (marginal rate, residency, benefit eligibility).
- Recommend how to explain taxable vs non-taxable benefits to a client in plain language.
- Interpret how deductions and credits affect a client’s net tax and cash flow planning.
- Choose the best data sources (slips/records) to request when tax information is incomplete.
- Justify deferring a recommendation when tax information is missing or inconsistent.
Chapter 9 - Tax Reduction Strategies
- Recommend tax reduction strategies appropriate to a client’s situation (deferral vs tax-free vs taxable) and justify the choice.
- Choose between TFSA and other registered/non-registered options given client goals and constraints.
- Interpret TFSA contribution/withdrawal implications in a scenario and select the correct action.
- Recommend an appropriate registered plan for a non-retirement goal (education/disability) based on client facts.
- Diagnose when incorporation is a relevant planning lever and identify the key trade-offs to confirm.
- Prioritize tax traps to avoid (timing, attribution, withholding) in a client case (conceptual).
- Choose an asset location approach that improves after-tax outcomes for a stated portfolio (conceptual).
- Justify the disclosure and documentation required when recommending tax-driven strategies.
Retirement Planning (16%)
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Chapter 10 - Registered Retirement Savings Plans
- Recommend an RRSP contribution strategy aligned to the client’s retirement goal and tax situation.
- Choose the appropriate action when a client has limited RRSP room but high retirement need (prioritize options).
- Interpret RRSP contribution room and deduction concepts in a scenario and avoid common mistakes.
- Recommend RRSP account management actions (beneficiaries, spousal considerations) based on client facts.
- Choose the most suitable withdrawal approach when a client needs funds and understand tax impacts (conceptual).
- Prioritize which retirement-funding assumptions to validate before projecting RRSP outcomes.
- Justify recommending RRSP versus TFSA contributions when the client’s marginal tax rate and timeline differ.
- Apply a client-friendly explanation of RRSP benefits and trade-offs in a case conversation.
- Interpret employer pension plan details in a scenario and identify planning implications for retirement funding.
- Choose how DB versus DC plan features affect contribution decisions and risk management (conceptual).
- Recommend a funding plan that integrates employer pensions with personal savings to close a gap.
- Prioritize steps when pension information is incomplete (request statements, confirm options, document assumptions).
- Diagnose a client’s retirement funding shortfall and choose the best corrective action (save more, adjust goal, adjust horizon).
- Recommend how to balance debt repayment with retirement contributions based on the client’s constraints.
- Choose how to communicate pension assumptions and limitations clearly in the client file.
- Justify an advice approach that reduces retirement income uncertainty.
Chapter 12 - Government Pensions Programs
- Interpret CPP/QPP and OAS choices in a scenario and recommend a defensible start-timing decision (conceptual).
- Diagnose when government benefit timing interacts with other income sources and creates planning risk.
- Choose the best action when a client is at risk of OAS income-tested reductions (conceptual).
- Prioritize what information to gather to project government benefits (age, earnings history, other income) conceptually.
- Recommend how to integrate government pensions with employer pensions and personal savings in a plan.
- Interpret survivor/disability benefit considerations for a household scenario (conceptual).
- Choose a client explanation that clarifies trade-offs between early and delayed benefits.
- Justify conservative assumptions for government benefits when details are uncertain.
Chapter 13 - Retirement Planning Process
- Apply the retirement planning process to a case and prioritize the next planning step.
- Choose the key inputs needed to run a retirement income needs analysis and identify missing data.
- Interpret analysis results to diagnose whether the plan is feasible and identify the primary driver of shortfall.
- Recommend tax-minimizing withdrawal sequencing in a scenario (conceptual, policy-aware).
- Prioritize actions to address longevity and inflation risk within the client’s constraints.
- Choose the most suitable plan adjustment when the client cannot increase savings (change timeline, spending, risk).
- Justify documentation of assumptions and trade-offs for regulator-ready retirement advice.
- Recommend when to revisit and update the retirement plan based on changes in goals, markets, or laws.
