Financial Plan
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Serves as the guiding document to bring an assortment of information
together - investments, insurance policies, estate planning documents, and
files of relevant financial information.
,Qualitative (subjective data) information
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Related to the subjective quality of a client's life
Examples: Client's health, life expectancy, family circumstances, values,
attitudes, expectations, earning potential, risk tolerance, goals, needs
priorities, and current course of action.
Quantitative (objective data) information
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Measurable or expressed as a quantity or number
Examples: Client's age, dependents, income, expenses, cash flow, savings,
assets, liabilities, liquidity, taxes, employee benefits, insurance coverage,
estate plans, education and retirement accounts.
Monitoring and Updating Responsibilities
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A CFP must establish with the client whether the CFP has monitoring and
updating responsibilities. When the CFP has these responsibilities, the CFP
must communicate to the client:
i. which actions, products, and services are and are not subject the CFP
professionals monitoring responsibility
ii. how and when the CFP will monitor the actions, products, and services
iii. the client's responsibility to inform the CFP of any material changed to
the client's qualitative and quantitative information
, iv. CFP responsibility to update the financial planning recommendations
v. how and when the CFP will update the financial planning
recommendations
Step 4 Actions
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The planner must consider the following information:
a. the assumptions and estimates used to develop the recommendation
b. the basis for making the recommendation, including how the
recommendation is designed to maximize the potential to meet the client's
goals, the anticipated material effects of the recommendation on the
client's financial and personal circumstances, and however the
recommendation integrates relevant elements of the client's personal and
financial circumstances
c. the timing and priority of the recommendation
d. whether the recommendation is independent or must be implemented
with another recommendation
Seven Step Financial Planning Process Acronym
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Umbrellas In A Downpour Prevent Immense Mess
Selecting and Implementing Actions, Products, or Services
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Give this one a try later!
Serves as the guiding document to bring an assortment of information
together - investments, insurance policies, estate planning documents, and
files of relevant financial information.
,Qualitative (subjective data) information
Give this one a try later!
Related to the subjective quality of a client's life
Examples: Client's health, life expectancy, family circumstances, values,
attitudes, expectations, earning potential, risk tolerance, goals, needs
priorities, and current course of action.
Quantitative (objective data) information
Give this one a try later!
Measurable or expressed as a quantity or number
Examples: Client's age, dependents, income, expenses, cash flow, savings,
assets, liabilities, liquidity, taxes, employee benefits, insurance coverage,
estate plans, education and retirement accounts.
Monitoring and Updating Responsibilities
Give this one a try later!
A CFP must establish with the client whether the CFP has monitoring and
updating responsibilities. When the CFP has these responsibilities, the CFP
must communicate to the client:
i. which actions, products, and services are and are not subject the CFP
professionals monitoring responsibility
ii. how and when the CFP will monitor the actions, products, and services
iii. the client's responsibility to inform the CFP of any material changed to
the client's qualitative and quantitative information
, iv. CFP responsibility to update the financial planning recommendations
v. how and when the CFP will update the financial planning
recommendations
Step 4 Actions
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The planner must consider the following information:
a. the assumptions and estimates used to develop the recommendation
b. the basis for making the recommendation, including how the
recommendation is designed to maximize the potential to meet the client's
goals, the anticipated material effects of the recommendation on the
client's financial and personal circumstances, and however the
recommendation integrates relevant elements of the client's personal and
financial circumstances
c. the timing and priority of the recommendation
d. whether the recommendation is independent or must be implemented
with another recommendation
Seven Step Financial Planning Process Acronym
Give this one a try later!
Umbrellas In A Downpour Prevent Immense Mess
Selecting and Implementing Actions, Products, or Services
Give this one a try later!
