Wealth Management Exam 2026
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Terms in this set (362)
What is financial planning? -the process of determining whether and how an
individual can meet life goals through the proper
management of findancial resources
What is the financial planning 1) Establish the client-planner relationship
process?
2) Gather client data and goals
3) Analyze the client's financial status
4) Develop present financial plan
5) Implement financial plan
6) Monitor and adjust the plan as necessary
,What are the risks of no financial -not prepared for emergencies
planning?
-Inadequate retirement savings
-overpaying taxes
-debt mismanagement
-Missed opportunities for wealth building
-insufficient protect against risks
-inefficiency investment strategies
-Estate planning gaps
-Lack of direction
What are the five areas of financial -Insurance planning
planning?
-investment planning
-tax planning
-estate planning
-Retirement planning
What is insurance planning? -mitigate losses to persons, property, liability with
insurance coverage at reasonable premiums.
-Also, includes life, health, disability, long-term
care and other group or employee benefits
, What is investment planning? -save and invest to accumulate capital for
retirement, wealth transfer, emergencies, education
funding and other lump-sum payments
What is retirement planning? -to adequately provide inflation-protection
retirement income at an appropriate age for full life
expectancy conservatively estimated
What is tax planning? -arrange affairs to mitigate income tax liabilities
and take advantage of incentives in the income tax
law as appropriate
What is estate planning? -to have a proper estate plan, well document,
consistent with transfer goals and reducing transfer
taxes where applicable
What is the only industry that -the private wealth management firms
provides all 5 financial plannings?
What must the financial advisor -fiduciary principles
adhere to?
-act with skill, care, diligence, and good judgement
of a professional
-provide conspicuous, full and fair disclosure of all
important facts, including fees
-avoid conflicts of interest
-fairly manage in clients favor any unavoidable
conflicts
Update|Complete Exam Set Questions And
Verified Answers | Get It 100% Accurate!!| Already
Passed A+
Save
Terms in this set (362)
What is financial planning? -the process of determining whether and how an
individual can meet life goals through the proper
management of findancial resources
What is the financial planning 1) Establish the client-planner relationship
process?
2) Gather client data and goals
3) Analyze the client's financial status
4) Develop present financial plan
5) Implement financial plan
6) Monitor and adjust the plan as necessary
,What are the risks of no financial -not prepared for emergencies
planning?
-Inadequate retirement savings
-overpaying taxes
-debt mismanagement
-Missed opportunities for wealth building
-insufficient protect against risks
-inefficiency investment strategies
-Estate planning gaps
-Lack of direction
What are the five areas of financial -Insurance planning
planning?
-investment planning
-tax planning
-estate planning
-Retirement planning
What is insurance planning? -mitigate losses to persons, property, liability with
insurance coverage at reasonable premiums.
-Also, includes life, health, disability, long-term
care and other group or employee benefits
, What is investment planning? -save and invest to accumulate capital for
retirement, wealth transfer, emergencies, education
funding and other lump-sum payments
What is retirement planning? -to adequately provide inflation-protection
retirement income at an appropriate age for full life
expectancy conservatively estimated
What is tax planning? -arrange affairs to mitigate income tax liabilities
and take advantage of incentives in the income tax
law as appropriate
What is estate planning? -to have a proper estate plan, well document,
consistent with transfer goals and reducing transfer
taxes where applicable
What is the only industry that -the private wealth management firms
provides all 5 financial plannings?
What must the financial advisor -fiduciary principles
adhere to?
-act with skill, care, diligence, and good judgement
of a professional
-provide conspicuous, full and fair disclosure of all
important facts, including fees
-avoid conflicts of interest
-fairly manage in clients favor any unavoidable
conflicts
