Carla, a financial planner, is meeting with a long-standing client, Jonathan.

After acknowledging Jonathan's concern, Carla should revisit his goals, objectives, and risk tolerance. A complaint about negative returns may indicate normal market volatility, unsuitable risk exposure, changed circumstances, or misunderstanding of the investment plan. The planner should not immediately recommend replacement investments before confirming whether the current portfolio still fits the client's KYC profile. Simply reminding Jonathan that investing is long term may sound dismissive and does not address suitability. Repeating that investments involve volatility may be accurate but incomplete. The first professional step is to re-open the planning conversation, confirm objectives, time horizon, liquidity needs, risk tolerance, risk capacity, and expectations, then determine whether any portfolio change or complaint process is required. AFP practice emphasizes review and documentation when a client expresses dissatisfaction with investment outcomes. Study Guide focus: client review meetings, complaints, risk tolerance, portfolio suitability, and relationship management. The review may show that no product change is required, but that conclusion must be supported by updated facts.

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