ChFC HS 333 study plan

Outline the six-step financial planning process from data gathering through monitoring, writing one sentence on the purpose and one common failure mode for each step

Draft a sample client engagement letter and data-gathering checklist that captures assets, liabilities, cash flow, goals, and risk tolerance

Build a personal cash-flow statement and calculate savings rate, emergency fund months, and debt-to-asset ratio

Map each step of the planning process to the tax documents it requires (prior-year return, W-2, 1099s, estimated payments)

Explain the difference between gross income, adjusted gross income, and taxable income using your own numbers

Compute marginal versus average tax rates for two hypothetical households at different income levels and explain why planning decisions use the marginal rate

Classify ten given income items as ordinary, capital, or tax-exempt and note the treatment of each

Apply the rules for above-the-line deductions versus itemized deductions to a sample return and identify which produces the lower tax

Describe how capital gains stacking and holding-period rules change the tax on a sale, with a worked example

List the major tax-advantaged account types and state the contribution, deduction, and distribution treatment of each

Explain the legal elements of an insurance contract and the concepts of indemnity, insurable interest, and utmost good faith with a client-facing example of each

Compare term, whole life, universal life, and variable life on premium flexibility, cash value, and risk borne by the policyholder

Calculate a human life value estimate and a needs-based capital requirement for the same family and reconcile the two numbers

Interpret the key provisions of a life policy: grace period, reinstatement, incontestability, suicide clause, and nonforfeiture options

Identify the tax treatment of premiums, cash value growth, policy loans, and death benefits for a personal life policy

Distinguish disability definitions (own occupation versus any occupation), benefit periods, elimination periods, and how each changes suitability for a given client

Explain coinsurance, deductibles, out-of-pocket maximums, and network rules in a health plan and compute a sample family's cost under two plans

Describe the coverage gaps in homeowners and auto policies (flood, earthquake, umbrella need) and when each endorsement is warranted

Outline long-term care insurance features including benefit triggers, inflation riders, and shared care, and judge suitability for two client profiles

Summarize the business uses of life insurance: key person, buy-sell funding, and split-dollar arrangements

Compute time-weighted and money-weighted returns for a sample portfolio with an external cash flow and explain why the two diverge

Calculate the expected return and standard deviation of a two-asset portfolio at three correlation levels and state the diversification implication

Explain duration, credit risk, and interest rate sensitivity for a bond and price a bond given its coupon, yield, and maturity

Compare expense ratios, turnover, and tax efficiency across index funds, active funds, and ETFs using stated assumptions

Assess a sample client's risk tolerance and time horizon and justify an asset allocation with rebalancing rules

Project retirement spending needs using a replacement-rate approach and an expense-based approach, then reconcile the two

Calculate the capital required at retirement for a given income need, inflation rate, and withdrawal period, and test sensitivity to a one-point change in return

Compare the accumulation and distribution rules of employer plans, traditional IRAs, and Roth accounts, including required minimum distributions and early withdrawal penalties

Explain Social Security benefit timing, spousal and survivor benefits, and the effect of claiming at three different ages on a sample worker's benefit

Evaluate annuity options for a retiree: immediate versus deferred, fixed versus variable, and cost of living riders

Explain intestate succession, probate, and the function of a will, and identify which assets pass outside probate

Compare the estate planning uses of trusts: revocable living, irrevocable, testamentary, and special needs, with one client scenario per type

Describe gift and estate tax mechanics including the annual exclusion, lifetime exemption, portability, and step-up in basis at death

Calculate the estate tax exposure and liquidity need for a sample estate and recommend funding for the liquidity gap

Identify the duties of an executor, trustee, and agent under a power of attorney and durable power for health care

Integrate all six domains into a single written financial plan for one hypothetical client, covering cash flow, risk, tax, investment, retirement, and estate sections

Complete at least 120 practice questions across all domains and log every miss with the underlying concept and the corrected rule

Recompute the three calculations you missed most often until each is done correctly twice without notes

Build a one-page formula sheet covering tax rates, insurance needs, portfolio statistics, retirement capital, and estate tax

Review flagged weak areas and write three specific actions to take in the final days before the exam