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.

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