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Exam (elaborations)

CFP exam QUESTIONS & ANSWERS 2024 LATEST UPDATE!!!

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  • CFP
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  • CFP

Topic 1: Financial Planning Process - ANSWER ... 6 step process: EGADIM - ANSWER 1. Establish Relationship 2. Gather Information 3. Analyze data 4. Develop plan 5. Implement 6. Monitor Step 1: Establish Relationship - ANSWER • Services that will be provided • compensation/billing �...

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  • October 24, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • cfp
  • CFP
  • CFP
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shantelleG
CFP exam QUESTIONS & ANSWERS 2024
LATEST UPDATE!!!

Topic 1: Financial Planning Process - ANSWER ...



6 step process: EGADIM - ANSWER 1. Establish Relationship

2. Gather Information

3. Analyze data

4. Develop plan

5. Implement

6. Monitor



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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