LO 6.1.2: Recognize unethical financial planning practices conveyed in the CFP Board Code of Ethics and Standards of Conduct. Flashcards by A C | Brainscape

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Review of 1.1.3 (p. 30) Code of Ethics + 1.1.4 (p. 33) Standards of Conduct

A

Review of 1.1.3 (p. 30) Code of Ethics + 1.1.4 (p. 33) Standards of Conduct

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CFP® | FP511 (61 decks)

LO 1.1.1: Categorize the personal financial process according to the steps outlined in the CFP Board's Practice Standards

LO 1.1.2: Determine whether a financial planner-client relationship constitutes financial planning as stated in the CFP Board Code of Ethics and Standards of Conduct

LO 1.1.3: Evaluate a scenario based on six principles of the CFP Board’s Code of Ethics to determine if there are violations.

LO 1.1.4: Apply the principles outlined in the CFP Board Code of Ethics and Standards of Conduct to the elements of financial palnning and professional engagements of CFP certificants

LO 1.1.5: Differentiate between the three phases of a client’s financial life cycle

LO 1.2.1: Verify the proper use of the CFP(r) marks.

LO 1.2.2: Identify the responsibilities of a financial planner, the client, and professionals on a client’s advisor team

LO 2.1.1: Predict how psychology in terms of cognitive errors will affect a client’s goals, perspective, understanding, decision making process and actions.

LO 2.1.2: Determine the ways in which a client’s emotional biases affect the selection of a client’s goals and understanding.

LO 2.1.3: Access a client’s risk tolerance, risk perception, risk capacity, attitudes, and beliefs to formulate recommendations

LO 2.1.4: Identify the effect of a client’s learning style on the format and presentation of a financial plan.

LO 2.2.1: Apply counseling theory principles and communication strategies to client engagements.

LO 2.2.2: Distinguish various types of interpersonal communication - LO 2.2.3: Recognize active listening and response skills

LO 3.1.1: Construct a statement of financial position that is consistent with sound personal accounting standards

LO 3.1.2: Construct a cash flow statement that is consistent with sound personal accounting standards.

LO 3.1.3: Evaluate a client’s financial situation through use of applicable ratios - LO 3.1.4: Assess the strengths and weaknesses

LO 3.2.1: Recommend financial planning solutions that maximize the client’s potential to achieve financial goals.

LO 3.2.2: Recommend strategies for accumulating the appropriate level of emergency funds.

LO 3.2.3: Recommend methods of incorporating planned savings into the cash flow plan.

LO 3.3.1: Design an optimized debt management strategy based on the client’s situation and financial planning priorities.

LO 3.3.2: Calculate the required payment, interest owed or saved, and payment term in a prioritized debt reduction plan for a client.

LO 3.3.3: Predict how different debt management strategies will impact a client’s credit score.

LO 3.3.4: Determine key considerations involved in the decision to purchase or lease an asset.

LO 3.3.5: Analyze a situation to develop appropriate financing stategies.

LO 4.1.1: Identify the basic keystrokes, functions, and terminology used solving time value of money problems.

LO 4.1.2: Calculate the future value (FV) for a situation.

LO 4.1.3: Calculate the present value (PV) for a situation.

LO 4.1.4: Calculate the rate of return (I/YR) for a situation.

LO 4.1.5: Calculate the number of compounding periods (N) for a situation.

LO 4.1.6: Calculate a level of periodic payment (PMT) for a situation.

LO 4.2.1: Calculate the periodic payment (PMT) and amortization amount for a given loan scenario.

LO 4.2.2: Calculate an inflation-adjusted interest rate.

LO 4.2.3: Calculate a serial (inflation-adjusted) payment.

LO 4.2.4: Calculate either PV, FV, N, I/YR, or PMT involving both a single sum and annuity payment.

LO 4.3.1: Calculate the internal rate of return (IRR) for a given scenario.

LO 4.3.2: Calculate the present value and net present value (NPV) of uneven cash flows.

LO 5.1.1: Discuss the regulation of financial planners.

LO 5.1.2: Describe federal and securities legislation applicable to financial planners.

LO 5.1.3: Discuss the purpose of FINRA and the registration process for this organization.

LO 5.2.1: Explain the functions of banks and FDIC deposit insurance.

LO 5.2.2: Describe the services and products of non-bank financial intermediaries.

LO 6.1.1: Examine a financial planning engagement for relevant elements defined in the CFP Board Code of Ethics and Standards of Conduct.

LO 6.1.2: Recognize unethical financial planning practices conveyed in the CFP Board Code of Ethics and Standards of Conduct.

LO 6.1.3: Discuss the fiduciary duty and its importance to the client-planner relationship.

LO 6.2.1: Access a CFP(R) candidate’s personal and professional situation to ensure compliance with the CFP Board’s Fitness Standards

1. LO 6.2.2: Identify the disciplinary and appeals processes included in the CFP Board’s Procedural Rules

LO 7.1.1: Interpret the interaction of supply and demand associated with a product or service.

LO 7.1.2: Assess the impact of a given monetary or physical policy on interest rates, security prices, and overall economic conditions.

LO 7.1.3: Determine the business cycle phase on the basis of an economic activity or statistical trend.

LO 7.1.4: Differentiate the characteristics of inflation, deflation, disinflation, and stagnation.

LO 7.2.1: Explain the types of bankruptcy and how the Bankruptcy Act of 2005 applies to each type.

LO 7.2.2: Discuss the legislation that has been enacted to provide credit protection to consumers.

LO 8.1.1: Calculate either a lump sum, level payment, or serial payment to achieve an education funding goal.

LO 8.1.2: Evaluate the income and assets of parents and children to estimate the Expected Family Contribution (EFC) for financial aid.

LO 8.1.3: Evaluate eligiblity criteria and the client’s financial situation to determine the likelihood of qualifying for financial aid.

LO 8.2.1: Recommend an education funding strategy that utilizes loans, scholarships, grants, and work study efficiently.

LO 8.2.2: Assess a client’s ability to meet the recommended education savings requirements.

LO 8.2.3: Compare the features of edcuation savings vehicles.

LO 8.2.4: Recommend education funding options based on tax implications, required savings, client preferences, and overall financial situation.

LO 8.3.1: Determine which education tax credits may be utilized to reduce the net cost of education in a given client’s situation.

LO 8.3.2: Describe employer assistance programs available for employees’ education expenses.