Principles of Financial Planning *First course in

Transcript:Principles of Financial Planning *First course in:
Principles of Financial Planning *First course in the Financial Planning Curriculum Rich Jakotowicz CFP® richj@udel.edu 302.831.7226 My background Education: Salesianum High School University of Delaware!!! Class of 1998 Work Experience: JPMorgan and TIAA-CREF (1998-2008) Portfolio Manager/Wealth Manager Teaching Finance at UD since 2008 Courses: Investments, Derivatives, Financial Planning Faculty Advisor to the Blue Hen Investment Club UD Retirement Plan Investment Committee Director of the Financial Planning Major Director of Geltzeiler Trading Center TFG Wealth Management: Director of Investment Strategy Personal Married, 11 year old son, 1 month old son, and a pitbull Washington Redskins fan What to expect from this course: An introduction to the profession of financial planning Guest Speakers who are financial planners An introduction to each of the core financial planning topics We will have a 1-2 week “crash course” on each topic An understanding of what is required to become a CFP® What you should NOT expect from this course: This course is not going to make you proficient in any one of the financial planning topics. It is designed to give you a snapshot of the body of knowledge in the CFP Curricula. This course will not prepare you for a career in financial planning. It is the first of many required courses to satisfy the educational requirement to sit for the CFP Exam. Questions: What is a CFP® How do you earn the CFP Marks What are the characteristics of a successful CERTIFIED FINANCIAL PLANNER U of D CFP® Core Curriculum If I win, should I take my winnings as: (1) a one-time payment of $165M or (2) receive an Annuity for 30 years What Is Financial Planning? Financial planning is a process that: ascertains the client’s financial goals and develops a plan for achieving the client’s goals. 8 Financial Planning Domains Domain 1: Establish and define advisor-client relationship Build relationship Explain process Describe products and/or services Clarify responsibilities Disclose advisor’s background, philosophy, method of compensation Domain 2: Gather information necessary to fulfill the scope of the engagement Encourage client to determine and prioritize goals Gather client information Fact-finding forms Questionnaires Counseling Examination of documents Domain 3: Analyze and evaluate the client’s financial status Analyze and evaluate client’s financial condition relative to achieving goals Revise goals if necessary Domain 4: Develop recommendations Recommend strategies tailored to fit the client’s situation and achieve the client’s goals (include alternatives) Use outside experts as needed Utilize appropriate