Exam (elaborations)
CFP EXAM - GENERAL FINANCIAL PLANNING PRINCIPLES, PROFESSIONAL CONDUCT, AND REGULATION
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CFP EXAM - GENERAL FINANCIAL PLANNING PRINCIPLES, PROFESSIONAL CONDUCT, AND REGULATION
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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.
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