FPWMP study plan

Map the seven-step financial planning process and write a one-sentence description of each step's inputs and outputs from memory

Draft a client data-gathering checklist covering quantitative and qualitative information, then identify which items require verification

Build a personal cash flow statement and compute savings rate, emergency fund ratio, and debt-to-income ratio from it

List the fiduciary and practice standards duties that attach to each stage of the planning engagement

Construct a three-month budget from the week 1 cash flow statement and classify each expense as fixed, variable, or discretionary

Compute minimum and accelerated debt payoff schedules for two debts and compare total interest under each method

Identify the warning signs of excessive consumer debt and state the recommended intervention sequence for each

Explain how to set up and monitor a debt reduction plan using the debt avalanche and snowball approaches

Calculate risk tolerance and capacity scores for a sample client and reconcile any mismatch between them

Build model portfolios for conservative, moderate, and aggressive profiles with target weights and rebalancing bands

Compute expected return, standard deviation, and Sharpe ratio for a two-asset portfolio at three correlation levels

Compare the tax and cost characteristics of mutual funds, ETFs, and separately managed accounts

Run a Monte Carlo or scenario-based projection showing the probability of meeting a stated goal under two allocation choices

Evaluate life insurance needs using both the needs analysis and human life value methods and explain why the results differ

Compare term, whole, and universal life policies on premium structure, cash value, and suitability for stated client situations

Assess disability and long-term care coverage gaps using a sample client's income, assets, and employer benefits

Calculate retirement income needs using the replacement ratio and expense-based methods and reconcile the two results

Compute projected balances at retirement for a sample client across 401(k), IRA, and taxable accounts with stated contribution and return assumptions

Determine the impact of claiming Social Security at ages 62, full retirement age, and 70 on annual and cumulative benefits

Compare sequence-of-returns risk outcomes for two withdrawal orders during a market decline

Compute marginal and effective tax rates for a sample household and show how each changes with a 10,000 dollar raise

Determine the after-tax value of contributions to traditional versus Roth accounts under two future tax rate assumptions

Calculate estate tax exposure and the effect of annual exclusion gifts, charitable bequests, and marital deduction planning

Explain the roles of wills, revocable trusts, powers of attorney, and beneficiary designations in a basic estate plan

Identify at least six cognitive and emotional biases in written client scenarios and script a response to each that respects client autonomy

Draft an agenda and talking points for an annual review meeting that surfaces a client's risk misperception without triggering defensiveness

Distinguish fiduciary from suitability obligations and apply the correct standard to four short practice scenarios

Outline the compliance requirements for advertising, client records, and privacy that apply to an independent planning practice

Complete two full-length timed practice exams and log every missed question by domain and error type

Re-study only the three weakest domains identified in the error log and rework each missed item to a correct solution

Recompute the week 1 ratios and week 5 retirement projection from scratch without notes to confirm retention

Finalize a one-page formula and concept sheet covering ratios, tax calculations, and insurance needs methods