Question

What actions are to occur in Step 7 of the financial planning process (monitoring progress and updating)?

1) monitoring and updating responsibilities of the CFP professional
2) monitoring the client's progress
3) obtaining current qualitative and quantitative information
4) updating goals, recommendations and implementation decisions

Answer 1

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:

1. 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.
2. 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.
3. 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.
4. 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.