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CFP Exam Questions And 100% Correct Answers (A+ Graded)
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CFP Exam Questions And 100% Correct Answers (A+ Graded)...
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CFP Exam Questions And 100% CorrectAnswers (A+ Graded)
Topic 1: Financial Planning Process
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
• Must 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 - Solution • Collaborate with other professional staff members
• Assist client with product purchases
Step 6: Monitor - Solution • Changes to fed tax
• Changes to economy
• Changes to the plan
Topic 2: Code of Ethics & Professional Responsibility + Disciplinary Rules Procedures -
Solution .
Aspirational Principles - Solution • Integrity
• Objectivity
• Competence
• Fairness
• Confidentiality
• Professionalism
• Diligence
Confidential Information can be disclosed only when. - Answer • The client consents
• Court ordered
• CFP must defend accusations
• Civil suit between client and CFP
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