Answer and Explanation:
During the financial planning process, the client has several responsibilities:
b. To provide the professional with all requested information: The client is responsible for providing the financial planner with all the necessary information about their financial situation, goals, and objectives. This includes information about income, expenses, assets, liabilities, and any other relevant financial details. By providing this information, the client enables the financial planner to create an accurate and comprehensive financial plan tailored to their specific needs.
c. To pay their fees: The client is responsible for paying the fees associated with the financial planning services provided by the professional. These fees can vary depending on the scope of the services and the financial planner's fee structure. It is important for the client to understand and agree to the fee arrangement before engaging in the financial planning process.
d. To implement the financial plan: Once the financial plan is created, it is the client's responsibility to implement the recommendations outlined in the plan. This may involve taking specific actions such as investing in certain financial products, making changes to spending habits, or adjusting savings strategies. By actively implementing the financial plan, the client can work towards achieving their financial goals and objectives.
It is important for the client to actively participate in the financial planning process, collaborate with the professional, and follow through with their responsibilities to ensure the success of the financial plan.