You are at a cocktail party having a conversation with an individual you have NOT spoken with previously. The individual is excited, just having heard that a new mutual fund is positioned to deliver large gains in the coming year. The individual asks you about emerging market funds, and you provide some general information about them. According to the Code and Standards, which of the following is correct? Group of answer choices

You are neither providing financial advice nor financial planning to a client and are not held to a fiduciary duty regarding the conversation

You are providing financial advice, but not financial planning, to a client, and are not held to a fiduciary duty regarding the conversation

You are providing financial planning, but not financial advice, to a client, and are held to a fiduciary duty

You are providing financial advice to a client and are held to a fiduciary duty regarding the conversation