CFP Exam Unit 1 - July 2021 Questions & Answers

CFP Exam Unit 1 - July 2021 Questions & Answers Steps to Financial Planning - EGADCIM - ANSWERS1. Establishing and defining the client planner relationship 2. Gathering information necessary to fulfill the engagement 3. Analyzing and evaluating the client's current financial status 4. Developing the recommendations 5. Communicating the recommendations 6. Implementing the recommendations 7. Monitoring the recommendations Eight Principal Knowledge Categories - ANSWERS1. Professional Conduct & Regulation 2. General Financial Planning Principles 3. Education Planning 4. Risk Management and Insurance Planning 5. Investment Planning 6. Tax Planning 7. Retirement Savings and Income Planning 8. Estate Planning Gathering information necessary to fulfill the engagement - ANSWERSA. Identify the client's values and attitudes 1. Financial needs, priorities and goals 2. Time horizon 3. Level of knowledge/experience with financial matters 4. Risk exposures (longevity, economic, liability, healthcare) 5. Risk tolerances (investment, economic, liability, healthcare)