HS 300 Fundamentals of Financial Planning Exam Questions with Verified Answers| Latest Update Graded A+

HS 300 Fundamentals of Financial Planning Exam Questions with Verified Answers| Latest
Update Graded A+

Financial Planning Process 1. Understanding the client's personal and financial
circumstances
2. Identifying and selecting goals
3. Analyzing the client's current course of action and potential alternative course(s) of action
4. Developing the Financial Planning recommendation
5. Presenting the financial planning recommendations
6. Implementing the financial planning recommendations
7. Monitoring progress and updating



Understanding Clients Personal and Financial Circumstances - Qualitative (Facts and
numbers) and quantitative (What are customers beliefs and feelings, why do they want to
achieve)



Identifying and Selecting Goals - Identifying potential goals
- Selecting and prioritizing goals


Analyzing the client's current course of action and potential alternative course(s) of action
Analyze current course of action and alternate course of action



Developing the Financial Planning recommendation Consider assumptions, estimates, timing



Presenting the financial planning recommendations - Minimize jargon
- Multi Modal presentations



Implementing the financial planning recommendations - Assist client and take action
- Who is responsible for what and by when

, Monitoring progress and updating - Monitoring and updating responsibilities
- Monitor progress toward goals, gather current information
- Update goals and recommendations



Engagement Letter - Description of mutually agreed upon services
- Time horizon
- Description of fees and costs


Does NOT include:
- Assumptions
- Recommendations
- Analysis



Internal Data Qualitative:
- Goals
- Values
- Risk Tolerance
- Psychology


Quantitative:
- Current Income
- Expected Future Income
- Family members ages
- Value of assets and debts



External Data - Gift and Estate Taxes