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NISM Certifications · NISM-Series-X-A: Investment Adviser (Level 1) · Introduction to Personal Financial Planning

In the personal financial planning process, which step comes immediately after gathering the client's data and goals and analysing the client's financial status?

After gathering data and analysing the client's financial status, the adviser develops and presents the recommendations. Implementation and monitoring come only after the client has seen and accepted the proposed plan, while establishing the relationship is the very first step of the process.

  1. AMonitoring the plan
  2. BDeveloping and presenting the financial plan recommendationsCorrect
  3. CImplementing the plan
  4. DEstablishing the client-adviser relationship

Explanation

The usual sequence is: establish the relationship, gather data and goals, analyse the financial status, develop and present recommendations, implement, then monitor. After analysis comes developing and presenting the plan. Implementation and monitoring follow later, and establishing the relationship is the first step.

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