CEFPEXAM QUESTIONSWITH CORRECT b b b b
ANSWERS 2026/2027 b b
Topic 1: Financial Planning Process - ...
b b b b b b
6 step process: EGADIM - 1. Establish Relationship
b b b b b b b
2. Gather Information b
3. Analyze data b
4. Develop plan b
5. Implement
6. Monitor
Step 1: Establish Relationship - • Services that will be provided
b b b b b b b b b b
• compensation/billing
• Responsibilities of both client/planner b b b
• Time frame of relationship
b b b
Step 2: Gather quantitative and qualitative data - • It is important that goals be defined before any
b b b b b b b b b b b b b b b b b
recommendations
b
• A goal should be specific, prioritized and quantified
b b b b b b b
• Fact finder form b b
Step 3: Analyze data - • Identify strengths and weaknesses
b b b b b b b b b
• Analysis of current position b b b
• Should be based on realistic assumptions
b b b b b
, Step 4: Develop Plan - • Objective
b b b b b b
• Should be presented to client
b b b b
• Mutually decide on revisions b b b
• Prioritized list of implementation steps and timing
b b b b b b
Step 5: Implement - • Work closely with other professional team members
b b b b b b b b b b b
• Help client with product acquisitions
b b b b
Step 6: Monitor - • Fed tax changes
b b b b b b b
• Economic changes b
• Modifications to plan b b
Topic 2: Code of Ethics &Professional Responsibility + Disciplinary Rules Procedures - ...
b b b b b b b b b b b b b
Aspirational Principles - • Integrity b b b b
• Objectivity
• Competence
• Fairness
• Confidentiality
• Professionalism
• Diligence
Confidential Information can be disclosed only when... - • The client consents
b b b b b b b b b b b
• Court ordered b
• CFP must defend accusations
b b b
• Civil suit between client and CFP
b b b b b
ANSWERS 2026/2027 b b
Topic 1: Financial Planning Process - ...
b b b b b b
6 step process: EGADIM - 1. Establish Relationship
b b b b b b b
2. Gather Information b
3. Analyze data b
4. Develop plan b
5. Implement
6. Monitor
Step 1: Establish Relationship - • Services that will be provided
b b b b b b b b b b
• compensation/billing
• Responsibilities of both client/planner b b b
• Time frame of relationship
b b b
Step 2: Gather quantitative and qualitative data - • It is important that goals be defined before any
b b b b b b b b b b b b b b b b b
recommendations
b
• A goal should be specific, prioritized and quantified
b b b b b b b
• Fact finder form b b
Step 3: Analyze data - • Identify strengths and weaknesses
b b b b b b b b b
• Analysis of current position b b b
• Should be based on realistic assumptions
b b b b b
, Step 4: Develop Plan - • Objective
b b b b b b
• Should be presented to client
b b b b
• Mutually decide on revisions b b b
• Prioritized list of implementation steps and timing
b b b b b b
Step 5: Implement - • Work closely with other professional team members
b b b b b b b b b b b
• Help client with product acquisitions
b b b b
Step 6: Monitor - • Fed tax changes
b b b b b b b
• Economic changes b
• Modifications to plan b b
Topic 2: Code of Ethics &Professional Responsibility + Disciplinary Rules Procedures - ...
b b b b b b b b b b b b b
Aspirational Principles - • Integrity b b b b
• Objectivity
• Competence
• Fairness
• Confidentiality
• Professionalism
• Diligence
Confidential Information can be disclosed only when... - • The client consents
b b b b b b b b b b b
• Court ordered b
• CFP must defend accusations
b b b
• Civil suit between client and CFP
b b b b b
