Final answer:
In Step 7 of the financial planning process, the CFP professional monitors the client's progress, updates responsibilities, obtains updated information, and revises goals and recommendations. All options are valid.
Step-by-step explanation:
In Step 7 of the financial planning process (monitoring progress and updating), several actions are to occur:
- Monitoring and updating responsibilities of the CFP professional: The Certified Financial Planner (CFP) professional is responsible for regularly monitoring the client's progress towards their financial goals and updating the financial plan accordingly.
- Monitoring the client's progress: The CFP professional keeps track of the client's progress towards their goals, including their savings, investments, and debt management.
- Obtaining current qualitative and quantitative information: The CFP professional collects up-to-date information about the client's financial situation, including their income, expenses, assets, and liabilities.
- Updating goals, recommendations, and implementation decisions: Based on the monitoring and the client's changing circumstances, the CFP professional revises the financial goals, recommendations, and decisions made during the planning process.