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Financial Planning Fundamentals > Introduction > Flashcards

Introduction Flashcards

1
Q

What does a Financial Planner do?

A

Organise finances, solve financial problems and make plans to achieve financial goals

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2
Q

What is a Representative?

A

Also known as a financial advisor, broker or insurance agent. Helps clients to set financial goals, strategies, assist them in choosing the right investment, and other financial products to achieve these goals.

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3
Q

How does a FP achieve their responsibility?

A

By engaging with clients and collecting their financial data, guide and advice clients, create personal budgets for clients, research suitable products and investment options, drafting reports and financial plans, follow up with clients, monitor client successes and provide information about any modifications.

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4
Q

What are the FPI designations and their requirements?

A
  1. Registered Financial Practitioner
    -NQF 5(old) or NQF6(new)
    -1 year experience
    -completed professional competency exam
    -agreed to abide by the FPI code of ethics & professional standards
  2. Financial Services Advisor
    -NQF 6 or NQF 7
    -2 or more years experience
    -completed professional competency exam
    -agreed to abide by the FPI code Of Ethics and professional standards
  3. Certified Financial Planner
    -NQF 8
    -3 years experience
    -completed professional competency exam
    -agreed to abide by the FPI code of ethics and professional standards
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5
Q

What are the 10 components of financial advice abilities?

A
  1. Insurance
  2. Financial advice principles & practices
  3. Fundamental of estate distribution
  4. Taxation
  5. Investment & Investment risk
  6. Pension & Retirement
  7. Healthcare
  8. Financial Management
  9. Research methods, problem-solving, report writing
  10. Ethics, standards and compliance
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6
Q

What are the skills of a Representative?

A
  1. Communicate understandably and persuasively
  2. Engage and build relationships
  3. Collect & analyse data, synthesise information to come up with a solution
  4. Ability to research and compare
  5. Lead clients to improving their financial wellbeing
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7
Q

What is Financial Planning?

A

The act of providing ways of managing one’s finances to achieve one’s life goals.

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8
Q

What is the 6 Step Financial Planning process?

A
  1. Establish and define the relationship with the client

2.Collect client’s information

  1. Analyse and assess the client’s financial status
  2. Develop the financial planning recommendations and present them to the client
  3. Implement the client’s financial planning recommendations
  4. Review the client’s situation
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9
Q

What are clients needs and goals?

A
  1. Financial management
  2. Wealth Protection
  3. Wealth Creation
  4. Wealth Management
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Financial Planning Fundamentals (6 decks)

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