Certified Financial Planner Board of Standards
Financial Planning Practice Standards
PRACTICE STANDARD 100-1: Establishing and defining the relationship with the client:
Defining the Scope of the Engagement:
The scope of the engagement shall be mutually defined by the financial planning practitioner and the client prior to providing any financial planning service.
PRACTICE STANDARD 200-1: Gathering Client Data:
Determining a Client's Personal and Financial Goals, Needs and Priorities:
A client's personal and financial goals, needs and priorities that are relevant to the scope of the engagement and the service(s) being provided shall be mutually defined by the financial planning practitioner and the client prior to making and/or implementing any recommendations.
PRACTICE STANDARD 200-2: Gathering Client Data:
Obtaining Quantitative Information and Documents:
A financial planning practitioner shall obtain sufficient and relevant quantitative information and documents about a client applicable to the scope of the engagement and the services being provided prior to making and/or implementing any recommendation.
PRACTICE STANDARD 300-1: Analyzing and Evaluating the Client's Financial Status:
Analyzing and Evaluating the Client's Information:
The financial planning practitioner shall analyze the information to gain an understanding of the client's financial situation and then evaluate to what extent the client's goals, needs and priorities can be met by the client's resources and current course of action.
PRACTICE STANDARD 400-1: Developing and Presenting the Financial Planning Recommendation(s):
Identifying and Evaluating Financial Planning Alternative(s):
The financial planning practitioner will identify and evaluate sufficient and relevant alternative(s) to the client's current course of action in an effort to meet or exceed the client's goals, needs and priorities.
PRACTICE STANDARD 400-2: Developing and Presenting the Financial Planning Recommendation(s):
Developing and Presenting the Financial Planning Recommendation(s):
The financial planning practitioner shall develop recommendations based on actions selected in an effort to achieve the client's goals, needs and priorities.
PRACTICE STANDARD 400-3: Developing and Presenting the Financial Planning Recommendation(s):
Presenting the Financial Planning Recommendation(s):
The financial planning practitioner shall communicate the recommendation(s) in a manner that assists the client in making informed decision(s).
PRACTICE STANDARD 500-1: Implementing the Financial Planning Recommendation(s):
Agreeing on Implementation Responsibilities:
The financial planning practitioner and the client shall mutually agree on the implementation responsibilities consistent with the scope of the engagement.
PRACTICE STANDARD 500-2: Implementing the Financial Planning Recommendation(s):
Selecting Products and Services for Implementation:
The financial planning practitioner shall select appropriate products and services that are consistent with the client's goals, needs and priorities.
PRACTICE STANDARD 600-1: Monitoring the Financial Planning Recommendation(s):
Defining Monitoring Responsibilities:
The financial planning practitioner and client shall mutually define monitoring responsibilities.
All professionals at Three Bearings Fiduciary Advisors, subscribe to the Practice Standards issued by the Certified Financial Planner Board of Standards.
Email your questions to info@threebearings.com
