Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CFP > Lesson 2 > Flashcards

Lesson 2 Flashcards

You may prefer our related Brainscape-certified flashcards:
CFP® flashcards
1
Q

Developmental Paragigm

A
  • Humans progress in predictable stages over time, and issues stem from events that halted progression
  • Counselors goal is to recount past experience and correct
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Developmental Paradigm (Nature of Relationship)

A
  • Moderately directive
  • Alliance between client and counselor is important
  • Goal is to help resolve gaps not solved for in earlier stages of development
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Developmental Paradigm (Emphasis of Treatment/Prominent Theme)

A
  • Healthy development
  • Focus on past experiences and how they relate to present difficulties
  • Resolution of Conflict
  • Achieve understanding and self awareness
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Developmental Paradigm (Skills to be used)

A
  • Active listening
  • Client Observation
  • Paraphrasing
  • Feeling reflection
  • Reflection of meaning
  • Supportive Challenging
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Humanistic Paradigm

A
  • Congruence between thoughts, feelings, and emotions
  • Congruence obtained by focusing on the here and now
  • Counselor feels the client knows the answer, goal is to help them express it
  • Emphasizes personal responsibility
  • Requires close relationship
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Humanistic Paradigm ( Nature of Relationship)

A
  • Varies from nondirective (person centered existential) to highly directive
  • Alliance is VERY important and aides treatment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Humanistic Paradigm (Emphasis in Treatment)

A
  • Experiencing present moment
  • Accepting personal responsibility
  • Emphasize freedom of choice
  • Fully in touch with ones self
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Humanistic Paradigm (Skills to be used)

A
  • Active listening
  • Client observation
  • Feeling reflection
  • Reflection of meaning
  • Supportive challenging
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Cognitive-Behavioral Paradigm

A
  • Pavlov’s Dog
  • Reinforcement (or lack of) drives behavior
  • Self-talk is driver of action
  • Goal is to manipulate reinforcements through intervention
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Cognitive-Behavioral Paradigm (Nature of relationship)

A
  • highly directive

- Alliance only important to help client feel engaged and willing to participate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Cognitive-Behavioral Paradigm (Emphasis on Treatment)

A
  • Identification of behavioral excess and inadequacies
  • Identification of reinforcers
  • Manipulation of reinforcers to change thoughts and behavior
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Cognitive-Behavioral Paradigm (Skills to be used)

A
  • Questioning
  • Reflection of meaning
  • supportive challenging
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Human Communication

A
  • Words and gestures (verbal and non-verbal)
  • Context is important
  • Can be used to manipulate or conceal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Non-Verbal Communication

A
  • Body language (position and movement)

- Can be incongruent with verbal (speak up if this happens)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Passive Listening

A
  • Easily distracted

- Could be thinking about day, how to respond, other items

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Active Listening

A
  • Undivided attention
  • Observing body language
  • Provide positive responses to illicit more from the speaker
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Open Questions

A
  • Solicits a lengthy response
  • Begins with Who, What, Where, When, Why, and How
  • Be weary of “Why” as it can be non-productive and aggressive
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Closed Questions

A
  • Single word response
  • Used to help clarify or obtain specific information
  • Could be referred to as leading questions
19
Q

Clarifying Client Statements

A
  • Paraphrasing
  • Used to confirm and align understanding
  • Utilized to bridge incongruence between verbal and non-verbal
  • Must be achieved before moving on in the conversation
20
Q

Client Data Collection

A
  • Need qualitative not just quantitative
  • includes values, expectations, attitudes, and time horizon
  • not Net Worth, but Self Worth
21
Q

Traditional Finance

A
  • “Modern Portfolio Theory”
  • developed in 50’s and 60’s
  • Believed, 1) Investors are rational, 2) Markets are efficient, 3) Mean Variance Theory Governs, 4) Returns are determined by Risk (Beta)
22
Q

Traditional Finance - Rational Investor

A
  • Prefers more wealth over less

- Never confused by form of wealth (i.e. Dividend over Stock Sale

23
Q

Traditional Finance - Efficient Market

A
  • Stock price reflects relevant data
  • No mispricings
  • Impossible to “beat” market
24
Q

Traditional Finance - Mean Variance Theory Governs

A
  • Evaluation of stock based on mean value with some variances
  • Expected return vs actual return
25
Q

Traditional Finance - Risk Yields Return

A
  • More risk = greater return

- CAPM Risk Formula

26
Q

Behavioral Finance

A
  • Some truth in Traditional Finance
  • Adds sociological and phycological elements
  • Not everyone is the same, and has different drivers and experience
  • People make mistakes
  • 1) people are “normal”, 2) Markets aren’t efficient, 3) Behavioral Portfolio Theory governs, 4) Risk does not equal returns
27
Q

Behavioral Finance - Investors are “Normal”

A
  • Not rational
  • have coginitive errors
  • emotional
28
Q

Behavioral Finance - Markets aren’t efficient

A
  • stock price does not equal fundamental value
  • Can buy at discount and sell at a premium
  • Market consists of “Normal” investors
29
Q

Behavioral Finance - Behavioral Portfolio Theory governs

A
  • bucketing approach to investing
  • time horizons for different assets
  • less risk short term, more risk long term
  • buy lottery ticket AND insurance policy
30
Q

Behavioral Finance - Risk not equal to return

A
  • Return is not solely based on the risk taken
31
Q

Heuristic

A
  • Rule of thumb

- inherent bias based on experience

32
Q

Affect Heuristic

A
  • Subconscious decisions
  • good vs bad
  • immediate opinion
33
Q

Availability Heuristic

A
  • Use information already known
  • Don’t research
  • causes outdated or uninformed decisions
34
Q

Similarity Heuristic

A
  • association with past events

- the past will repeat itself

35
Q

Types of cognitive bias

A
  • Anchoring
  • Confirmation Bias
  • Gambler’s Fallacy
  • Herding
  • Hindsight Bias
  • Over Confidence
  • Overreaction
  • Prospect Theory
36
Q

Cognitive Bias - Anchoring

A
  • attaching to a reference point or experience even if not correlated to make a decision
  • desire to adhere to security
  • causes quick decisions when more research should be done
37
Q

Cognitive Bias - Confirmation Bias

A
  • Focus on information that supports your thinking

- ignoring facts to create an incomplete picture

38
Q

Cognitive Bias - Gambler’s Fallacy

A
  • A coin is more likely to land on tails after landing on heads
  • not based on factual probability
39
Q

Cognitive Bias - Herding

A
  • Follow the masses
  • Desire to conform
  • creates overvaluation
40
Q

Cognitive Bias - Hindsight Bias

A
  • Looking at past facts and experience
  • trying to predict the future with past informaiton
  • belief that past events were “obvious” in looking back at them
41
Q

Cognitive Bias - Overconfidence

A
  • reliance solely on one self
42
Q

Cognitive Bias - Overreaction

A
  • Allowing new information to overly drive decisions

- greatly impacted by recent news/events

43
Q

Cognitive Bias - Prospect Theory

A
  • If same outcome people will choose to get their through a gain as opposed to a loss
  • Focus on gains over losses

CFP (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions