Outlines investment opportunities. The development & implementation of total coordinated plans designed to achieve an individual's financial objectives. The process of determining whether and how an individual can meet life goals through the proper management of financial resources. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 34 terms. Hold community, village or town meetings — Identify key problems and issues 3. The principle that "demands honesty & candor which must not be subordinated to personal gain & advantage.". B. 01. A relationship between two parties in which one (the fiduciary) has a high duty to act in good faith for the benefit of the other. duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions. The duty to consult with an expert on issues that go beyond the personal competence of the financial planner. Defining Your Financial Goals 1. financial activities. The Periodic Table. The steps in the financial planning process are as follows: Establish and define the relationship with the client. An affirmative duty of utmost good faith and full & fair disclosure of all material facts. Objectives of Financial Planning. Written set of rules & expectations that embodies principles for behavior, a list of standards for professional conduct & a set of disciplinary procedures. Each individual will have their own set of goals and priorities. The principle that requires disclosure of any conflicts of interest & the subordination of one's own feelings & biases to the benefit of the client. Primarily concerned with only 1 issue, such as providing funds for college, achieving tax savings, or saving to buy a house. The Six Steps of Financial Planning are: 1 Establishing and defining a professional relationship The initial contact is dedicated to establishing a clear understanding of your immediate needs and/or concerns as well as getting a firm grasp of what services the financial planner provides. Financial planning is a comprehensive and ongoing process that can help you achieve your goals in life — both personal and financial. It is hard to explain, but I think financial planning helps overcome the whole keeping up with the Joneses mentality. The financial decision making process is complicated by all of the factors listed, except "the use of information in planning." Financial planning is the on-going process to help you make prudent decisions about spending, investing, and transferring your income and assets to help you achieve your goals. Strategic Planning: Financial forecasting is essential for a company’s strategic planning, management, and organization. The Psychology of Money C. Money and Relationships D. Types of Financial Goals E. Putting Target Dates on Financial Goals 1. Personal financial planning requires you to engage in a variety of different planning activities, including asset acquisition planning; liability and insurance planning; savings, investment, and tax planning; employee benefit and retirement planning; and estate planning. By accurately calculating these needs and deciding which policy best suits them, one can help make sure those needs are met. a) Quantitative data - Family profile, assets & liabilities, cash inflows & outflows, insurance policy info, employee benefit & pension plan info, tax returns for last 3 years, details on current investments, retirement benefits available, client-owned business info, copies of wills & trusts, lifetime gifting programs. Pertains to IRA investment assets & stats an investor/IRA owner must use assets to purchase investments as a prudent investor would. 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