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Overview
As a newly hired CFP® professional, you are responsible for providing a comprehensive picture of your client’s current finances in relation to their financial goals. In your project for this course, you will be asked to construct a financial plan for a client. To do this, you will conduct an analysis and evaluation of the client goals and determine appropriate recommendations that you will in turn present to the client. In this first milestone, you will analyze the client’s wants, needs, and goals.
Directions
Before you begin, review the Project Case Study attached. Then, using the template provided, address each of the following in a minimum of 3–6 sentences:
Determine a client’s financial health using one or more established approaches to financial planning analysis and recommendations. Address the following in your response:
Life cycle approach
Pie chart approach
Financial statement and ratio analysis approach
Other
Determine how a client’s psychology might influence their financial behaviors. Address the following in your response:
Financial motivations
Risk tolerance
Money beliefs
Sources of money conflict
Identify a client’s specific financial planning goals. Address the following in your response:
Short-term: Less than a year
Intermediate-term: 2 to 10 years
Long-term: Greater than 10 years
Describe the role of cognitive bias in relation to the case study presented. Address the following in your response:
Potential cognitive biases of the client
Potential cognitive biases of the planner
Evaluate opportunities for improving or addressing problem areas in the client’s budget. Address the following in your response and include any assumptions used in making your recommendations:
Financing strategies
Debt management
Cash-flow management
Income
Expenses
What to Submit
Submit your milestone using the Milestone One Template, addressing each element in a minimum of 3–6 sentences. Sources should be cited according to APA style.
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