4170 | On Demand | Intermediate | Self-Study
PFP in Practice: Putting it all Together, Part 1 and 2
Friday, May 1, 2020 - Friday, April 30, 2021
Personal financial planning is more of an art than a science. A personal financial plan is not a series of inputs into an excel spreadsheet. It is an analysis of data, and a reasoned recommendation based on that analysis. Data is not only found in an Annual Spending Plan, or a Statement of Financial Position; but oftentimes, can be found in an off-hand client remark like, "We do not have a will." Additionally, a personal financial planner will benefit greatly from heuristics or rules of thumb; for example, an ideal savings goal for financial independence is ten percent of annual earnings.
While most clients have life and financial goals that include all areas of personal financial planning (retirement, estate, risk, and investment planning), each client's discussion will be unique. For example, their life-stage will have a major bearing on their short-term and intermediate-term needs. Understanding the triggers that impact their priorities and how various PFP areas are impacted will enable you to present your recommendations in a logical prioritized order that will deepen your client relationships. The case studies in this two-part course illustrate these concepts.
Select the type of personal financial planning engagement which is most appropriate based on the case study's facts and circumstances. Calculate the personal financial planning client's gross income based on their Cash Flow Statement. Calculate the number of months the personal financial planning client has funded their emergency reserves based on their Statement of Financial Position. Determine the personal financial planning client's PITI ratio. Recall the four key areas of personal financial planning should be accomplished in a personal financial plan. Identify the correct ownership of a life insurance contract for the personal financial planning client.
- Thomas Tillery (view bio)
- Susan Tillery
CPAs, financial planners, and qualified professionals with basic knowledge of, and interest in, personal financial planning.
Part 1 Case Study 1 - Young Married Couple Case Study 2 - Pre-retirement Married Couple
Part 2 Case Study 3 - Financially Independent (Retired) Married Couple Case Study 4 - Business Owner
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).