Question

The financial planning profession

		a.Is a relatively young profession, which has endeavored to create value for consumers through establishing rigorous standards for certification which, in effect, has limited the number of professionals who can use the Certified Financial Planner designation.
		b.Is an old profession that redefined itself by integrating all kinds of financial services under a single designation.
		c.Contributed greatly to the success of consumers who are now responsible for their own retirements by working closely with big stock brokers to develop products for the common man.
		d.Acts as a watchdog for consumers and warns of deficient and unscrupulous financial products.

Answer 1

Option a

Financial planning is a relatively new concept which has recently become popular. It requires rigorous training and certification and the certified financial planners are expected to adhere to high standards of professionalism in conducting their duties.

Hence option b is incorrect since financial planning is not a very old concept. Option c is not completely relevant because retirement planning is just one portion of financial planning. Option d is incorrect since financial planning helps planners to achieve their financial goals rather than acting as a watchdog.