Financial Planning 1 / Introduction to FP
UPDATED ACTUAL Exam Questions and
CORRECT Answers
FP1 / Module 2 / Introduction to FP
List the 6 steps involved in financial planning. - CORRECT ANSWER - FP1 / 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. - CORRECT
ANSWER - FP1 / 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. - CORRECT ANSWER - FP1 / 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? - CORRECT ANSWER - FP1 / 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? - CORRECT ANSWER - FP1 /
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 _ _ _ _ _
_. - CORRECT ANSWER - FP1 / 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.
UPDATED ACTUAL Exam Questions and
CORRECT Answers
FP1 / Module 2 / Introduction to FP
List the 6 steps involved in financial planning. - CORRECT ANSWER - FP1 / 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. - CORRECT
ANSWER - FP1 / 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. - CORRECT ANSWER - FP1 / 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? - CORRECT ANSWER - FP1 / 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? - CORRECT ANSWER - FP1 /
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 _ _ _ _ _
_. - CORRECT ANSWER - FP1 / 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.
