FINANCIAL PLANNING
& STRATEGIES
& STRATEGIES
What is the process of setting specific, measurable, achievable, relevant, and time-bound financial goals called?
What is goal setting?
This is how Advisors can gain NAA by introducing clients to banking, especially with this Preferred Savings rate
What is 5%?
The recommended savings percentage for a basic budget is this.
What type of investment is known for its stability and is often considered a haven during economic downturns?
What is a bond?
These are Five Tax-Filing Statuses
What are: (1) Single, (2) Married filing jointly, (3) Married filing separately, (4) Head of household, and (5)Qualifying widow(er) with dependent child?
What is the term for the interest rate at which a bank lends money to other banks in the interbank market?
What is the federal funds rate?
In financial planning, what is the primary purpose of creating an emergency fund?
What is to cover unexpected expenses or financial emergencies?
When a client's financial situation changes, what should a financial planner regularly review and potentially adjust to ensure the financial plan remains relevant?
What is the financial plan?
These are the 2 types of expense classifications used in GPS.
This investment strategy aims to reduce risk by spreading investments across different asset classes.
What is Diversification?
What is the term for income that is not subject to taxation, such as gifts and inheritances?
What is tax-exempt income?
What is the acronym for the primary stock market indices in the United States that represent 30 large publicly owned companies?
What is the DJIA (Dow Jones Industrial Average)?
What type of insurance provides financial support for beneficiaries if the policyholder passes away, helping them maintain their standard of living?
What is life insurance?
What fiduciary duty requires financial planners to act in the best interests of their clients and avoid conflicts of interest?
What is the duty of loyalty?
This type of budgeting analysis spending habits and trends over time.
What is Cash Flow Analysis?
Which term refers to a group of managed investments that pools money from many investors to purchase a diversified portfolio of securities?
What is "Mutual funds"
In the U.S., what tax form is typically used to report capital gains and losses from investments?
What is Form 1040 Schedule D?
What financial term refers to the increase in the value of an asset, such as stocks or real estate?
What is capital appreciation?
What is the strategy of allocating assets to maximize returns for a given level of risk called?
What is asset allocation?
To build trust and rapport with clients, what key communication skill should financial planners practice to understand a client's perspective and needs?
What is active listening?
These tools, available on Morgan Stanley Online and the MS Mobile App, allow clients to track spending patterns, using cash flow, income, and expense analysis.
For anyone born 1960 or later, Social Security full retirement benefits are payable at this age.
What is 67?
In the U.S., the deadline for most individuals to file their federal income tax returns.
What is April 15th?
The term for the interest rate at which a bank lends money to other banks in the interbank market
What is the federal funds rate?
When creating a financial plan, what term describes the practice of examining a client's current financial situation, goals, and risk tolerance?
What is a financial needs analysis?
What is the term for an approach in which a financial planner provides comprehensive financial advice, addressing all aspects of a client's financial life?
What is holistic financial planning?
The 50/30/20 rule is a popular guideline for budgeting and allocates 50% of your income to this.
What type of account offers tax advantages for retirement savings, and contributions are often tax-deductible?
What is a Traditional IRA?
The term for income that is not subject to taxation, such as gifts and inheritances
What is tax-exempt income?
The acronym for the primary stock market indices in the United States that represent 30 large publicly owned companies
What is the DJIA (Dow Jones Industrial Average)?
What is the practice of regularly investing a fixed dollar amount in a specific investment regardless of its price, thereby buying more shares when prices are low and fewer when prices are high?
This is the process of continuously monitoring a client's financial plan and making adjustments as necessary to ensure it stays on track
What is the term for a budgeting category that is considered a “non-negotiable” in most budgets?
What is the term for the phase of retirement where you spend down your retirement savings and investments?
What is the Distribution Phase?
This is the full spectrum of year-round, active tax management solutions, tailored to help you minimize tax drag in your portfolio
What is Morgan Stanley Total Tax 365?
The financial term that refers to the increase in the value of an asset, such as stocks or real estate.
What is capital appreciation?