This section contains some key steps in the financial planning process.
A financial plan is a comprehensive look at your financial goals and what steps you need to achieve them. Most people typically have the same long-term financial goals: how to save for a college fund, pay a debt, and plan for retirement. This questionnaire is for everyone interested in creating concrete financial plans.
Which of the following does NOT fall within the scope of financial planning?
As you move through the scope of financial planning from Cash Reserves to Income Assets to Equity Assets, what happens?
The purpose of Cash Reserves is to provide a financial cushion for emergencies, repairs, and other ______________ cash needs.
Which of the following is NOT an example of Cash Reserves?
The purpose of Income Assets is to provide a way for investors to obtain ______________.
Which of the following is an example of an Income Asset?
The purpose of Equity Assets is to provide a way for investors to achieve ______________.
Improving current standard of living, minimize income taxes and protect family in case of premature death are all examples of ______________ of financial planning.
A typical goal of financial planning is to pass _________________ to surviving family members.
A typical goal of financial planning is to provide for ____________________ in case of disability.
A typical goal of financial planning is to increase net worth through ____________________.
A typical goal of financial planning is to provide funds for children's ____________________.
What is the traditional primary role of a stockbroker
What is the traditional primary role of a Financial Planner?
A Financial Planner may avoid requesting a copy of a client's tax return to avoid what?
A client's financial Action Plan should include what?
Which of the following is NOT an example of an external force the must be considered during the performance monitoring & plan review step in the financial planning process?
How often should a Financial Plan be reviewed?
This section is all about financial planners and financial advisers
Who needs financial advice? Who is the best person to provide this advice? Often it's someone in the family, a friend or worse someone down the pub. There are professional people who give this advice for a living, and are regulated to different degrees. You may have heard them call financial advisers or planners. What’s the difference between a financial advisor and a financial planner?at Investopedia SavingsDrive for more details.
Who actually needs the services of a financial planner?
Using a Financial Planner can be a very good investment for anyone that:
How does an FP decide the best way to help a client?
What can you expect from an FP after the work of setting a financial plan is finished?
How are Financial Advisors or Planners paid in the UK?
If you hired a fee-only FP, how would you be charged?
What can be a negative aspect when attempting to hire a fee-only Financial Planner?
What do financial experts recommend when it comes to hiring a Financial Planner?
What is a disadvantage of working with a commission-only Financial Planner?
Once you decide that you would like to hire a Financial Planner, how do you find a reputable one?
What else should you do before you select an FP to work with you?
What piece of knowledge do you need when you head out to start your interviews?
You have done your homework and like a FP that is based in a large office, what else do you need to know before you sign on?
Family Financial Planning
Irrespective of whether you are considering consulting a financial adviser, there are times when you and your family need to take stock of financial matters. These questions are all about some general principles related to planning family finances.
When paying off debt the best method for your family is
A family budget should be created by
Family Budget meetings are a time to
To avoid money arguments, it’s best to have separate accounts
One of the most common reasons for divorce is money.
Your child asks for a new toy. This is a good time to
The best way to track your family’s monthly expenses is through
When you can’t afford to go on a planned family holiday, you should
