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
Estate, gift, and wealth transfer 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.
Format: Voiceover PowerPoint, Audio
CPAs and financial planners with basic knowledge of financial planning and an interest in personal financial planning