FP1 - Chapter 1 Questions and Correct
Detailed Answers
What is the role of the advisor? - Answer: It is to take the client-driven approach, and building-
relationship approach.
Focus on the goal, identify barriers, provide product and service to meet the client needs.
What is Providing financial advice? - Answer: It is the method you use to assess client's situation.
Define their goals , prioritize them and develop strategies to meet them.
What is the "FULL SERVICE OFFER"? - Answer: It is the level of service that takes in consideration the
client's needs, as you develop integrated strategies to achieve their goals.
What is the 5 step process to provide Full Service Advice? - Answer: 1) Assess the client's financial
situation
2) Define and prioritize their goals
3) Adjust the strategy based on their financial capacity
4) Identify product and service options
5) Conduct a periodic review
What is the 6 step Financial planning process ? - Answer: 1) Establish a client/advisor relationship
2) Collect data and information
3) Analyze data and information
4) Recommend Strategies to meet goals
5) Implement recommendation
6)Conduct a periodic review
In the first step of the client/advisor relationship,
What are your responsibilities towards the client ? - Answer: 1) Integrity
2) Professionalism
3) Confidentiality
4) Objectivity
Detailed Answers
What is the role of the advisor? - Answer: It is to take the client-driven approach, and building-
relationship approach.
Focus on the goal, identify barriers, provide product and service to meet the client needs.
What is Providing financial advice? - Answer: It is the method you use to assess client's situation.
Define their goals , prioritize them and develop strategies to meet them.
What is the "FULL SERVICE OFFER"? - Answer: It is the level of service that takes in consideration the
client's needs, as you develop integrated strategies to achieve their goals.
What is the 5 step process to provide Full Service Advice? - Answer: 1) Assess the client's financial
situation
2) Define and prioritize their goals
3) Adjust the strategy based on their financial capacity
4) Identify product and service options
5) Conduct a periodic review
What is the 6 step Financial planning process ? - Answer: 1) Establish a client/advisor relationship
2) Collect data and information
3) Analyze data and information
4) Recommend Strategies to meet goals
5) Implement recommendation
6)Conduct a periodic review
In the first step of the client/advisor relationship,
What are your responsibilities towards the client ? - Answer: 1) Integrity
2) Professionalism
3) Confidentiality
4) Objectivity