Chapter 14 - Protecting Retirement Income
- Choose an appropriate retirement income protection solution (annuity, segregated fund, GMWB) for a client scenario.
- Interpret product features and diagnose when guarantees are valuable versus unnecessary given client needs.
- Recommend how to balance guarantees, liquidity, and fees when designing retirement income.
- Prioritize suitability checks before recommending protected-income products (horizon, liquidity, risk capacity).
- Choose the most compliant disclosure language for guaranteed products in a scenario.
- Diagnose when a client is exposed to sequence-of-returns risk and recommend mitigation actions.
- Justify recommending a guaranteed-income strategy for a risk-averse client even with higher costs.
- Recommend monitoring triggers that would prompt revisiting a protected-income strategy.
Estate Planning (8%)
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Chapter 15 - Planning to Pass on the Estate
- Recommend the next action in a scenario involving missing or outdated wills/POAs (prioritize essential steps).
- Choose the appropriate type of authority (POA, living will) needed for a client situation (conceptual).
- Interpret probate considerations in a case and identify planning implications (conceptual).
- Diagnose signs of vulnerability or undue influence and choose escalation/documentation actions.
- Recommend updates to beneficiary designations and estate documents after major life events.
- Prioritize what to document when discussing estate intentions and family dynamics.
- Choose when to involve legal counsel and how to set appropriate scope boundaries.
- Justify a conservative approach when capacity concerns are present.
Chapter 16 - Estate Planning Strategies
- Recommend estate planning strategies (trusts, insurance, coordination) that fit a client scenario.
- Choose when a trust is an appropriate tool and justify the rationale (control, protection, tax) conceptually.
- Interpret estate tax and liquidity implications in a case and identify the primary risk.
- Prioritize actions to avoid common estate pitfalls (conflicting designations, liquidity shortfall, outdated documents).
- Recommend when to involve tax/legal specialists and how to document advice limitations.
- Choose coordination steps across wills, POAs, and account registrations to align the estate plan.
- Diagnose whether a client’s estate plan is likely to be contested or complex and adjust recommendations.
- Justify a planning approach that balances fairness, efficiency, and the client’s stated values.
Investment Management and Asset Allocation (12%)
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Chapter 17 - Investment Management Today
- Choose whether fintech or robo-advisory services are suitable for a client scenario and justify the decision.
- Interpret limitations of robo advice and identify what must be verified for suitability.
- Recommend how to explain smart beta ETFs to a client and set realistic expectations.
- Choose an implementation approach for responsible investing given client values and constraints.
- Diagnose when a technology-driven strategy introduces new risks (model risk, behaviour, oversight) and mitigate.
- Prioritize due diligence questions for a fintech solution (fees, methodology, governance, conflicts).
- Recommend how to document client consent and understanding for digital/model-based strategies.
- Justify a recommendation to keep solutions simple when the client’s knowledge or capacity is limited.
Chapter 18 - Investment Management
- Apply the portfolio management process to a scenario and choose the correct next step (set objectives, implement, monitor).
- Choose between individual securities and managed products based on client constraints and governance needs.
- Interpret diversification and correlation in a case to diagnose concentration risk.
- Recommend an appropriate level of international exposure given client horizon and risk profile (conceptual).
- Prioritize which portfolio design constraints matter most (liquidity, taxes, concentration, time horizon) in a case.
- Choose a risk measure interpretation (volatility/beta) to explain portfolio behaviour to a client.
- Justify the chosen implementation approach with clear client-facing rationale and documentation.
- Diagnose when portfolio changes are driven by noise versus a true change in client goals/constraints.
Chapter 19 - Asset Allocation
- Recommend an asset allocation aligned to client objectives and constraints and justify trade-offs.
- Interpret an allocation drift scenario and choose whether to rebalance now or later.
- Prioritize which allocation issue is most critical (risk mismatch, liquidity, concentration, tax) in a case.
- Choose between strategic and tactical allocation actions given a client’s policy and risk budget.
- Recommend a rebalancing method (time-based vs threshold) appropriate for the scenario.
- Diagnose when rebalancing could create unnecessary tax costs and adjust the approach.
