4168  |  On Demand  |  Intermediate  |  Self-Study

Personal Financial Planning Process

Friday, May 1, 2020 - Friday, April 30, 2021

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This CPE course covers elements of the overall planning process, including gathering data, establishment of financial objectives, and identification of constraints. Personal financial planning (PFP) is a process that uses a series of purposeful and deliberate steps to accomplish a personal financial plan for an individual or family. The seven steps in the PFP process, which are referred to in various ways depending on the source of the information, are Engage, Discover, Analyze, Recommend, Implement, Monitor, and Update. For the CPA/ PFS, the first four steps are required for a PFP engagement. The remaining three steps are not required but are often included. The last three steps may also be offered as stand-alone engagements. Statement on Standards in Personal Financial Planning Services (SSPFPS) No. 1 personal financial planning services include the following: Cash flow planning Risk management and insurance planning Retirement planning Investment planning Estate, gift, and wealth transfer planning Elder planning Charitable planning Education planning Tax planning

The foundation for all personal financial plans is the spending plan and the statement of financial position. In this course, the personal financial planner will gain a deep knowledge of these documents to best serve their personal financial planning clients.


Recall the steps in the personal financial planning process. Select the step in the personal financial planning process that defines the client's responsibilities. Recall the requirements of the Statement on Standards in Personal Financial Planning Services No. 1, in the case of a conflict of interest. Identify the step in the personal financial planning process that addresses scope limitations. Recognize the type of data that indicates the client's hopes, fears, values, preferences, and attitudes regarding financial and nonfinancial goals. Identify the life cycle phase in which clients are usually able to invest in higher risk asset classes and pursue a more aggressive investment strategy.


  • Thomas Tillery (view bio)
  • Susan Tillery

Designed For

CPAs and financial planners with basic knowledge of financial planning and an interest in personal financial planning

Your Price: $99.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

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Thomas Tillery

Thomas Tillery is a member of AICPA Personal Financial Planning Section (Non-CPA Associate), the Society of Financial Service Professionals, and the Atlanta Estate Planning Council.

Tom has been a provider of Continuing Education for attorneys, CPAs, and investment and insurance professionals for over 20 years. He has written curriculum and lectured in the discipline of Financial Planning for several universities and on line programs.

Tom is also an Arbitrator for the Financial Industry Regulatory Authority (FINRA).

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