Many financial planners believe in the life cycle approach to preparing personal financial plans for...
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Many financial planners believe in the life cycle approach to preparing personal financial plans for their clients. This approach is based on the hypothesis that as people age, their objectives change along with their financial and personal circumstances, their investment knowledge and their risk tolerance.
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- If the life cycle approach/hypothesis is correct, then why are financial planners required to spend so much time following the know your client rule when it comes to determining the clients goals and objectives. (5 Marks)
- The life cycle approach was developed in the 1950s by several North American and European economists. Explain why this approach may no longer be appropriate when preparing a financial plan for a client in Toronto in the year 2020. (5 Marks)
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