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FP1 - Chapter 1 Exam – Questions with 100% Correct Answers
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FP1 - Chapter 1 Exam – Questions with 100% Correct Answers
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FP1 - Chapter 1 Exam – Questionswith 100% Correct Answers
What is the role of the advisor? - -It is to take the client-driven approach,
and building-relationship approach.
Focus on the goal, identify barriers, provide product and service to meet the
client needs.
- What is Providing financial advice? - -It is the method you use to assess
client's situation. Define their goals , prioritize them and develop strategies
to meet them.
- What is the "FULL SERVICE OFFER"? - -It is the level of service that takes in
consideration the client's needs, as you develop integrated strategies to
achieve their goals.
- What is the 5 step process to provide Full Service Advice? - -1) Assess the
client's financial situation
2) Define and prioritize their goals
3) Adjust the strategy based on their financial capacity
4) Identify product and service options
5) Conduct a periodic review
- What is the 6 step Financial planning process ? - -1) Establish a
client/advisor relationship
2) Collect data and information
3) Analyze data and information
4) Recommend Strategies to meet goals
5) Implement recommendation
6)Conduct a periodic review
- In the first step of the client/advisor relationship,
What are your responsibilities towards the client ? - -1) Integrity
2) Professionalism
3) Confidentiality
4) Objectivity
5)Diligence
- In the collection of data and information, what are the two things you will
use them for? - -A. Identify and priorize the goals and objectives (Hint the
next step)
B. Assess the present financial situation to recommend a solution
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