Duties Owed to Clients
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, 1. Fiduciary Duty
2. Integrity
3. Competence
4. Diligence
5. Disclose and Manage Conflicts of Interest
6. Sound and Objective Professional Judgment
7. Professionalism
8. Comply with the Law
9. Confidentiality and Privacy
10. Provide Information to a Client
11. Duties When Communicating with a Client
12. Duties When Representing Compensation Method
13. Duties When Recommending, Engaging, and Working with Additional
Persons
14. Duties When Selecting, Using, and Recommending Technology
15. Refrain from Borrowing or Lending Money and Commingling Financial
Assets
UGMA Account
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a custodian account held and managed on a minor's behalf until reaching
the age of majority in his state of residence.
- any cash-type asset including securities and mutual funds are allowed
- no real estate allowed
Fair Debt Collection Practices Act
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, A law that protects consumers from abusive practices by creditors and
collection agencies
coincident indicators
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economic indicators that usually change at the same time as changes in
overall business activity
examples:
industrial productions
level of personal income
amount of corporate profits
Financial Planning
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A collaborative process that helps maximize a Client's potential for meeting
life goals through Financial Advice that integrates relevant elements of the
Client's personal and financial circumstances.
Diligence (Standard A.4)
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Must provide professional services in a timely and thorough manner
, Monitoring Progress and Updating
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- Monitoring and updating responsibilities
- Monitor progress toward goals, gather current information
- Update goals and recommendations
Recession
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decline in real GDP lasting at least two consecutive quarters or more
(minimum of 6 months)
The Financial Planning Process
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1. Understanding the Clients Personal and Financial Circumstances
2. Identifying and Selecting Goals
3. Analyzing the Clients course of action and potential alternative course of
action
4. developing the financial planning recommendation
5. presenting the financial planning recommendation
6. implementing the financial planning recommendation
7. monitoring progress and updating
Give this one a try later!
, 1. Fiduciary Duty
2. Integrity
3. Competence
4. Diligence
5. Disclose and Manage Conflicts of Interest
6. Sound and Objective Professional Judgment
7. Professionalism
8. Comply with the Law
9. Confidentiality and Privacy
10. Provide Information to a Client
11. Duties When Communicating with a Client
12. Duties When Representing Compensation Method
13. Duties When Recommending, Engaging, and Working with Additional
Persons
14. Duties When Selecting, Using, and Recommending Technology
15. Refrain from Borrowing or Lending Money and Commingling Financial
Assets
UGMA Account
Give this one a try later!
a custodian account held and managed on a minor's behalf until reaching
the age of majority in his state of residence.
- any cash-type asset including securities and mutual funds are allowed
- no real estate allowed
Fair Debt Collection Practices Act
Give this one a try later!
, A law that protects consumers from abusive practices by creditors and
collection agencies
coincident indicators
Give this one a try later!
economic indicators that usually change at the same time as changes in
overall business activity
examples:
industrial productions
level of personal income
amount of corporate profits
Financial Planning
Give this one a try later!
A collaborative process that helps maximize a Client's potential for meeting
life goals through Financial Advice that integrates relevant elements of the
Client's personal and financial circumstances.
Diligence (Standard A.4)
Give this one a try later!
Must provide professional services in a timely and thorough manner
, Monitoring Progress and Updating
Give this one a try later!
- Monitoring and updating responsibilities
- Monitor progress toward goals, gather current information
- Update goals and recommendations
Recession
Give this one a try later!
decline in real GDP lasting at least two consecutive quarters or more
(minimum of 6 months)
The Financial Planning Process
Give this one a try later!
1. Understanding the Clients Personal and Financial Circumstances
2. Identifying and Selecting Goals
3. Analyzing the Clients course of action and potential alternative course of
action
4. developing the financial planning recommendation
5. presenting the financial planning recommendation
6. implementing the financial planning recommendation
7. monitoring progress and updating
