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Tax plan Test 3

Tax plan Test 3 - Term Definition What are 2 requirements...

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Term: What are 2 requirements for becoming a CFP practitioner Definition: -Three years of relevant experience & Adherence to the CFP Board Code of Ethics Term: What are three things that are included in a good financial plan Definition: Where you are, Where you want to be, How we will get there Term: What are 7 challenges to accomplishing goals Definition: lack of liquidity, inadequate resources, inflation, improper dispostition of assets, value, excessing taxes, special needs Term: A professional who is dedicated to the financial security of others Definition: Financial Planner Term: What are 4 requirements to become a CFP Definition: education, exam, three years of experience, approved by the FPA
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Term: What are the 6 steps in the financial planning process Definition: 1. Establish relationships 2. Gather info 3. Analyze and evaluate the client's info 4. Develop a plan 5. Implement the plan 6. Monitor the plan Term: During which step of the financial planning process should the method of compensation be agreed upon with the client Definition: Establish a relationship Term: What are the two parts involved in gathering info Definition: 1. Determine personal and financial goals 2. Obtain quantitative info and docs Term: What are the 3 parts involved in developing a plan Definition: 1. Identify alternatives 2. develop recomendations 3. present recomendations Term: What are the 2 steps involved in implemting the plan Definition: 1. agree on responsibilities 2. select the right product and services
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Term: The investment advisors act of 1940 defines compensation as Definition: reciept of any economic benefit Term: What are 3 things that make up the definition of an investment advisor Definition: 1. provide advice regarding securities 2. is in the business of providing such services 3. provides such services for compensation Term: What are 8 exemptions from investment advisors Definition: 1. Banks 2. lawyers, teachers, accountants, engineers 3. brokers 4.
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