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?
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?
In many countries, the use of the title “financial planner” is tightly controlled and regulated, for example in the US, where a Certified Financial Planner has to have accreditations and has to follow a process. However, that’s not the case in the UK. To be a financial adviser in the UK you need to have a level 4 qualification in financial advice recognised by the Financial Conduct Authority. The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
So, what's a Financial Planner? In the UK, any financial advisor can call themselves a financial planner, regardless of whether they actually deliver a financial planning service.
What's the difference between a financial planner and a financial advisor? You can see here
at InvestopediaFull market or Restricted Advice - Restricted advice is where the adviser only recommends certain products, product providers or both. This doesn't mean they don't cover a broad market range.
Then there is Financial Guidance - where you are only given general information on products or have them explained to you - there is no advice given and no product sale at the end. People offering this service include the Money Advice Service and the Citizens Advice Bureau - see
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?
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
