Sam, a CFP$$ professional, is attending a neighborhood social event. One of his neighbors, Kim starts chatting with him about investing and asks whether now would be a good time to invest in Bitcoin since many of her friends have made money on it recently. The conversation covers specifics about Kim$$s personal and financial situation. Sam recommends that Kim should consider investing a small amount in Bitcoin, but not much given her relatively low risk capacity. Which of the following statements is correct?

a$.$

Financial Planning has occurred, and Sam must follow the Practice Standards for the financial planning process

b$.$

A Financial Advice has occurred, but Sam does not have to uphold his fiduciary duty because there are no written terms of engagement

c$.$

A Financial Advice has occurred, and Sam must uphold his fiduciary duty and must follow the principles of the Code of Ethics

d$.$

Neither Financial Planning nor Financial Advice has occurred because this conversation took place outside of Sam$$s office