Caleb Smith, CFA, is an investment advisor and manages the portfolios of several high-net-worth individuals. To comply with the Standards of Professional Conduct relating to suitability, at the inception of the client relationship, Smith must :（）
A. gather client information including the client's financial circumstances, personal data that are relevant to investment decisions, attitudes towards risk, and objectives in investing.
B. invest in a manner consistent with the stated mandate.
C. consider the possibilities of rapidly changing investment environments and their likely impact on a client's holdings.
参考答案：A
解析：
当CFA会员为客户提供投资服务之前，先要了解客户的财务状况、与投资决策相关的个人信息、对于风险的态度以及投资目标，也就是制定客户的投资策略说明书(Investment Policy Statements，简称IPS)，然后再为客户选择所适合的投资，同时注意周期性更新投资策略说明书。如果不是管理单个客户的资产，而是管理某个指数或者特定要求的基金，则需要与所设定的要求相符合。CFA会员必须考虑迅速变化的投资环境及其对客户持有资产可能带来的影响，但这并不是与客户建立关系的时候所要做的事情。