ADMS 4506 Professional Financial Planning, Winter 2015
Mondays, 7:00 to 10:00 p.m.
Alan Goldhar CFP, MBA, CPA, CGA, FMA, Fellow of the FPSC
agoldhar@yorku.ca
1.
The Guide to Professional Personal Financial Planning, Alan P. Goldhar, Captus
Press 2014 ("The FP Guide”)
2.
Financial Planning Standards Council Capstone Case (Details discussed in class)
1.
Personal Financial Planning, Kwok Ho and Chris Robinson, Fifth Edition, Captus
Press, 2012. (HR)
2.
KPMG Tax Planning 2014, Carswell
3.
Wealth Planning Strategies for Canadians, 2014 or 2015 Edition, Christine Van
Cauwenberghe, Thomson Carswell. (WPS)
4.
The Estate Planner’s Handbook, 4 th Edition, CCH, by Robert Spenceley
 Path to the CFP Certification (FPSC website)
 Guide to Examinations for CFP Certification (FPSC website)
 FPSC Standards of Professional Responsibility (FPSC website)
 CFP Professional Competency Profile (FPSC website)
The above documents can be found, free of charge, at the following website:
Supplementary readings and problems provided by the instructor. For example, students will be provided with the CGA Tax Planning Guide, which they will need to refer to during the course. In addition, students will be provided with applicable financial planning articles from websites such as Advisor.ca and the Globe & Mail, Report on Business. Lastly, government websites, such as Bank of Canada, Canada Revenue Agency and Service
Canada will be referenced during the course.
COURSE DESCRIPTION
This course is intended to teach students how to apply their theoretical knowledge of financial planning to practical, real life cases. Advanced topics in financial planning are
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also explored in this course. Lastly, career opportunities in the financial planning profession are discussed and examined.
Students learn how to integrate the information and material that was covered in the core curriculum courses into a professional financial plan. Students will learn how to prepare their case responses within the guidelines of the Financial Planners Standards Council
(FPSC) with the use of financial planning template. Also, certain topics from the core curriculum courses are revisited at an advance level, with a financial planning focus.
Students work on 3 case studies in groups throughout the term. Each case presents the student with real life-like scenarios of clients at different stages in the Life Cycle. Students are required to present their financial plans to the class in "mock" client interviews. These group cases (including presentations) have a weighting of 55% of the final grade.
Each student is responsible for completing the FPSC mandated case (to be assigned by the Instructor). This case has a weighting of 25% of the total mark for this course.
Lastly, each student is required to prepare a financial plan for a "live" client. Students meet with their "client" throughout the term to collect applicable data and then they submit their financial plan at the end of the term. Students receive on-going guidance and mentoring from their course instructor on this financial planning assignment. This case has a weighting of 20% of the total mark for this course.
COURSE LEARNING OBJECTIVES (From the FPSC)
1.
Apply and integrate technical knowledge gained from Core Curriculum Courses* in the identification and analysis of issues relating to personal financial planning.
2.
Determine and collect all qualitative and quantitative information required to develop a professional financial plan.
3.
Evaluate client objectives, needs and values that have financial implications.
4.
Analyze and synthesize the client's personal financial situations.
5.
Identify potential opportunities and constraints and formulate appropriate options.
6.
Formulate, evaluate and conclude on the best strategies for the client.
7.
Prioritize and summarize recommendations in the financial plan.
8.
Communicate information, ideas and concepts in a written and oral manner that is understandable to the client.
* See York University website for a list of Core Curriculum Courses for the Financial
Planning stream.
EXPECTED EDUCATIONAL OUTCOMES (From the FPSC)
By completion of this course, students are expected to:
1.
Be able to address client issues across a wide range of financial planning components.
2.
Be able to integrate the financial planning components into a comprehensive financial plan and clearly prioritize the components of the Plan that may be most urgent given the client’s position in his or her life cycle.
3.
Be able to demonstrate the fundamental financial planning competencies, as per the FPSC website.
4.
