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MS700 - The Financial Plan| Overview

This is the capstone course for the MSFS program and is comprised of two books. The first book covers three broad themes. First, there is an in-depth and multidisciplinary explanation of the process of financial planning. Second, the discussion of the planning process is surrounded with a description of concepts central to the advisors practice (ethics, legal and regulatory), planner-client communication and decision-making processes. Third, there is an explanation of the components of a model financial plan plus documentation of the process and guidance for the client and advisor. The second book combines the practicalities of the real world with the academic approach used by graduate school financial planning courses. The emphasis is on the case study approach; offering student and advisor approaches to development, presentation and monitoring of the financial plan.

FINANCIAL PLANNING DEFINED

A Brief History
Career Considerations

ETHICS AND REGULATIONS

Ethical Foundations of Planning
Federal and State Regulations
Self-Regulatory Organizations
Professional Financial Services Organizations
Fiduciary Rules
Rules Governing Communication
Ethical Requirements for Planners
Professional Practice Issues

CLIENT COMMUNICATION

Planner: Technician or Counselor
Exploring Client Communication
Tools for Communication
Ongoing Communication

DECISION MAKING

Decision Making Model
Rules for Choosing Alternatives
Traditional Approach
Behavioral Finance Approach
Decision Making Process Threats

SYSTEMATIC PROCESS OVERVIEW

The 6 Step Financial Planning Process

INDEPTH STUDY

Defining the Relationship
Gathering Data and Framing Goals

ANALYSIS AND PRESENTATION

Analyzing Client’s Financial Status
Development and Presentation

IMPLEMENTATION

Plan Implementation
Monitoring and Goal Progress

PLANNING COMPUTATIONS

Historical Calculations
IRR and Net Present Value
Weighted Average Return
Types and Forms of Interest Rates
Time Value of Money

SYSTEMATIC PROCESS OF:

Cash Flow Planning
Income Tax Planning
Life Insurance Planning

SYSTEMATIC PROCESS OF:

Health Insurance Planning
Disability Insurance Planning
Long-Term Care Planning
Property and Liability Planning
Investment Planning

SYSTEMATIC PROCESS OF:

Education Planning
Retirement Planning
Estate Planning
From Analysis to Monitoring