CRPC exam 2023/2024 with 100% correct answers

6 Step Retirement Planning Process (EGAD I Made it) - correct answer 1. Establish and Define the Client-Counselor Relationship 2. Gather Client Data, Including Goals and Expectations 3. Analyzing Client Information to Determine Retirement Savings Need 4. Develop and Present Financial Planning Recommendations and/or Alternatives 5. Implement the Financial Plan Recommendations 6. Monitor the Financial Plan Recommendations 3 Current Trends in Retirement Planning - correct answer -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 Challenges associated with the shift from defined benefit to defined contribution plans - correct answer risks are borne by plan participants/employees rather than sponsors/employer as many employees have little or no financial expertise What is used to construct the personal "statement of financial position" or "balance sheet" as of a specific date - correct answer Assets, Liabilities, and Net Worth What two qualities should retirement goals have to make them useful in planning? - correct answer Specific (event, amount, date/time) & Prioritized (first goal, second goal...) 4 Steps for determining a retirement savings need are as follows: - correct answer 1. Calculate net annual retirement income need 2. Adjust income deficit for inflation over preretirement period 3. Determine total retirement fund needed 4. Determine savings amount needed- level and serial payments Serial Payment is also known as: - correct answer Inflation adjusted annuity Capital Utilization Approach - correct answer When all capital is used through retirement period