CFP FP511 EXAM | UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED QUESTIONS AND VERIFIED ANSWERS/SOLUTIONS|GET IT 100% ACCURATE!!

CFP FP511 EXAM | UPDATE|COMPREHENSIVE FREQUENT MOST-TESTED
QUESTIONS AND VERIFIED ANSWERS/SOLUTIONS|GET IT 100% ACCURATE!!


Contextual Variables that Influence the Financial Life Cycle - ANSWER--age
-marital status & dependents
-financial situation
-special needs
-attitudes & values


3 Phase of Financial Life Cycle - ANSWER-1. Asset Accumulation
2. Conservation/Protection Phase
3.Distributing or Gifting Phase


Assest Accumulation Phase - ANSWER-<45
-limited excess funds
-high debt to net worth ratio
-low net worth
-lack of concern for risk


Conservation/Protection Phase - ANSWER-45-60
-increased cash flow

,-increased assets and net worth
-more risk adverse


Distributing/Gifting Phase - ANSWER->60
-distribution strategies
-implementation of estate planning
-high net worth & cash flow
-low debt


Rules for using CFP® marks - ANSWER--always use capitals
-never use periods
-always use ® symbol
-always follow with CFP® approved nouns
-always associate with individual certified with by CFP® board


Code of Ethics and Standards of Conduct - ANSWER--benefit & protect the public
-provide standards for delivering financial plan
-advance financial planning as a distict & valuable profession

, Practice Standards for the Financial Planning Process - ANSWER-a section of the
code and standards in which the financial planning process is divided into seven
distinct steps


CFP approved methods of documentation - ANSWER-CRM, Handwritten Notes,
Emails


Financial Advice: written disclosure - ANSWER-Privacy policy, everything else can
be verbal


Financial Planning: written disclosure - ANSWER-Everything, but material conflicts
of interest


7 Steps - ANSWER-Understand
Identify
Analyze
Develop
Present
Implement
Modify


Step 1 - ANSWER-Understanding the Clients Personal & Financial Circumstances