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PFP in Practice: Putting it all Together, Part 1 and 2 (On-Demand) 2020


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.

Format: Voiceover PowerPoint, Audio

Learning Objectives
  • 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.
Major Topics

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

AICPA - Durham
Course Level
CPE Field of Study
Specialized Knowledge
Who Should Attend

CPAs, financial planners, and qualified professionals with basic knowledge of, and interest in, personal financial planning.

Susan Tillery Tom Tillery
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PFP in Practice: Putting it all Together, Part 1 and 2 (On-Demand) 2020

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