Students must be able to make recommendations, supported by appropriate analysis and synthesis.
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5.
Demonstrate appropriate professional writing skills when preparing the financial plan for the client.
6.
Be able to communicate a completed comprehensive financial plan clearly and professionally.
GRADING
1.
Three Group Financial Planning Cases are to be submitted. (Excludes the FPSC
Mandated Case-See #2 Below) - Total Weighting = 55% (45% for the 3 cases and
10% for the presentations)
2.
Individual FPSC-Mandated Capstone Case (Case #2) - Weighting = 25%
3.
Live Comprehensive Capstone Case–Weighting = 20%
ATTENDANCE
It is critical that students make their best effort to attend every class.
Much of the learning in this course will come from class discussion, presentations and the lectures.
CASES and ASSIGNMENT
1. There are three (3) group case studies for this course. Although all groups are responsible for handing in their case studies on the due dates, only one or two groups will be asked to present their case each week.
2. There is also one (1) FPCS-mandated case to be done individually (not in groups).
3. Lastly, there is the Capstone, comprehensive live case due at the end of the term. Students will work individually on this “live case” throughout the term.
NOTE THE FOLLOWING RULES REGARDING ASSIGNMENTS
*Cases assignments are to be E-mailed to the Instructor ON OR BEFORE THE DUE DATE, as per the course outline. Late assignments will not be accepted under any circumstances, unless a valid medical reason is provided. Each student is responsible for their group cases and only one grade will be awarded for each group. Any cases not submitted on time will result in a mark of zero.
**When completing assignments please observe the following guidelines:
Text must be typed and double-spaced.
Covering page must have your names, student numbers, course identification,
Assignment number and the due date clearly marked.
Grammar, spelling and quality of presentation will be taken into consideration.
DETAILS ABOUT THE “LIVE” COMPREHENSIVE CAPSTONE CASE
This assignment is the “capstone” of your education in personal financial planning at the
School of Administrative Studies. Each student is responsible for finding an individual or family who is willing to be the subject of a comprehensive financial plan. Students will complete the human subject protocol documents for this assignment and will follow the terms and conditions contained within. The “live client/family” should have sufficiently complex affairs and the student will confirm suitability with the Course Instructor prior to commencing work on this assignment. The student is expected to cover every aspect of
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financial planning, from the initial engagement letter to the final written plan and recommendations. Class discussions regarding this project will occur in class throughout the term. Individual student appointments are available, as required. This is the most important project for this course and will be due at the beginning of the last class of the
term.
COURSE SCHEDULE
Liberal Arts and Professional Studies (AP) – Administrative Studies Website: http://www.registrar.yorku.ca/calendars/2014-2015/programs/admin_studies.htm#adms
Session Topics
1 (Jan.5th) Introduction to the course and review of the Course Outline, and expectations for assignment cases and presentations.
Path to the CFP Certification.
Educators Guidelines for the FPSC
Approved Capstone Course:
-Introduction to the CFP
Competency Profile
-Education Requirements for the
FPSC Certificate Program
-FPSC Objectives for the Capstone
Course
-FPSC Requirement for the
Capstone Course
Helpful Financial Websites.
2 (Jan. 12th) Standards of Professional
Responsibility (Ethics & Rules of
Conduct).
Readings to be
Completed before Class
Homework/Assignments Due
Posted on class site
FPSC Website
Course Outline and FPSC Website
For Next Week:
Read Chapter #2 and #3 of the FP
Guide.
Handout in class
CFP Exams-An Overview
Introduction to the Live
Comprehensive Capstone Case.
CFP Professional Competency
Profile-Details Reviewed.
Discuss the meaning of Personal
Financial Planning and the Casebased approach
FPSC Website Review all of the documents posted on our class site related to:
Appendix D, The
FP Guide
Chapter #2, The
FP Guide and the
FPSC Website
WPS-Ch.#1 & #2
For next week:
1. Read Chapter #4 of the FP Guide for next week.
2. Read Chapter #5, The FP Guide for next week.
Chapter #3, The
1.
