Exam (elaborations)
CFP EXAM - GENERAL FINANCIAL PLANNING PRINCIPLES, PROFESSIONAL CONDUCT, AND REGULATION
- Course
- Institution
CFP EXAM - GENERAL FINANCIAL PLANNING PRINCIPLES, PROFESSIONAL CONDUCT, AND REGULATION
[Show more]
Content preview
CFP EXAM - GENERAL FINANCIAL PLANNINGPRINCIPLES, PROFESSIONAL CONDUCT, AND
REGULATION
Financial Planning - Answers -The integrated, coordinated management of an
individuals financial situation.
Code of Ethics and Standards of Conduct (Code and Standards) are intended to -
Answers -Benefit and protect the public, provide standards for delivering financial
planning, and advance financial planning as a distinct and valuable profession,
Practice Standards - Answers -7 steps - Understand, Identify, Analyze, Develop,
Present, Implement, Monitor
Name the 7 steps outlined in the Practice Standards - Answers -1 - Understand the
Client's Personal and Financial Circumstances
2 - Identifying and Selecting Goals
3 - Analyzing the Client's Current Course of Action and Potential Alternative Course(s)
of Action
4 - Developing the Financial Planning Recommendations
5 - Presenting the Financial Planning Recommendation(s)
6 - Implementing the Financial Planning Recommendation(s)
7 - Monitoring Progress and Updating
What occurs in Step 1 - Understanding - Answers -in this step, information is gathered
to gain an understanding of the client's personal and financial circumstances. This is
quantitative and qualitative data.
If the practitioner is unable to obtain sufficient and relevant quantitative information, the
practitioner must, - Answers -Either restrict the scope of engagement or terminate the
engagement
Privacy Policy - Answers -Verbal or written material conflicts of interest - must be
delivered to the client prior to or at the time of engagement. This applies to BOTH
financial planning and financial advice.
What occurs in Step 2 - Identifying & Selecting Goals - Answers -Identifying Potential
Goals - A CFP professional must discuss with the client the CFP professional's
assessment of the client's financial and personal circumstances, and help the client
identify their goals, noting how prioritizing one specific goal may effect another. The
CFP must, discuss with the client and apply reasonable assumptions and estimates.
Selecting and Prioritizing Goals - CFP professional must discuss with the client any
goals that the client has selected that the CFP professional believes are not realistic.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now