- Interpret how allocation choices drive expected volatility and outcomes for the client.
- Justify documenting an allocation decision in a way that is audit-ready and client-centered.
Equity and Debt Securities (14%)
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Chapter 20 - Equity Securities
- Interpret basic equity information in a scenario and choose an appropriate equity strategy (conceptual).
- Diagnose whether a stock idea fits the client’s objectives, horizon, and risk capacity.
- Choose an equity analysis approach (fundamental vs technical) appropriate to the question being asked.
- Interpret industry/company factors that change equity risk and return expectations (conceptual).
- Recommend how to communicate equity valuation uncertainty and risks in plain language.
- Prioritize diversification actions when a client is overexposed to a single stock/sector.
- Justify an equity recommendation that aligns with the client profile even if it conflicts with client excitement.
- Choose monitoring triggers for equity positions and when to reconsider suitability.
Chapter 21 - Debt Securities: Characteristics, Risks, Trading, and Yield Curves
- Interpret yield curve information in a scenario and diagnose what it implies for interest rate expectations (conceptual).
- Choose an appropriate type of debt security based on client objective (income vs safety) and constraints.
- Diagnose key bond risks in a case (interest rate, credit, liquidity) and prioritize mitigations.
- Choose an order type or execution approach consistent with debt market mechanics (conceptual).
- Interpret the price–yield relationship to explain why bond values changed in a scenario.
- Recommend duration positioning consistent with a client’s horizon and rate-risk tolerance (conceptual).
- Prioritize what to disclose to a client about debt security risks and trading realities.
- Justify a conservative fixed income choice when client capacity for loss is low.
Chapter 22 - Debt Securities: Pricing, Volatility and Strategies
- Interpret bond pricing inputs in a scenario and diagnose why price volatility differs across bonds.
- Choose a fixed income strategy (ladder, barbell, duration targeting) that fits the client’s goal and constraints.
- Diagnose when reinvestment risk or call risk is the dominant issue and adjust strategy accordingly.
- Recommend how to manage interest rate risk using duration concepts in plain language.
- Prioritize trade-offs between yield and credit quality in a client case and justify the choice.
- Choose whether to hold, trade, or rebalance fixed income exposure when yields change materially.
- Interpret how bond strategy affects cash flow stability and portfolio volatility.
- Justify documentation of fixed income strategy rationale and key risks disclosed.
Managed Products, Portfolio Monitoring and Evaluation (14%)
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Chapter 23 - Managed Products
- Recommend an appropriate managed product type (mutual fund, ETF, wrap, hedge fund) for a client scenario and justify fit.
- Choose between mutual funds and ETFs based on trading needs, cost sensitivity, and behaviour constraints.
- Interpret fee and turnover information and diagnose when costs are driving underperformance.
- Recommend a wrap product or managed account when governance, reporting, or coaching needs are high.
- Choose whether hedge funds are suitable given client sophistication, liquidity needs, and risk capacity.
- Prioritize tax considerations when selecting managed products (distribution type, turnover) conceptually.
- Interpret when overlay management is appropriate and what it is intended to accomplish (conceptual).
- Recommend how to frame outcome-based investments and set expectations about limits and conditions.
- Apply a monitoring process to a client case and choose the correct review trigger (drift, life event, market move).
- Interpret performance results versus a benchmark and diagnose the most likely driver (allocation, selection, fees).
- Choose the appropriate performance measure for the situation (short-term vs long-term, contributions/withdrawals) conceptually.
- Recommend corrective actions after underperformance (rebalance, revisit objectives, adjust implementation) and justify.
- Prioritize what to communicate to the client after a performance review (facts, context, next steps).
- Diagnose when performance is a result of unsuitable risk rather than poor manager skill.
- Recommend how to document monitoring and evaluation decisions for auditability.
- Choose when to escalate for deeper review (manager change, product due diligence) based on evidence.
Sources: https://www.csi.ca/en/learning/courses/wme-fp/curriculum and https://www.csi.ca/en/learning/courses/wme-fp/exam-credits