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The image depicts the course financial planning model. There are four stages to the model: Stage 1 Assess the situation. Stage 2 Decide on financial plan. Stage 3 Act on financial plan. Stage 4 Review the plan. Arrows link these stages from Stage 1 to Stage 4 (and then back to Stage 1) demonstrating the flow of the planning process. Around these stages is the wider social and economic context that the planning process works within. Arrows in both directions depict the interplay between this context and the operation of the financial planning model.

 3.3.4 Insurance – applying the four-stage model (1)