Step 1: Establish Relationship - ANSWER • Services that will be provided
• compensation/billing
• Responsibilities of both client/planner
• Time frame of relationship
Step 2: Gather quantitative and qualitative data - ANSWER • It is important that goals be defined before
any recommendations
• A goal should be specific, prioritized and quantified
• Fact finder form
Step 3: Analyze data - ANSWER • Identify strengths and weaknesses
• Analysis of current position
• Should be based on realistic assumptions
Step 4: Develop Plan - ANSWER • Objective
• Should be presented to client
, • Mutually decide on revisions
• Prioritized list of implementation steps and timing
Step 5: Implement - ANSWER • Work closely with other professional team members
• Help client with product acquisitions
Step 6: Monitor - ANSWER • Fed tax changes
• Economic changes
• Modifications to plan
100-1: Defining Scope of the Engagement - ANSWER • Mutually define scope of engagement
• Identify services to be provided
• Disclose conflicts of interest
• Compensation agreement
• Responsibilities of each party
• Duration
200-1: Determining a Clients Personal and Financial Goals, Needs, and Priorities - ANSWER • Mutually
define personal and financial goals
• Explore clients values, attitudes, expectations, and time horizons
• Subjective to practitioner
200-2: Obtaining quantitative Information and Documents - ANSWER • Interviews, questionnaires, client
records and documents
• Mutually define clients relevant goals, needs, and priorities
• Objectives should be precise and measurable
• Obtain sufficient relevant, quantitative information and documents
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