Comprehensive Financial Plan
It is a Comprehensive Financial Plan of a Canadian couple.
Expectations for your Comprehensive Financial Plan
The Comprehensive Financial Plan is an individual assignment.
You are required to find a client that you will complete a financial plan for. Try to find a client that would be suitable for financial planning. If you have questions with regards to the suitability of the client you choose, please check with your professor. If you are unable to find a suitable client, a paper case will be given to you.
Page Requirement
There is no minimum page requirement for your final submission. However, as a guide, it is common for quality financial plan submissions to be 40-60 pages in length. A submission of less than 20 pages would very likely be substandard.
Structure
Your plan should largely follow this structure:
- Disclaimer Letter (if using Live Client)
- Letter of Engagement (adjusted based on feedback from previous submission)
- Client Profile (adjusted based on feedback from previous submission)
- Goals and Objectives (adjusted based on feedback from previous submission)
- Fully defined goals that are SMART in nature
- Assumptions
- At minimum, you should include assumptions on the following:
- Inflation
- ROR
- Life expectancy
- MTR and ATR
- Planning Components
- Each area should include an introduction and clarify the client's present situation. Your analysis should identify problem areas and opportunities. A recommendation to help optimize the client's situation should be stated.
- Financial Management
- Includes:Financial Statements&Emergency Fund Analysis
- Investment Planning
- Retirement Planning
- Tax Planning
- Insurance & Risk Management
- Estate Planning & Legal Aspects
- Recommendations
- A summary of recommendations for each finanical planning component. Preferably prioritized.
- A revised cash flow incorporating recommendations should be presented.
- Implementation/Monitoring Schedule
- A time schedule should be used showing who is responsible for implementation
- Appendix
- Your appendix should include information like the following:
- Tax estimates (taxtips.ca printouts)
- Policy quotes
- Fund Facts
- Risk tolerance questionnaire (if using Live Client)
There are six official and arguably seven planning components in a financial plan. A comprehensive case requires all to be addressed but must have a minimum of 4 fully developed. Plans will be evaluated based on the CFP Professional Competency Profile.
The Case: Greg Sanders and Ardelle Hope
Attachment:- Case Study and Template.rar