CRPC 2023 Module 1 Exam Questions
with Complete Solutions4
Identify three current trends in retirement planning. - ANSWERS-businesses today are less likely
to offer defined benefit (DB) plans
increased focus on planning for longevity
expansion of employer sponsored financial wellness initiatives
expansion of plan distribution options
Discuss challenges associated with the shift from defined benefit to defined contribution plans. -
ANSWERS-With defined contribution plans, risks are borne by plan participants/employees
rather than by plan sponsors/employers (as with defined benefit plans). Many of these
employees have little or no financial expertise.
Identify the six steps of the retirement planning process. - ANSWERS-The six steps of the
retirement planning process are as follows:
establish and define the client-counselor relationship
gather client data and determine goals and expectations
determine the client's financial status by analyzing and evaluating
develop and present the retirement plan
implement the plan
monitor the plan
Identify and describe the three key components of a statement of financial position. -
ANSWERS-The three key components of a statement of financial position are:
Assets. Assets are what the client owns: cash, securities, property, and other resources.
with Complete Solutions4
Identify three current trends in retirement planning. - ANSWERS-businesses today are less likely
to offer defined benefit (DB) plans
increased focus on planning for longevity
expansion of employer sponsored financial wellness initiatives
expansion of plan distribution options
Discuss challenges associated with the shift from defined benefit to defined contribution plans. -
ANSWERS-With defined contribution plans, risks are borne by plan participants/employees
rather than by plan sponsors/employers (as with defined benefit plans). Many of these
employees have little or no financial expertise.
Identify the six steps of the retirement planning process. - ANSWERS-The six steps of the
retirement planning process are as follows:
establish and define the client-counselor relationship
gather client data and determine goals and expectations
determine the client's financial status by analyzing and evaluating
develop and present the retirement plan
implement the plan
monitor the plan
Identify and describe the three key components of a statement of financial position. -
ANSWERS-The three key components of a statement of financial position are:
Assets. Assets are what the client owns: cash, securities, property, and other resources.
