Investment Adviser Certified Compliance Professional (IACCP) Practice Exam 2026 – All-in-One Guide for Exam Excellence!

Aggregating client trade orders can lead to a situation where not all clients may purchase at the same time for the same price. This occurs because the market conditions can fluctuate between the time when an order is aggregated and when it is executed. If trades are placed for multiple clients simultaneously, the allocation of shares may vary based on the prevailing market prices at the time the orders are executed. Consequently, some clients might end up with a different price or a partial fill, which inevitably affects the fairness and uniformity of execution for all clients involved in the order aggregation.

In contrast to this option, receiving the same price for trades can be beneficial as it ensures that all clients experience equal pricing, but it does not address potential execution variability due to market conditions. Advisors facing fewer regulatory restrictions or achieving improved execution times can also be seen as advantages, but these factors do not inherently mitigate the risk that clients might not get to purchase at the same time and price, highlighting the significance of the correct choice.