General Financial Planning Flashcards
1
Q
Financial Planning - Docs. in Writing
A
- Privacy policy
- Services and products
- How the client pays
- How you, your firm, and related parties are compensated
- Public discipline and bankruptcy
- Referral compensation agreements
- Other material information
2
Q
Financial Planning - Docs. Oral or Written
A
Material Conflicts
3
Q
Does Financial Advice require Financial Planning?
A
- Has the planner provided or agreed to provide Financial Planning?
- Does the client have a reasonable basis to believe that the planner has provided or will provide Financial Planning?
- Does the Financial Advice provided require integration of relevant elements of the client’s personal and financial circumstances in order to act in the client’s best interests, taking into account the integration factors?
4
Q
Integration Factors
A
- Risk Exposure
- Length of Time
- Relevant Elements
- Barriers to modifying
- % and $ assets affected
5
Q
Financial Advice - Docs. Disclosed in Writing
A
Privacy Policy
6
Q
Relevant Elements
A
- developing goals
- managing cash flow
- managing assets and liabilities
- identifying and managing risks
- identifying and managing the financial effect of health considerations
- providing for educational needs
- achieving financial security
- preserving or increasing wealth
- identifying tax considerations
- preparing for retirement
- pursuing philanthropic interests
- addressing estate and legacy matters
7
Q
Financial Advice - Docs. Oral or Written
A
- Material conflicts
- Services and products
- How the client pays
- How you, your firm, and related parties are compensated
- Public discipline and bankruptcy
- Referral compensation agreements
- Other material information
8
Q
Financial Planning Process
A
- Understand circumstances
- Identify/select goals
- Analyze current and potential courses of action
- Develop plan
- Present plan
- Implement plan
- Monitor
