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7 Steps of Financial Planning

Financial Planning is a collaborative process that helps maximize a Client's potential for meeting life goals through financial advice that integrates relevant elements of the client's personal and financial circumstances.​

  1. Establish Goals.

  2. Assess Risk.

  3. Analyze Cash Flow.

  4. Protect Your Assets.

  5. Evaluate Your Investment Strategy.

  6. Consider Estate Planning.

  7. Implement and Monitor Your Decisions.

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Ethically Guide Your Clients

CFP Board developed this Guide to the Practice Standards for the Financial Planning Process to illustrate how a CFP® professional might provide financial planning to a Client in accordance with the Code of Ethics and Standards of Conduct.

CPF Guide to the
7-Step Financial Planning Process

Clients Who Do Not Want Financial Planning​

If a CFP® professional otherwise must comply with the Practice Standards, but the Client does not agree to engage for financial planning, a CFP® professional must:

  • Not enter into the engagement or

  • Limit the scope to services that do not require financial planning or

  • Provide the requested service but not explain how finical planning will benefit the Client and how not providing financial planning will limit the financial advise or

  • Terminate the engagement

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