Financial Planning 1 - Introduction to FP
FP1 / Module 2 / Introduction to FP
List the 6 steps involved in financial planning. - answerFP1 / Module 2 / Introduction to
FP
[1] Establishing the client/Advisor relationship
[2] Collecting data and information
[3] Analyzing data and information
[4] Recommending strategies to meet goals
[5] Implementing recommendations
[6] Conducting a periodic review or follow-up
FP1 / Module 2 / Introduction to FP
Clients expect financial plans to be both _ _ _ _ and _ _ _ _. An _ _ _ _ _ plan produces
the best results for the least money, while an _ _ _ _ plan delivers desired results. -
answerFP1 / Module 2 / Introduction to FP
Clients expect financial plans to be both efficient and effective. An efficient plan
produces the best results for the least money, while an effective plan delivers desired
results.
FP1 / Module 2 / Introduction to FP
The first step in the planning process is to _ _ _ _ to determine _ _ _ _ _ _ _ and
establish how development of a financial plan might help. - answerFP1 / Module 2 /
Introduction to FP
The first step in the planning process is to interview your clients to determine any issues
or problems they have identified and establish how development of a financial plan
might help.
FP1 / Module 2 / Introduction to FP
List 4 areas of discussion in the initial interview? - answerFP1 / Module 2 / Introduction
to FP
Areas of discussion in the initial interview include:
[1] The financial planning process and how it will help your clients meet their objectives
[2] Alternative strategies to choose from
, [3] Specialist expertise required for specific choices
[4] Disclosure of possible conflicts of interest
FP1 / Module 2 / Introduction to FP
What is the first step in the financial planning process? - answerFP1 / Module 2 /
Introduction to FP
Establishing the Client/Advisor Relationship
FP1 / Module 2 / Introduction to FP
If the initial interview is successful, formalize the relationship with either a _ _ _ _ or a _
_ _ _ _ _. - answerFP1 / Module 2 / Introduction to FP
If the initial interview is successful, formalize the relationship with either a letter of
engagement or a professional service contract.
FP1 / Module 2 / Introduction to FP
The letter or contract should clearly and unambiguously outline the following [List 5]: -
answerFP1 / Module 2 / Introduction to FP
The letter or contract should clearly and unambiguously outline the following:
[1] What information the Advisor will require
[2] What services the Advisor will provide
[3] How and by whom the Advisor will be compensated
[4] How and by whom will other professionals will be compensated
[5] How long the professional relationship is expected to last
[NOTES / FP1 / Module 2 / Introduction to FP]
WHAT ARE YOUR RESPONSIBILITIES TO YOUR CLIENTS?
Your clients expect clarity and transparency in all aspects of the planning process.
Whether or not your clients ask questions, you should be prepared to provide details
regarding:
• Your level of experience
• Your qualifications
• Any disciplinary actions or decisions against you
FP1 / Module 2 / Introduction to FP
List the 6 steps involved in financial planning. - answerFP1 / Module 2 / Introduction to
FP
[1] Establishing the client/Advisor relationship
[2] Collecting data and information
[3] Analyzing data and information
[4] Recommending strategies to meet goals
[5] Implementing recommendations
[6] Conducting a periodic review or follow-up
FP1 / Module 2 / Introduction to FP
Clients expect financial plans to be both _ _ _ _ and _ _ _ _. An _ _ _ _ _ plan produces
the best results for the least money, while an _ _ _ _ plan delivers desired results. -
answerFP1 / Module 2 / Introduction to FP
Clients expect financial plans to be both efficient and effective. An efficient plan
produces the best results for the least money, while an effective plan delivers desired
results.
FP1 / Module 2 / Introduction to FP
The first step in the planning process is to _ _ _ _ to determine _ _ _ _ _ _ _ and
establish how development of a financial plan might help. - answerFP1 / Module 2 /
Introduction to FP
The first step in the planning process is to interview your clients to determine any issues
or problems they have identified and establish how development of a financial plan
might help.
FP1 / Module 2 / Introduction to FP
List 4 areas of discussion in the initial interview? - answerFP1 / Module 2 / Introduction
to FP
Areas of discussion in the initial interview include:
[1] The financial planning process and how it will help your clients meet their objectives
[2] Alternative strategies to choose from
, [3] Specialist expertise required for specific choices
[4] Disclosure of possible conflicts of interest
FP1 / Module 2 / Introduction to FP
What is the first step in the financial planning process? - answerFP1 / Module 2 /
Introduction to FP
Establishing the Client/Advisor Relationship
FP1 / Module 2 / Introduction to FP
If the initial interview is successful, formalize the relationship with either a _ _ _ _ or a _
_ _ _ _ _. - answerFP1 / Module 2 / Introduction to FP
If the initial interview is successful, formalize the relationship with either a letter of
engagement or a professional service contract.
FP1 / Module 2 / Introduction to FP
The letter or contract should clearly and unambiguously outline the following [List 5]: -
answerFP1 / Module 2 / Introduction to FP
The letter or contract should clearly and unambiguously outline the following:
[1] What information the Advisor will require
[2] What services the Advisor will provide
[3] How and by whom the Advisor will be compensated
[4] How and by whom will other professionals will be compensated
[5] How long the professional relationship is expected to last
[NOTES / FP1 / Module 2 / Introduction to FP]
WHAT ARE YOUR RESPONSIBILITIES TO YOUR CLIENTS?
Your clients expect clarity and transparency in all aspects of the planning process.
Whether or not your clients ask questions, you should be prepared to provide details
regarding:
• Your level of experience
• Your qualifications
• Any disciplinary actions or decisions against you
