FPSU Study Guide DEMO

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FPSU ® Study Guide
Chapter 1: Financial Planning Process
To be used in conjunction with the money back guaranteed Online FPSU ®
Exam Preparation Tools available at  SeeWhy Financial Learning
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The Steps in the Financial Planning Process
The financial planning process typically follows six steps:
1. Interview the client
2. Gather data
3. Identify problems and constraints (financial analysis)
4. Develop a written plan
5. Implement the plan
6. Periodically review and revise the plan.
Memory aid: Financial planning is to done to get financially fit, much like “In Gym I
Did Incline Pushups”.
In  I nterview
Gym  Gather
I  I dentify Problems and constraints
Did  Develop a written plan
Incline  I mplement
Pushups  P eriodically review
The above steps are somewhat intuitive and therefore are not likely to be examined.
Signing a Contract
The formal contract should include:
• The range of services provided by the planner.
• The method of compensation for the planner.
• The client’s responsibilities in the process including whether they are responsible
for compensating other professionals consulted in the planning process (e.g.
accountant, lawyer)