Financial Planning Skills Certification Grade 2 study plan

Map the six-step financial planning process (establish relationship, gather data, analyze, develop recommendations, implement, monitor) and write a one-paragraph description of each step in your own words

Draft a 12-question intake checklist covering goals, dependents, existing policies, and cash-flow data that you would use in a first client meeting

Build a three-month household cash-flow statement with fixed, variable, and discretionary categories and compute the savings rate and emergency-fund months

Calculate three client scenarios (surplus, deficit, break-even) and identify two levers for each to close a gap

List five behavioral biases (e.g., anchoring, present bias, loss aversion) and match each to one budgeting or advisory response

Compare term, whole, universal, and variable life insurance on premium structure, cash value, and suitability, and record the comparison in a table

Calculate the human life value and needs-analysis (capital retention) insurance need for two sample households and reconcile the difference

Explain indemnity, benefit limits, deductibles, coinsurance, and exclusions for health and disability coverage, and compute a disability benefit for a 60% replacement ratio with a 90-day elimination period

Distinguish occurrence from claims-made liability policies and identify three personal liability exposures a household faces

Draft a coverage-gap checklist linking each risk (premature death, disability, long-term care, liability) to a recommended product type and amount

Compute expected return, variance, and standard deviation for a two-asset portfolio at three correlation levels and state the diversification effect

Explain the risk-return relationship, systematic versus unsystematic risk, and the role of beta in a portfolio decision

Compare strategic versus tactical asset allocation and draft an IPS section covering time horizon, risk tolerance, liquidity, and rebalancing rules

Evaluate three investment vehicles (mutual fund, ETF, individual bond) on cost, liquidity, tax treatment, and suitability for a mid-income client

Build a model allocation for a moderate-risk client using at least four asset classes with target weights and tolerance bands

Calculate the retirement funding gap for a sample client using inflation-adjusted spending, expected return, and life expectancy, and state the required annual savings

Compare defined benefit and defined contribution pension designs on risk bearing, portability, and payout certainty

Explain annuity types and compute the payout from a given accumulation at a stated rate and period

Apply progressive tax brackets to a sample income and compute marginal versus average tax rate

Identify tax-advantaged accounts and strategies (contribution timing, asset location, loss harvesting, deferral) and match each to a client situation

Explain intestate succession, wills, probate, and the purpose of trusts, and distinguish revocable from irrevocable structures

Calculate estate transfer amounts under a simplified estate tax with an exemption and a marital deduction for two sample fact patterns

Apply the core ethical duties (fiduciary duty, confidentiality, competence, conflicts of interest, suitability) to three short dilemma scenarios and justify each decision

Write three client-communication scripts: delivering bad performance news, explaining a fee, and handling a request outside your competence

Identify documentation and record-keeping standards that support a defensible advice file

Integrate tax planning with estate transfer by comparing gifting, beneficiary designations, and trust ownership for a sample family

Compute after-tax outcomes for two withdrawal sequences from taxable and tax-deferred accounts

Draft a wealth-transfer checklist covering beneficiary review, titling, powers of attorney, and guardianship for minor children

Reconcile estate liquidity needs against available liquid assets and insurance proceeds for one sample estate

Assemble a full client case (cash flow, insurance, investments, retirement, tax, estate) and write integrated recommendations that resolve at least two cross-domain conflicts

Prioritize recommendations by urgency, impact, and client readiness, and sequence implementation over 12 months

Define monitoring triggers (life events, market drift, tax-law change) and specify review frequency for the case

Self-grade your case against a rubric of completeness, internal consistency, and client-appropriateness, and list three weaknesses to fix

Review weak areas flagged in weeks 1-7 and rewrite the three weakest topic summaries from memory

Complete timed practice sets weighted by domain percentage and log accuracy by domain

Rehearse explaining the planning process and ethical duties aloud in under three minutes each

Verify all formulas and definitions on a one-page personal formula sheet for accuracy