Instructions regarding the
“Live” Comprehensive
Financial Planning Case.
2.
The CFP Professional
Competency
3. WORKING ON YOUR OWN, complete
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Client Life Cycle
Financial Plan Template
FP Guide the Financial Plan for the Single Client
(Chapter #5) for next week. (practice
case, NOT FOR SUBMISSION).
3 (Jan.19th) INVESTMENT PLANNING: Investor
Profiles and Determining the
Appropriate Portfolio Asset
Allocation
Financial Planning for “Single”
Clients
4 (Jan.26th)
Financial Planning for
Couples/Families (Covering Tax
Planning/Income Splitting, Risk
Management and Estate Planning)
5 (Feb.2nd)
Financial Planning for the Divorced
Client.
Take Up Discussion Questions-
Ch.#7.
Chapter #4, The
FP Guide.
Chapter #5, The
FP Guide
Discuss Ch.#4 and #5.
Take up Ch.#5 Case.
GET ORGANIZED INTO GROUPS
OF 3 OR 4.
For next week:
1. Read Chapter #6, The FP Guide.
2. Review Chapter #6 Discussion
Questions.
3. WORKING WITH YOUR GROUP
MEMBERS, complete the Financial Plan for the YOUNG FAMILY (Chapter #6) for next week (practice case, NOT FOR
SUBMISSION).
The FP Guide,
Chapter #6.
HR-Ch.#8
WPS-Ch.#4,#5 &7
CGA Tax Planning
Book (Posted on
Class Website)
Discuss Ch. #6.
Submit paperwork for “Live
Client” (e.g. client proposal, permission forms, etc.)
Start Group Assignment #1
(Ch.#7 Case)
For next week:
1. Read Chapter #7, The FP Guide.
2. Review Chapter #7 Discussion
Questions.
3. . Bring to class your question regarding Group Assignment #1.
The FP Guide,
Chapter #7.
Discuss Ch.#7.
Live Client Assignment-
Approvals/Feedback provided by
Instructor.
For next week:
1. Read Chapter #8 & #9, The FP Guide.
2. Review Chapter #8 and Chapter #9
Discussion Questions.
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6 (Feb.9th)
8.Feb. 16th
7
(Feb.23rd)
8
(Mar.2nd)
9
(Mar.9th)
Group Assignment #1
Presentations-Continued.
Take up the solution for Case #1
Financial Planning for the Pre-
Retirement Couple.
Take Up Discussion Questions on
Page #101.
Financial Planning for Senior Clients.
Take Up Discussion Questions-
Ch.#8 and #9.
The FP Guide,
Chapter #8 & #9
WPS-Ch.#12
SUBMIT GROUP ASSIGNMENT #1
GROUP PRESENTATIONS
Discuss CH. #8 and Ch. #9
Start GROUP ASSIGNMENT #2
(Ch.#9 Case)
For next class:
1. Read Chapter #10, The FP Guide.
2. Review Chapter Discussion
Questions.
3. Bring to class your question regarding Group Assignment #2.
Discussion of “Live Case”.
NO CLASS (FAMILY DAY)
Discussion of “Live Case”.
Financial Planning for
Widowed/Widower Clients.
Take Up Discussion Questions-
Ch.#10.
ESTATE PLANNING (Wills & Power of
Attorneys).
Taxation at Death.
Group Assignment #2
Presentations-Continued.
Financial Planning for Disabled
Clients.
The FP Guide,
Chapter #10
WPS-Ch.#13 &#14
SUBMIT GROUP ASSIGNMENT #2
Take up Group Assignment #1.
Discuss Ch.#10.
GROUP PRESENTATIONS (Group
Assignment #2).
Start FPSC Capstone Case
(Individual Case)
For next class:
Bring questions regarding the FPSC
Capstone Case.
HR-Ch.#17
GROUP PRESENTATIONS
CONTINUED (Group Assignment
#2).
TAKE UP Group Assignment #2.
