TOPIC 3: CFP BOARD S FINANCIAL PLANNING PRACTICE STANDARDS in .NET

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TOPIC 3: CFP BOARD S FINANCIAL PLANNING PRACTICE STANDARDS
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The following contains wording from the Financial Planning Practice Standards ( 2002 by Certi ed Financial Planner Board of Standards, Inc) It is strongly suggested by this author that all candidates for the CFP examination read their own copies of the original Financial Planning Practice Standards This material can be obtained from the CFP Board s Web site)
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10 - General Principles of Financial Planning 1 Purpose and applicability A The Financial Planning Practice Standards (Practice Standards) establish the level of professional practice that is expected of a CFP Certi cant engaged in personal nancial planning The Practice Standards are intended to (1) ensure that the practice of nancial planning by CERTIFIED FINANCIAL PLANNER professionals is based on established norms of practice, (2) advance professionalism in nancial planning, and (3) enhance the value of the nancial planning process B Similarly, standards help practitioners to focus on what to provide as part of the six-step nancial planning process and to base services on what clients need C The Board of Practice Standards drafted 10 standards, with one or more standards for each of the six steps in the nancial planning process D Compliance with Practice Standards is covered in Rule 606(b) in the Code of Ethics and Professional Responsibility E The Practice Standards do not require practitioners to provide comprehensive planning for clients 2 Content of each series A Establishing and de ning the relationship with the client 100-1 De ning the scope of the engagement before any nancial planning service is provided B Gathering client data (1) 200-1 Determining a client s personal and nancial goals, needs, and priorities before any recommendation is made and/or implemented (2) 200-2 Obtaining quantitative information and documents before any recommendation is made and/or implemented If not obtained, restrict the scope of the engagement or terminate the engagement C Analyzing and evaluating the client s nancial status 300-1 Analyzing to gain an understanding of the client s nancial situation and evaluating to what extent the client s goals, needs, and priorities can be met by the client s resources and current course of action D Developing and presenting the nancial planning recommendation(s) (1) The 400 Series represents the very heart of the nancial planning process It is at this point that the nancial planning practitioner, using both science and art, formulates the recommendations designed to achieve the client s goals, needs, and priorities (2) 400-1 Identifying and evaluating nancial planning alternative(s) to reasonably meet the client s goals, needs, and priorities (3) 400-2 Developing the nancial planning recommendation(s) from among the selected alternatives (4) 400-3 Presenting the nancial planning recommendation(s) to the client E Implementing the nancial planning recommendation(s) (1) 500-1 Agreeing on implementation responsibilities (2) 500-2 Selecting products and services for implementation F Monitoring 600-1 Mutually de ning monitoring responsibilities
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Topic 4: Personal Financial Statements - 11 3 Enforcing through disciplinary rules and procedures A The practice of nancial planning consistent with these Practice Standards is required for CFP Board designees B Enforcement is based on the disciplinary rules and procedures established by CFP Board and administered by CFP Board s Board of Professional Review and Board of Appeals
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TOPIC 4: PERSONAL FINANCIAL STATEMENTS
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1 Balance sheet (statement of nancial position) A It is a nancial snapshot of the individual s wealth at a moment in time B It contains three categories: (1) assets, (2) liabilities, and (3) net worth C Net worth measures the client s wealth or equity at a speci ed period of time (ie, net worth equals total assets minus total liabilities) (1) Net worth increases from the following: (a) Appreciation in the value of assets (b) Increase in assets from retaining income (c) Increase in assets from gifts or inheritances (d) Decrease in liabilities through forgiveness (2) Net worth is unchanged by the following: (a) Paying off debt (b) Buying an asset with cash D Assets and liabilities are indicated at fair market value (FMV), footnotes are used to describe details of assets and liabilities, and property is identi ed by type of ownership E Assets are categorized as (1) cash and cash equivalents (checking and savings account, money markets), (2) invested assets (stocks, bonds, mutual funds), and (3) use assets (home, furnishings, cars) F Liabilities are categorized as (1) current liabilities (credit card balances) and (2) long-term liabilities (auto loans, real estate mortgages, life insurance loans) 2 Cash ow statement A Must indicate the period of coverage, usually a calendar year B Step 1 Estimate the family s annual income C Step 2 Develop estimates for both xed and discretionary expenses D Step 3 Determine the excess of shortfall of income within the budget period Net cash ow equals total income minus total expenses If net income is positive, the client can increase discretionary expenses E Step 4 Consider available methods of increasing income or decreasing expenses F Step 5 Calculate income and expenses as a percentage of the total to determine a better allocation of resources 3 Pro forma statements A Forecasting future balance sheets and cash ow statements B It may make sense to include three different cash ow statements: (1) worst-case budget, based on lowest income and highest expenditures expected, (2) average-case budget, based on reasonable expectations of income and expenses, and (3) best-case budget, based on highest income and lowest expenditures
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