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9 Cards in this Set
- Front
- Back
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Engagement Letter |
A legal Letter between a Professional organization and defines their business relationship |
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External Data |
the external data, also known as the external environment includes the current economic,legal, political, sociological ,tax , and technology environment. |
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Financial Plan |
A written document that generally sets out our list of recommendations to achieve a set of goals and objections based on an understanding of a clients current financial situation |
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Internal Data |
The client internal data has both quantitative and qualitative element. Some quantitative data includes family specifics, insurance, banking, investment, tax, retirement ,and estate. |
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Personal Financial Planning |
The process of Formulating, implementing,and monitoring financial decision integrated into a plan that guides an individual or family to achieve their financial goals |
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process of financial planning |
the process of financial planning includes (1) establishing and defining the client relationship (2) gathering client data(3)analyzing and evaluating the client financial status(4)developing and presenting financial plan recommendations (5) implementing financial plan recommendations and (6) monitoring the plan |
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Quantitative information |
- The family - The insurance portfolio - Banking and investment information -Taxes - Retirement and employee benefits - Estate Planning - Personal Financial Statement if Available |
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Elements of an engagement letter |
(1)A description of the mutually agreed upon service (2) The time horizon for the work to be completed (3) A description of the fees and cost (4) the obligation and responsibilities of each party (5) Description of the understanding concerning the us of and/or other professional or entities |
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Qualitative information |
- Education goals - Retirement goals - Employment goals - Saving goals - Rick tolerance - Charitable goals - General attitude toward spending |
