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CRPC Module 1 Exam Questions with correct Answers 2024( A+ GRADED 100% VERIFIED).
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CRPC Module 1 Exam Questions with correct Answers 2024( A+ GRADED 100% VERIFIED).
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CRPC Module 1Retirement Planning Process Steps
EGADIM (EGAD I Made it)
Establish Client Relationship
Gather Data
Analyze Data
Develop Plan
Implement Plan
Monitor Plan
Step 1 Retirement Planning Process
Establish Client Relationship
Based upon trust and a mutually defined understanding of the scope of services to be offered
Perception of trustworthiness
Identifying the services to be provided
Disclosing the counselor's compensation arrangement
Determining each parties responsibilities
Establishing the duration of the engagement
Step 2 Retirement Planning Process
Gather Data
Ran unprocessed materials
Needed to form valid goals and expectations
Family
Income
Assets
, Debts
Time horizons
Health
Estate Plans
Step 3 Retirement Planning Process
Analyze and Evaluate Clients Info Create financial statements Create cash flow statement and
statement of financial position Requires you and the client to agree on economic assumptions;
future inflation and return expectations
Step 4 Retirement Planning Process
Developing and Presenting Financial Planning Recommendations and/or alternatives
An option could always be to continue doing what they're doing
Making 2 or 3 other suggestions
Review pros and cons
Help them arrive at a decision they feel good about
Step 5 Retirement Planning Process
Implementing the Financial Planning Recommendations
A plan needs to be implemented in order to make any progress
Both counselor and client agree on who is going to do what
Client needs to increase contributions; move money to CDs, etc
Counselor needs to invest money in manner consistent with what was uncovered in previous
steps
Step 6 Retirement Planning Process
Monitoring the Financial Planning Recommendations
Review the plan as time goes along to monitor progress or make changes as needed
Assets
Cash and cash equivalents, invested assets, use assets
Invested Assets
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