What is the first step in the financial planning process?
A)Gather data.
B)Communicate investment objectives to client.
C)Identify household spending.
D)Identify household goals and needs.
E)None of the above.

Question

Quizplus · Accepted Answer

The first step in the financial planning process is to identify household goals and needs. This involves determining what the client wants to achieve in the short-term and long-term, and what resources they have available to achieve these goals. Once the goals and needs have been identified, a financial plan can be created to help the client achieve them.

What Is the First Step in the Financial Planning Process