Self-study exam based on a thorough understanding of articles published in Volume 32, Issue 3 of Financial Services Review, the academic journal of the Academy of Financial Services. 

After reading and understanding the two articles required for this exam, the planner will understand:

H.66. Behavioral finance

• a. Identify how cognitive biases and heuristics can impact financial decision-making.
• b. Describe how a client's psychology, such as their financial comfort zone, socialization, money beliefs, and past financial experiences and behaviors impact their objectives, goals, understanding, decision making and actions.

F.44. Retirement needs analysis

• a. Identify and evaluate the assumptions used in analyzing retirement needs including: age at retirement, cash inflows and outflows in various stages of retirement, goal priority and importance, longevity, rate of investment return, market volatility and effects of inflation.
• f. Explain various patterns of work-to-retirement transitions and phased retirement.

H.68. Principles of counseling

• a. Explain the applications of counseling theory to financial planning practice.
• b. Demonstrate how a planner can develop a relationship of honesty and trust in client interaction.
• c. Select appropriate counseling and communication techniques for use with individual clients.