Discuss the FPSC Capstone
Case.
For next class:
1. Read Chapter #11, The FP Guide.
2. Review Chapter #11 Discussion
Questions.
The FP Guide,
Chapter #11.
SUBMIT FPSC CASE
PRESENTATIONS(FPSC Case)
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10
(Mar.16th)
11
(Mar.23rd)
Financial Planning with Trusts-
Continued
Group Presentations-Continued
12
(March
30th)
13
(April 6th)
How to prepare financial plans for client's with businesses.
FPSC Case Presentations.
Financial Planning with Trusts.
Capstone “Live” Case.
Capstone “Live” Case.
Capstone Case Due
Class Slides.
WPS-Ch.#18, 19 &
21
HR-Ch.#18
Discuss Ch.#11.
Start GROUP ASSIGNMENT #3
(NEW CASE HANDOUT)
For next class:
Read Ch. #12, The FP Guide.
The FP Guide,
Chapter #12
WPS-Ch. #23
PRESENTATIONS (FPSC Case)-
Continued.
Discuss Ch.#12.
For Next Class:
Be prepared to discuss your progress on your Capstone Assignment.
SUBMIT GROUP ASSIGNMENT #3.
Group Presentations.
Discuss the "Live" Case.
Group Presentations-Continued.
Take up Group Assignment #3.
Discuss the "Live" Case.
SUBMIT INDIVIDUAL “LIVE”
CAPSTONE CASE.
Academic Policies / Information
The Senate Academic Standards, Curriculum and Pedagogy (ASCP) provides a Student Information Sheet that includes:
 York's Academic Honesty Policy and Procedures / Academic Integrity Web site
Academic Honesty (Senate Policy)
Atkinson as a Faculty considers breaches of the Senate Policy on Academic Honesty to be serious matters. To quote the Senate Policy on Academic Honesty:
The Policy on Academic Honesty is a reaffirmation and clarification for members of the University of the general obligation to maintain the highest standards of academic honesty. It outlines the general responsibility of faculty to foster acceptable standards of academic conduct and of the student to be mindful of and abide by such standards.
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Faculty members are encouraged to pursue suspected cases of academic honesty with formal charges. Students should, however, review the York Academic Honesty policy for themselves at:
http://www.yorku.ca/secretariat/legislation/senate/acadhone.htm
In addition, the following important policies are to be reviewed by students on the Student Information Sheet:
 Access/Disability
 Ethics Review Process for Research Involving Human Participants
 Religious Observance Accommodation
 Student Code of Conduct
 Academic Accommodation for Students with Disabilities
 Alternate Exam and Test Scheduling
Grading Scheme and Feedback Policy
The Senate Grading Scheme and Feedback Policy stipulates that (a) the grading scheme (i.e. kinds and weights of assignments, essays, exams, etc.) be announced, and be available in writing, within the first two weeks of class, and that, (b) under normal circumstances, graded feedback worth at least 15% of the final grade for Fall, Winter or
Summer Term, and 30% for ‘full year’ courses offered in the Fall/Winter Term be received by students in all courses prior to the final withdrawal date from a course without receiving a grade.
 Important University Sessional Dates (you will find classes and exams start/end dates, reading/cocurricular week, add/drop deadlines, holidays, University closings and more. http://www.registrar.yorku.ca/enrol/dates/index.htm
 "20% Rule"
No examinations or tests collectively worth more than 20% of the final grade in a course will be given during the final 14 calendar days of classes in a term. The exceptions to the rule are classes which regularly meet Friday evenings or on Saturday and/or Sunday at any time, and courses offered in the compressed summer terms.
 Final course grades may be adjusted to conform to Program or Faculty grades distribution profiles.
 Services for Mature and Part-time Students
The Atkinson Centre for Mature and Part-time Students (ACMAPS) maintains and strengthens York
University’s ongoing commitment to welcome and to serve the needs of mature and part-time students. For further information and assistance visit: http://www.yorku.ca/acmaps
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