285 points All of the following statements concerning the life cycle phases through which a client passes are correct EXCEPT a. a life cycle phase is an interval in a client's life cycle that tends to give a financial planner insight into the client's financial objectives and concerns b. the 3 phases that make up a client's life cycle are the asset accumulation phase, the conservation/protection phase, and the distribution/gifting phase c. the asset accumulation phase is characterized by limited funds for investing high degree of debt-to-net worth, and low net worth d. the conservation/protection phase is characterized by a decrease in cash flow, assets, and net worth, with some increase in the proportional use of debt