Exam (elaborations)
CFP Exam Review Questions And Answers
- Course
- Institution
CFP Exam Review Questions And Answers...
[Show more]
Content preview
CFP Exam Review Questions And AnswersCode of Ethics - Answer consist of 6 principles:
1. Act with honesty, integrity, competence and diligence
2. act in the clients BI
3. Due Care
4.Avoid or disclose conflicts of interest
5. Confidentiality and protect client privacy
6. act in a way that reflects positively on the financial planning certification
Standards of Conduct - Answer 1. voice professional duties that CFP must hold
2.the standards outline obligations between financial planners, potential clients,
employers and CFP board regarding information, property, disclosure that define
relationships
3. consists of 6 sections: duties owed to clients, financial planning and applying the
standards, practice standards, duties owed to firm, duties owed to CFP board,
prohibition of circumvention
duties owed to clients - Answer 1. Fiduciary Duty
2. Integrity
3. Competence
4. Diligence
5. Disclose and manage conflicts of interest
6. Sound and objective professional judgment
7. Professionalism
8. Comply with the law
,9. Confidentiality and privacy
10. Information to a client
11. Obligations when communicating with a client
12. Obligations when representing compensation method
13. Obligations when recommending, engaging and working with additional persons
14. Obligations when selecting, using and recommending technology
15. Do not borrow or lend money and do not comingle financial assets
the 7 steps in CFP practice standard - Answer 1. Understanding the clients personal and
financial situation
a. Obtain qualitative and quantitative information, analyze and address incomplete
information
2.identifying and selecting goals
a. identifying potential goals, select and prioritize goals
3.analyzing the clients current course of action and potential alternative courses
a.analyze current course of action and potential alternatives
4. Developing financial planning recommendations
a. develop one or more financial recommendations
5. Presenting financial planning recommendations
6. Implementing financial planning recommendations
a. recommend actions, products etc. disclose any conflicts of interest
7.monitoring progress and updating
a. obtain current or new qualitative or quantitative information
, Uber Is A Drunk Persons Immediate Motorvehicle
report incidents to the board involving adverse conduct - Answer within 30 days
CFP mark - Answer CFP: professional, practitioner, certificant, certification, mark or
exam (must follow CFP unless CFP is after a name)
CFP (r)
CERTIFIED FINANCIAL PLANNER (TM)
Personal Financial Statements ( Statement of Financial position) - Answer A-L = NW
assets are FMV and liabilities are principal only
Snapshot view ( does not show salary and car payments) but Cash and CC debt
Statement of Cash Flow - Answer inflows - Outflows = Net Flow
more of a movie and not a snapshot
Code of Standards which definition of financial planning is listed? - Answer Financial
planning is a collaborative process that helps maximize a client's potential for meeting
life goals through Financial Advice that integrates relevant elements of the client's
personal and financial circumstances.
Form ADV - what is the Answer must be delivered within 48 hours before entering into
advisory contract, client can terminate within 5 days if this is not met
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85169 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now