Which item is NOT typically retained as part of FAIS transaction records?

• A. Advice given
• B. Evidence of disclosures and consent
• C. Client needs/objectives
• D. Client’s favorite color

Answer: (D)

Record-keeping under FAIS is about maintaining a clear, auditable trail of the advice process. This means retaining what advice was given, evidence that the necessary disclosures were made and consent obtained, and documentation of the client’s needs and objectives so the recommendation can be assessed for suitability. These elements show the basis for the advice and demonstrate compliance with the process.

A item like the client’s favorite color has no relevance to the financial advice, the disclosures, or the consent process, so it would not be included in FAIS transaction records.