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CFP Board developed this Guide to the Practice Standards for the Financial Planning Process to illustrate how a CFP® professional might provide financial planning to a Client in accordance with the Code of Ethics and Standards of Conduct .
CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”) provides detailed requirements for the Financial Planning process and increases the number of steps in the Financial Planning process from six to seven.
The CFP® Board has a specific seven-step financial planning process you need to know if you're studying for the test.
Financial Planning Begins: Understanding Your Situation. Setting Your Goals. ANALYZING YOUR FINANCIAL STRENGTHS AND VULNERABILITIES. Developing Financial Planning Recommendations. Planner Presents Recommendations. Putting Your Financial Plan Into Action. Monitor Performance: Expect a Collaborative Partnership. Find a CFP® Professional. Location.
The CFP Board defines 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.
The process of financial planning is generally thought of as a six-step activity, as described by the Certified Financial Planner Board of Standards, Inc. (CFP Board): 3 1. Establishing and Defining the Client-Planner Relationship: This first step in the financial planning process is important because it sets the stage for
Following the practice standards set in the CFP Board’s seven-step financial planning process, advisors can provide clients with transparent, holistic views into their finances. The seven-step model represents a complete workflow that establishes productive, long-term relationships.