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LO 1.1.1: Categorize the personal financial process according to the steps outlined in the CFP Board's Practice Standards
LO 1.1.1: Categorize the personal financial process according to the steps outlined in the CFP Board's Practice Standards
22
cards
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
Financial planning,
Financial advice,
What is not financial advice
12
cards
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.
What are the six principles of th...,
What is the 1st principle of the ...,
What is the 2nd principle of the ...
9
cards
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
What are the six subsections of t...,
What are the duties owed to clients,
What is the 1st duty owed to clients
39
cards
LO 1.1.5: Differentiate between the three phases of a client’s financial life cycle
What factors influence a clients ...,
What are the three financial life...,
First phase of the financial life...
14
cards
LO 1.2.1: Verify the proper use of the CFP(r) marks.
What are the cfp board certified ...,
What is required for cfp marks,
How do you use certified financia...
4
cards
LO 1.2.2: Identify the responsibilities of a financial planner, the client, and professionals on a client’s advisor team
How must the arrangement of calli...,
What guidelines do the code and s...,
When the cfp pro is not sufficien...
14
cards
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.
Cognitive errors,
Cognitive errors can be mitigated by,
Illusion of control bias
22
cards
LO 2.1.2: Determine the ways in which a client’s emotional biases affect the selection of a client’s goals and understanding.
Emotional biases,
How are emotional biases differen...,
Why is it hard to overcome emotio...
13
cards
LO 2.1.3: Access a client’s risk tolerance, risk perception, risk capacity, attitudes, and beliefs to formulate recommendations
LO 2.1.3: Access a client’s risk tolerance, risk perception, risk capacity, attitudes, and beliefs to formulate recommendations that are consistent with their personal preferences and financial needs.
15
cards
LO 2.1.4: Identify the effect of a client’s learning style on the format and presentation of a financial plan.
Learning styles,
Visual learner,
Auditory learner
5
cards
LO 2.2.1: Apply counseling theory principles and communication strategies to client engagements.
Financial counseling,
Economic and resource approach,
Classical economics approach
7
cards
LO 2.2.2: Distinguish various types of interpersonal communication - LO 2.2.3: Recognize active listening and response skills
LO 2.2.2: Distinguish various types of interpersonal communication including linguistic signs and non-verbal communications - LO 2.2.3: Recognize active listening and response skills during in-person communications with clients.
17
cards
LO 3.1.1: Construct a statement of financial position that is consistent with sound personal accounting standards
2 financial statements planners g...,
What is the most important functi...,
Statement of financial position
24
cards
LO 3.1.2: Construct a cash flow statement that is consistent with sound personal accounting standards.
Cash flow statement,
Income statement,
Inflows
11
cards
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 3.1.3: Evaluate a client’s financial situation through use of applicable ratios and relevant assumptions. - LO 3.1.4: Assess the strengths and weaknesses associated with a client’s financial situation.
12
cards
LO 3.2.1: Recommend financial planning solutions that maximize the client’s potential to achieve financial goals.
Budgeting,
Budget,
How is a budget prepared
11
cards
LO 3.2.2: Recommend strategies for accumulating the appropriate level of emergency funds.
Emergency fund,
Two fundamental questions with re...,
How much should be saved in an em...
8
cards
LO 3.2.3: Recommend methods of incorporating planned savings into the cash flow plan.
Saving,
Investing,
Increasing savings through lifest...
5
cards
LO 3.3.1: Design an optimized debt management strategy based on the client’s situation and financial planning priorities.
Personal loans,
Credit cards,
Advantages of using credit cards
20
cards
LO 3.3.2: Calculate the required payment, interest owed or saved, and payment term in a prioritized debt reduction plan for a client.
How can we reduce credit card deb...,
The snowball technique,
The avalanche technique
4
cards
LO 3.3.3: Predict how different debt management strategies will impact a client’s credit score.
Credit score,
Credit score categories,
Payment history
9
cards
LO 3.3.4: Determine key considerations involved in the decision to purchase or lease an asset.
How does a financial planner help...,
Leasing an asset parties to a lease,
Leasing an asset lease payment
16
cards
LO 3.3.5: Analyze a situation to develop appropriate financing stategies.
What is the most significant cost...,
What are the additional costs oth...,
What is a point
41
cards
LO 4.1.1: Identify the basic keystrokes, functions, and terminology used solving time value of money problems.
Set number of compounding periods...,
Set number of decimal places to 4...,
Setting to beg end mode
11
cards
LO 4.1.2: Calculate the future value (FV) for a situation.
Future value fv concept,
Compounding,
Annuity in time value of money la...
9
cards
LO 4.1.3: Calculate the present value (PV) for a situation.
Discounting,
Pv of a single amount in time val...,
What does the pv of a single amou...
4
cards
LO 4.1.4: Calculate the rate of return (I/YR) for a situation.
What are we solving for with rate...,
Another name for interest rate ca...,
Why are interest rate calculation...
3
cards
LO 4.1.5: Calculate the number of compounding periods (N) for a situation.
What are the two types of problem...,
What is a shortcut method to dete...,
Rule of 72
3
cards
LO 4.1.6: Calculate a level of periodic payment (PMT) for a situation.
What types of payments pmt can we...,
Fixed equal payments,
Serial payments
5
cards
LO 4.2.1: Calculate the periodic payment (PMT) and amortization amount for a given loan scenario.
Amortization,
Amortization schedule,
How is the periodic payment and a...
3
cards
LO 4.2.2: Calculate an inflation-adjusted interest rate.
Inflation adjusted interest rate ...,
How to calculate inflation adjust...
