Certified Financial Planner (CFP) Practice Exam · Question
According to the CFP Board Standards of Professional Conduct, what is the first step in the financial planning process?
The first step in the financial planning process is always to establish and define the client-planner relationship, including roles, responsibilities, and scope
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Question: According to the CFP Board Standards of Professional Conduct, what is the first step in the financial planning process?
Answer options:
- Analyzing and evaluating the client's financial status
- Developing and presenting financial planning recommendations ✅ Establishing and defining the client-planner relationship
- Implementing the financial planning recommendations
Correct answer: Establishing and defining the client-planner relationship
Explanation: The first step in the financial planning process is always to establish and define the client-planner relationship, including roles, responsibilities, and scope of engagement.
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