CRPC Module 1 exam 2023/2024 with 100% correct answers

Retirement Planning Process Steps - correct answer EGADIM (EGAD I Made it) Establish Client Relationship Gather Data Analyze Data Develop Plan Implement Plan Monitor Plan Step 1 Retirement Planning Process - correct answer Establish Client Relationship Based upon trust and a mutually defined understanding of the scope of services to be offered Perception of trustworthiness Identifying the services to be provided Disclosing the counselor's compensation arrangement Determining each parties responsibilities Establishing the duration of the engagement Step 2 Retirement Planning Process - correct answer Gather Data Ran unprocessed materials Needed to form valid goals and expectations Family Income Assets Debts Time horizons Health Estate Plans Step 3 Retirement Planning Process - correct answer Analyze and Evaluate Clients Info Create financial statements Create cash flow statement and statement of financial position Requires you and the client to agree on economic assumptions; future inflation and return expectations Step 4 Retirement Planning Process - correct answer Developing and Presenting Financial Planning Recommendations and/or alternatives An option could always be to continue doing what they're doing Making 2 or 3 other suggestions Review pros and cons Help them arrive at a decision they feel good about Step 5 Retirement Planning Process - correct answer Implementing the Financial Planning Recommendations A plan needs to be implemented in order to make any progress Both counselor and client agree on who is going to do what Client needs to increase contributions; move money to CDs, etc Counselor needs to invest money in manner consistent with what was uncovered in previous steps Step 6 Retirement Planning Process - correct answer Monitoring the Financial Planning Recommendations Review the plan as time goes along to monitor progress or make changes as needed Assets - correct answer Cash and cash equivalents, invested assets, use assets Invested Assets - correct answer stocks, bonds, IRAs, investment real estate