2
cards
LO 4.2.3: Calculate a serial (inflation-adjusted) payment.
What is a serial payment,
How do serial payments differ fro...,
How is the serial payment calculated
3
cards
LO 4.2.4: Calculate either PV, FV, N, I/YR, or PMT involving both a single sum and annuity payment.
What is the initial deposit of a ...,
How is a single sum and annuity p...
2
cards
LO 4.3.1: Calculate the internal rate of return (IRR) for a given scenario.
When is the internal rate of retu...,
Compounding period,
How are cash inflows input as
8
cards
LO 4.3.2: Calculate the present value and net present value (NPV) of uneven cash flows.
What type of problems use the npv...,
How is npv calculated conceptually,
What is the discount rate
7
cards
LO 5.1.1: Discuss the regulation of financial planners.
Investment advisers act of 1940,
What are the types of investment ...,
What did the dodd frank wall stre...
30
cards
LO 5.1.2: Describe federal and securities legislation applicable to financial planners.
Why weren t state regulations eno...,
Sec,
What was the purpose of the secur...
55
cards
LO 5.1.3: Discuss the purpose of FINRA and the registration process for this organization.
Securities industry self regulati...,
Finra,
What is the purpose of finra
31
cards
LO 5.2.1: Explain the functions of banks and FDIC deposit insurance.
What is a bank,
What does a bank do,
The 3 independent federal agencie...
18
cards
LO 5.2.2: Describe the services and products of non-bank financial intermediaries.
Credit union,
Who receives the interest from lo...,
National credit union share insur...
22
cards
LO 6.1.1: Examine a financial planning engagement for relevant elements defined in the CFP Board Code of Ethics and Standards of Conduct.
What 2 standards must be upheld i...,
What types of client engagements ...,
What type of client engagements r...
3
cards
LO 6.1.2: Recognize unethical financial planning practices conveyed in the CFP Board Code of Ethics and Standards of Conduct.
Review of 113 p 30 code of ethics...
1
cards
LO 6.1.3: Discuss the fiduciary duty and its importance to the client-planner relationship.
What are the 3 types of fiduciary...,
Who administers the dol fiduciary...,
Dol fiduciary standard what kind ...
65
cards
LO 6.2.1: Access a CFP(R) candidate’s personal and professional situation to ensure compliance with the CFP Board’s Fitness Standards
What are the cfp board s fitness ...,
When did the cfp board fitness st...,
Fitness standards would a felony ...
19
cards
1. LO 6.2.2: Identify the disciplinary and appeals processes included in the CFP Board’s Procedural Rules
What are the cfp board procedural...,
Parties involved in disciplinary ...,
Parties involved in disciplinary ...
50
cards
LO 7.1.1: Interpret the interaction of supply and demand associated with a product or service.
What is economics,
What is microeconomics,
What is macroeconomics
26
cards
LO 7.1.2: Assess the impact of a given monetary or physical policy on interest rates, security prices, and overall economic conditions.
What type of policy is the federa...,
What type of policy is the federa...,
How do the federal government and...
31
cards
LO 7.1.3: Determine the business cycle phase on the basis of an economic activity or statistical trend.
What is the business cycle,
What is the purpose of analyzing ...,
What happens to consumer demand d...
50
cards
LO 7.1.4: Differentiate the characteristics of inflation, deflation, disinflation, and stagnation.
Inflation,
What are the 2 most common measur...,
What does the cpi program produce
16
cards
LO 7.2.1: Explain the types of bankruptcy and how the Bankruptcy Act of 2005 applies to each type.
Fair credit reporting act general...,
Truth in lending act general prov...,
Bankruptcy act general provisions
42
cards
LO 7.2.2: Discuss the legislation that has been enacted to provide credit protection to consumers.
What are the 2 most important pie...,
Consumer credit protection act pu...,
Consumer credit protection act re...
34
cards
LO 8.1.1: Calculate either a lump sum, level payment, or serial payment to achieve an education funding goal.
What is the 3 step calculation fo...
1
cards
LO 8.1.2: Evaluate the income and assets of parents and children to estimate the Expected Family Contribution (EFC) for financial aid.
Expected family contribution efc,
Free application for federal stud...,
What are the four several calcula...
16
cards
LO 8.1.3: Evaluate eligiblity criteria and the client’s financial situation to determine the likelihood of qualifying for financial aid.
What are the us dept of education...,
How does a student apply for a us...,
What are the requirements to be e...
4
cards
LO 8.2.1: Recommend an education funding strategy that utilizes loans, scholarships, grants, and work study efficiently.
Federally funded loans,
How can federally funded loans be...,
Can most loans be used for either...
52
cards
LO 8.2.2: Assess a client’s ability to meet the recommended education savings requirements.
What is the optimal educational f...,
What is are less optimal educatio...,
What is the best pay to structure...
6
cards
LO 8.2.3: Compare the features of edcuation savings vehicles.
Historically what are the 3 means...,
Custodial accounts,
Uniform gifts to minors act ugma
62
cards
LO 8.2.4: Recommend education funding options based on tax implications, required savings, client preferences, and overall financial situation.
How do federal gift tax rules app...,
Are contributions to a 529 plan r...,
Does the contributor retain contr...
13
cards
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.
American opportunity tax credit aotc,
How much does the aotc reduce a f...,
Aotc what is the max credit
24
cards
LO 8.3.2: Describe employer assistance programs available for employees’ education expenses.
What is the section 162 employee ...,
How much non job related educatio...,
Can the irc section 127 non job r...
4
cards
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