7 Steps of Financial Planning
Financial Planning is 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.
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Establish Goals.
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Assess Risk.
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Analyze Cash Flow.
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Protect Your Assets.
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Evaluate Your Investment Strategy.
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Consider Estate Planning.
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Implement and Monitor Your Decisions.
Ethically Guide Your Clients
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.
CPF Guide to the
7-Step Financial Planning Process
Clients Who Do Not Want Financial Planning
If a CFP® professional otherwise must comply with the Practice Standards, but the Client does not agree to engage for financial planning, a CFP® professional must:
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Not enter into the engagement or
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Limit the scope to services that do not require financial planning or
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Provide the requested service but not explain how finical planning will benefit the Client and how not providing financial planning will limit the financial advise or
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Terminate the engagement