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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.
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Tags
Finance, Certified Financial Planner, CFP Board