Impressed with Your Presentation of the Ten-Step Financial Planning Process

question 3

Essay

Impressed with your presentation of the ten-step financial planning process (A to J), John Client signs a contract and writes a check for $2,500 (half of the planning fee). He then makes the following comment: "I am a very busy person. I don't care to see a written plan and don't want to know if you religiously follow the six-step planning process. I will be satisfied if you just tell me what to do." How should you as John's financial planner handle this situation?

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Definitions:

Monopolistically Competitive

An arrangement in the economy where countless firms are selling products that look similar but are unique, thus permitting them a slight advantage in the market.

Product Differentiation

The method of differentiating a product or service to appeal more to a specific target market.

Differentiation

The process of distinguishing a product or service from others to make it more attractive to a particular target market.

Economically Productive

Activities or processes that generate goods or services which have value and contribute to the economy.