Date of Defense

4-17-2020

Date of Graduation

4-2020

Department

Finance and Commercial Law

First Advisor

Judy Swisher

Second Advisor

Onur Arugaslan

Third Advisor

Michael Dombos

Abstract

A thorough understanding of the elements of a comprehensive financial plan is critical to any financial planning professional. A professional that may help individuals is known as a CFP Professional (Certified Financial Planning Professional). Through drafting recommendations, analyzing client information, and presenting the final plan I was acting and possessing the skills and knowledge of a CFP Professional.

In this honors thesis my team and I analyzed my fictitious clients, The Parkers. The Parkers are a typical middle-income family that have some financial concerns. Like any parent, their main concern is to provide a sufficient amount for their two children to go to college. The Parkers have some major liabilities that are throwing off some of their ratios and an area of concern to the CFP Professional.

Throughout the plan we analyzed many parts, not just education funding efforts. The 6 core competencies of a CFP Professional are: fundamentals, insurance, investments, tax planning, retirement planning, and estate planning. In the Parkers specific plan, we focused mainly on retirement, insurance, and estate planning but touched on all areas of planning. I consulted with an attorney to get the right information for the estate planning section. Within retirement planning we analyzed the parkers different funding and withdrawal tactics using a social security sensitivity analysis. My team and I also did an in-depth analysis of all insurance needs for our clients.

Using the financial plan created, The Parkers now have a better understanding of their financial situation. They are more than equipped with the knowledge to make the right decisions for the financial success.

Access Setting

Honors Thesis-Restricted

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