Identification should include an assessment of how age, health, employment, and family obligations affect financial needs at different stages of the life cycle.

Process/Skill Questions:

Thinking

What types of life transitions are going to affect your financial plans?
What are some advantages and disadvantages of life transitions that impact a financial plan?
Why does a young family need an estate plan?

Communication

Why is it important to create a power of attorney?
What are the advantages of communicating your financial goals to other family members?

Leadership

How can you help family members make sound financial plans?
How could you empower all members of the family to be involved in financial planning?

Management

How can you use problem solving to address financial changes throughout the life cycle?
What are the benefits of anticipating life changes when formulating a financial plan?