Personal Financial Planning as a Project. Arlington Wealth Planning

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1 Personal Financial Planning as a Project Greg Caramanica, PMP Arlington Wealth Planning February 18, 2014

2 Introduction Greg Caramanica Arlington Wealth Planning Series 7 License, Registered Representative Series 63 License, Uniform State Securities Law Passed Certified Financial Planner exam, working on other requirements Master s Certificate, Financial Planning, Georgetown University Project Management Professional (PMP) Certification M.B.A, Virginia Tech B.S., Management Information Systems and Decision Sciences, George Mason Financial Planner Arlington Wealth Planning ( Project Management Practitioner 2

3 Topic of Discussion Steps of Personal Financial Planning mapped to phases of Project Management Tools and templates from the PMI community You can DIY if you have K Knowledge I Interest T Time 3

4 Resources AWP Arlington Wealth Planning Financial Statements and Budgeting template Article: Personal Financial Planning as a Project PMIWDC Project Management Institute, Washington DC Chapter, Inc. Links to all PMI templates in this presentation FPA - Financial Planning Association CFP Board - Certified Financial Planner Board of Standards, Inc. 4

5 What is Financial Planning? Financial planning is the long-term process of wisely managing your finances so you can achieve your goals and dreams, while at the same time negotiating the financial barriers that inevitably arise in every stage of life. Remember, financial planning is a process, not a product. -Financial Planning Association Knowing your financial situation Protecting yourself from financial risk Being purposeful about your financial actions 5

6 Mapping the Phases Project Management Inst. 5 Process Groups of Project Management Initiating Planning Executing Financial Planning Association 6 Phases of Financial Planning Establishing Goals Gathering Data Analyzing Data Developing a Plan Implementing the Plan Monitoring/Controlling Monitoring the Plan Closing 6

7 Mapping the Phases Conceptual comparison of effort Typical Project Init. Planning Executing Monitoring and Controlling o Financial Planning Project Init. Planning Ex Monitoring and Controlling Effort Time Does not apply to all situations 7

8 Phase 1, Initiation PMI Activities Financial Planning Activities Develop a charter Document basic Identify stakeholders information Identify inputs Evaluate stakeholder needs Identify basic procurement needs Perform basic analysis Assess environmental impacts Risk Short term Long term (incl. estate plan) Document high level goals 8

9 Initiation, Templates and Tools Project Charter Stakeholder Register Arlington Wealth Planning 9

10 Phase 2, Planning PMI Activities Financial Planning Activities Create a work Collect detailed d financial i breakdown schedule information Define, sequence, and Create personal financial estimated duration of statements and ratios activities Perform a risk analysis Develop a schedule Perform a detailed goals Estimate costs analysis Determine budget Plan procurements Plan quality Develop a controlling and Plan communications monitoring plan Plan procurements Develop a schedule Finalize the project plan Finalize the project plan 10

11 Financial Statements, Statement of Financial Position ASSETS Cash and equivalents LIABILITIES Current Liabilities Invested Assets Long-term liabilities Use Assets NET WORTH 11

12 Financial Statements, Statement of Cash Flows Arlington Wealth Planning CASH INFLOWS Salaries Other SAVINGS FIXED OUTFLOWS Debt Payments Bills VARIABLE OUTFLOWS Taxes Paycheck Deductions - Health & Life Insurance Personal Items REMAINING DISCRETIONARY CASH 12

13 Financial Statement Analysis Liquidity Debt Investment Performance Paint a picture of your financial situation Highlight weaknesses/identify actions Forecast the impact of your actions 13

14 Activity Detail - Planning Planning can go any number of directions and may require e a lot of research Insurance (needs/human life/transfer) Estate planning Charities Risk tolerance, expected returns Retirement savings plans, transfers/rollovers Self employment retirement plans (SIMPLES, SEPs, 401(k)s) Retirement need (wage replacement ratio, standard of living, transition planning) Cash flow analysis Tax analysis (AMT, tax efficiency) Goals (NPV, reality, prioritization) 14

15 Planning, Templates and Tools Requirements Documentation Project Scope Statement t t Risk Register Activity List Project Schedule Quality Metrics Stakeholder Management Plan Project Management Plan Arlington Wealth Planning 15

16 Phase 3, Execution PMI Activities Financial Planning Activities Direct and manage Perform the planned project execution actions Perform quality assurance Acquire, develop, and manage the project team Distribute information Manage stakeholder expectations Conduct procurements Conduct procurements Update the plan Manage stakeholder expectations 16

17 Execution, Templates and Tools Change Request Change Log Issue Log Decision Log Arlington Wealth Planning 17

18 Phase 4, Monitoring and Controlling PMI Activities Monitor and control project work Perform integrated change control Verify scope Control scope Control schedule Control costs Perform quality control Report performance Monitor and control risks Administer procurements Financial Planning Activities Track progress against expectations Re-evaluate assumptions Re-evaluate risk Make course corrections Track changes to the plan Report progress Administer procurements 18

19 Monitoring/Controlling, Templates and Tools Status Report Project Performance Report Risk Audit Variance Analysis Arlington Wealth Planning 19

20 Phase 5, Closing PMI Activities Financial Planning Activities Ensure all work Same as monitoring i has been completed and controlling Close project or phase Close procurements Evaluate lessons learned Prepare final reports 20

21 Closing, Templates and Tools Procurement Audit Lessons Learned Project Closeout Arlington Wealth Planning 21

22 Summary We covered Phases of Personal Financial Planning mapped to process groups of Project Management Incl. Activities in each phase Tools and templates from the PMI community To find more AWP ( html) Financial Statements and Budgeting template Article: Personal Financial Planning as a Project PMIWDC ( Copy of this presentation Links to all PMI templates in this presentation 22

23 Personal Financial Planning as a Project Thank You! Contact Information Greg Caramanica Arlington Wealth Planning Greg@ArlingtonWealthPlanning.com 23

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