CFP Test Review with Verified Answers -New Update 2023 Financial Planning Process (Practice Standards) - CORRECT ANSWER EGADIM (Even God Admits Dat Its Amazing) - Establish Client -Planner Relationship, Gathering Client data, Analyze and Evaluate, Develop and Present the Plan, Implementing the Financial Plan, Monitoring the Financial Plan Purpose of Practice Standards - CORRECT ANSWER to advance professionalism in practice, the value of planning, the guidelines for a n engagement, compliance, not legal responsibility. Disclosures - CORRECT ANSWER If you can disclose it, you should. CFP Code of Ethics - CORRECT ANSWER IOCFCPD: Integrity Objectivity Competency Fairness Confidentiality Professionalism Diligence Elements of Financial Planning - CORRECT ANSWER 1. The client's understanding and intent in engaging the certificant 2. The degree to which multiple financial planning subject areas are involved (generally,2 or more). 3. The comprehensiveness of data gathe ring. 4. The breadth and depth of recommendations. Appealing a Presumed Barring - CORRECT ANSWER Written petition for reconsideration, Pay a fee, Staff review, submitted to Disciplinary and Ethics Commission, if their ruling is unsatisfactory, appealed to the Appeals Committee of the Board of Directors Exception vs Exemption (SEC) - CORRECT ANSWER TABLEs are exceptional, VIPs are SaFE from exemptions. Teachers, Accountants, Brokers, Lawyers, and Engineers are exceptions to SEC and not regulated by adviso r act. Venture Capitalists, Insurance companies, Private funds, home State, Foreign advisore, and securities not on a national Exchange or exempt from SEC but are subject to anti -
fraud provisions of the Act.
fraud provisions of the Act.
