CFP BEHAVIORAL FINANCE EXAM
QUESTIONS AND ANSWERS
Beliefs - ANSWER-type of attitude that reveal understanding of some aspect of a
person's life
Values - ANSWER-Attitudes and beliefs for which a person feels strongly - what he/she
believes is right
Context - ANSWER-Client's profile is large influenced by context which includes history,
conditions, infuences, religious preferences, etc.
Planner needs to take what into account throughout the planning process? - ANSWER-
Belief, attitude, values, context for BOTH the client and the planner
Perception - ANSWER-involves the ways people become aware of things, people
events or ideas
Judgment - ANSWER-involves making conclusions about what has been perceived
How does perception and judgement affect planning? - ANSWER-Planners need to be
aware of how clients will perceive and judge any recommendations made. If client
perceives things more logically and based on facts, plan will be be need to be more fact
based.
Use Meyers Brigss to help this
Open ended questions - ANSWER-Less formal means of psychological profiling by
conducting fact finding interviews in which they acquire personality traits, how clients
process information, make decisions, prefer structure. Open ended questions allow
clients to answer in their own words.
Three Learning Styles - ANSWER-1. Visual - graphs, charts, etc. (facial expressions
and movies, spectator sports)
2. Auditory - most effective if clients needs, priorities, goals are discussed before
reduced to writing ( words, music and conversation)
3. Kinesthetic - understand concepts better using hands-on approach. Writing goals and
objectives with bullet points as they are formulated (physical activities)
Financial Counseling - ANSWER-process that helps clients change their poor financial
behavior through education and guidance to set long and short term goals
QUESTIONS AND ANSWERS
Beliefs - ANSWER-type of attitude that reveal understanding of some aspect of a
person's life
Values - ANSWER-Attitudes and beliefs for which a person feels strongly - what he/she
believes is right
Context - ANSWER-Client's profile is large influenced by context which includes history,
conditions, infuences, religious preferences, etc.
Planner needs to take what into account throughout the planning process? - ANSWER-
Belief, attitude, values, context for BOTH the client and the planner
Perception - ANSWER-involves the ways people become aware of things, people
events or ideas
Judgment - ANSWER-involves making conclusions about what has been perceived
How does perception and judgement affect planning? - ANSWER-Planners need to be
aware of how clients will perceive and judge any recommendations made. If client
perceives things more logically and based on facts, plan will be be need to be more fact
based.
Use Meyers Brigss to help this
Open ended questions - ANSWER-Less formal means of psychological profiling by
conducting fact finding interviews in which they acquire personality traits, how clients
process information, make decisions, prefer structure. Open ended questions allow
clients to answer in their own words.
Three Learning Styles - ANSWER-1. Visual - graphs, charts, etc. (facial expressions
and movies, spectator sports)
2. Auditory - most effective if clients needs, priorities, goals are discussed before
reduced to writing ( words, music and conversation)
3. Kinesthetic - understand concepts better using hands-on approach. Writing goals and
objectives with bullet points as they are formulated (physical activities)
Financial Counseling - ANSWER-process that helps clients change their poor financial
behavior through education and guidance to set long and short term goals
