Essentials of Personal Financial Planning

Overview

This CPE course can be purchased individually, or as a part of the Fundamentals of Personal Financial Planning program.

Lay the foundation for providing financial planning services that serve the best interests of your clients.

By understanding the essentials of personal financial planning, you will have taken the first step in developing a comprehensive and practical financial plan for your clients.

Understand the core concepts behind providing personal financial planning services for clients by learning, through real-life scenarios and practical guidance, about the following areas:

• The personal financial planning process, including not only the steps in the process (both required and optional) but, also behavioral and psychological methods of building client rapport, gathering ata, and life planning.
• Statement on Standards in Personal Financial Planning Services No. 1, which establishes a framework for delivering personal financial planning services with the highest levels of integrity, professionalism, objectivity, and competence.
• Personal financial planning concepts and responsibilities, including assumptions, personal statement of financial position, the spending plan, financial ratios, maintaining an emergency fund, and financing strategies.

Highlights

Key Topics

• PFP process
• Statement on Standards in Personal Financial Planning Services No.1
• PFP concepts and responsibilities

Prerequisites

None

Designed For

Who Will Benefit

• CPAs
• Tax professionals
• Financial planners
• Other qualified professionals

Objectives

Learning Outcomes

• Identify the steps in the PFP process and how they apply to SSPFPS No. 1.
• Recall why the various behavioral biases used in the discovery process to gather qualitative information are needed for analysis and recommendations.
• Recall the name of the organization that established the first CPA specialty credential.
• Recognize language conventions that indicate a required action under SSPFPS No.1.
• Identify the PFP process and services as defined in the AICPA Statement on Standards in Personal Financial Planning Services (SSPFPS) No. 1.
• Indicate when a PFP engagement occurs.
• Distinguish between the different financial ratios applied to an individual's spending plan.
• Recall the typical recommendation for emergency reserves in a PFP client engagement.