Just for you: FREE 60-day trial to the world’s largest digital library.The SlideShare family just got bigger. Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. Show
Read free for 60 days Cancel anytime. Notes This preview shows page 3 - 5 out of 43 pages. Financial Planning Engagement:Exists when a certificant performs any type ofmutually agreed upon financial planning service for a client.Financial Planning Practitioner:A person who provides financial planning services toclients.Personal Financial PlanningorFinancial Planning:Denotes the process ofdetermining whether and how an individual can meet life goals through the propermanagement of financial resources. Financial planning integrates the financial planningprocess with the financial planning subject areas. In determining whether the certificantis providing financial planning or material elements of financial planning factors that maybe considered include but are not limited to:The clients understanding and intent in engaging the certificant.The degree to which multiple financial planning subject areas are involved.The comprehensiveness of data gathering.The breadth and depth of recommendations.Financial planning may occur even if the material elements are not provided to a clientsimultaneously, are delivered over a period of time, or are delivered as distinct subjectareas. It is not necessary to provide a written financial plan to engage in financialplanning.Personal Financial Planning ProcessorFinancial Planning Process:Denotesthe process which typically includes, but is not limited to, some or all of these six steps:Establishing and defining the client-planner relationship,Gathering client data including goals,Analyzing and evaluating the clients current financial status,Developing and presenting recommendations and/or alternatives,Implementing the recommendations, andMonitoring the recommendations.Personal Financial Planning Subject AreasorFinancial Planning SubjectAreas:Denotes the basic subject fields covered in the financial planning process whichtypically include, but are not limited to: Financial statement preparation and analysis (including cash flowanalysis/planning and budgeting),Insurance planning and risk management,Employee benefits planning,Investment planning,Income tax planning,Retirement planning,Estate planning.Registrant:Denotes individuals who are not currently certified but have beencertified by CFP Board in the past and have an entitlement, direct or indirect, to use theCFP® marks. This includes individuals who have relinquished their certification and whoare eligible for reinstatement without being required to pass the current CFP®Certification Examination. TheStandards of Professional Conductapply to registrantswhen the conduct at issue occurred at a time when the registrant was certified; CFPBoard has jurisdiction to investigate such conduct. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 43 pages? Upload your study docs or become a Course Hero member to access this document Tags Finance, Certified Financial Planner, CFP Board When a CFP professional has duties to one client that may be adverse to another client?A “Conflict of Interest” arises when: A CFP® professional's interests (including the interests of the CFP® Professional's Firm) are adverse to the CFP® professional's duties to a Client; or. A CFP® professional has duties to one Client that are adverse to another Client.
What is the CFP financial planning process?CFP Board's Code and Standards define Financial Planning as “a collaborative process that helps maximize a Client's potential for meeting life goals through Financial Advice that integrates relevant elements of the Client's personal and financial circumstances.”
When providing Financial Advice to a client the CFP professional has the duty of care of a fiduciary?The new Code and Standards provides that a CFP® professional must at all times act as a fiduciary when providing Financial Advice to a Client. As noted above, since Financial Planning requires Financial Advice, a CFP® professional also must at all times act as a fiduciary when providing Financial Planning to a Client.
What kind of professional conduct is expected from financial professionals while dealing with clients or organizations?A CFP® professional must act with the care, skill, prudence, and diligence that a prudent professional would exercise in light of the Client's goals, risk tolerance, objectives, and financial and personal circumstances. Duty to Follow Client Instructions.
|
What exists when a CFP professional performs any type of mutually agreed upon financial planning service for a client?
zusammenhängende Posts
Urheberrechte © © 2024 decemle Inc.
