Capstone Course in Family Financial Planning Course Description: Instructor: through Blackboard Learn Course Requirements:

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1 Capstone Course in Family Financial Planning Human Development and Family Studies 485 Spring 16, W 6:10-9 p.m., Palmer 0331 College of Human Sciences Department of Human Development and Family Studies Iowa State University of Science and Technology Course Description: Development and refinement of competencies required by personal financial planners to work with individuals and families in meeting financial objectives. Utilization of skills obtained in financial planning emphasis to complete one or more financial planning narratives. Instructor: Jonathan Fox 1317 Palmer Building Phone: through Blackboard Learn and jjfox@iastate.edu Office hours: MWF 1:15-2:00 PM Course Requirements: Required text: Cases in Financial Planning, and Presentation. Michael Dalton, James Dalton, Katheleen Oakley, 2 nd Edition, Money Education, 14. ISBN: Computer/Calculator Requirements: Your computer must support Blackboard capabilities. You need a financial calculator with the instruction manual. Online reading and activities: In several of the units covered in this class there will be additional resources linked to our Blackboard Learn site. These are all freely accessible through the web. No additional purchases will be necessary, but you may have to create accounts to obtain access to a few websites. Access to MoneyGuidePro : registration code is: Setup and Sharing Instructions: go to: to create a free account, click the Register button, agree to the license agreement create a User ID and Password, use this Registration code (which is unique to ISU): Course Learning Objectives: The successful student in this course will develop applicable skills in: 1) Working with clients to set specific and attainable financial goals and use financial planning tools to help families monitor progression toward these goals. 2) Constructing, analyzing, and evaluating client statements of financial positions consistent with sound personal accounting standards. 3) Identifying opportunities and challenges related to client cash flows and make recommendations to assist the client in meeting their current needs and long-term financial goals. 4) Communicating the need for liquid assets and emergency funds and recommend strategies for accumulating the appropriate levels of funds. 5) Calculating savings required to meet financial goals and recommend how to incorporate planned savings into the cash flow plan.

2 6) Analyzing degree of risk and loss aversion and insure recommendations are consistent with a client risk propensity, attitudes, capacity, knowledge, and needs. 7) Explaining how client psychological profile, learning style, and values impact the format of the plan produced and presented. 8) Evaluating how client values, including cultural and religious values and attitudes, will affect his/her goals and a planner recommendations. 9) Producing a professional comprehensive financial plan with specific recommendations for client insurance, investment, retirement, income tax, education and estate planning needs. Class Schedule, Assignments, and Grading: Homework due dates, in-class assignments, and project due dates are listed in the table below. Assignments will be accepted only in class on the dates listed. Each unit will consist of reading material prior to the class meeting, exploring additional web resources including financial planning software, participating in an in-class learning exercise, and completing assigned homework. See below for assignment details and due dates for homework assignments, inclass exercises, and the final project. The following table outlines the order of topics, point values, and pace of completion. Class Date Topic Cases Text Reading due Assignment or In-class Activity Points 1/13/16 Introduction, Engagement Letter, Data Collection Chapter 1 In-class: Draft engagement letter 1//16 Personal Financial Statements: Preparation & Chapter 3 (pp ) In-class: Intake form and sample financial statements 1/27/16 Financial Planning Approaches: and Recommendations (Pie Chart, Financial Statement and Ratio ) Chapter 2 (pp ) In-class: Financial statement analysis practice HW: Final signed Client engagement letter 2/3/16 Financial Planning Approaches: and Recommendations (Two-Step/Three-Panel/Metrics; PV of Goals, Cash Flow, Strategic Approaches) Chapter 2 (pp ) In-class: Financial statement analysis practice HW: Final Client intake form (template only) and description of approach to intake and gathering supporting materials 2/10/16 Comprehensive Case Example: Burke Case Goal Setting Part 3 (pp ) Mini Case 2 (pp ) In-class: Mini Case 2 HW: Final completed Client intake form and supporting materials 2/17/16 Debt Management Laynee Case (pp ) In-class: Ratio/Debt for Laynee Case HW: Client Financial Statement and Debt

3 2/24/16 Risk Management Freeman Case (pp ) Mini Case 1 (pp ) In-class: Mini Case 1, risk management analysis for Freeman case HW: SMART Client financial goals 3/2/16 Education Funding Jackson Case (pp ) Mini Case 3 (pp ) In-class: Mini Case 3, education funding for Jackson Case HW: Client Risk Management 3/9/16 Retirement and Capital Needs Berry Case (pp ) Mini Case 4 (pp ) In-class: Mini Case 4 and Berry retirement analysis HW: Client Education Planning 3/16/16 Spring Break 3/23/16 Present Value Approach Mini Case 5 (pp ) In-class: Mini Case 5 HW: Client Retirement and Capital Needs 3/30/16 Tax Mini Case 6 (pp ) In-class: Mini Case 6 HW: Revised Client from all client assignments above and summary of all long term goals in present value terms 4/6/16 Risk Tolerance and Investments Singer Case (pp ) Mini Case 7 (pp ) In-class: Mini Case 7 and Singer Investment Portfolio HW: Client income tax analysis, projections, and planning 4/13/16 Estate Planning Merritt Case (pp ) Mini Case 8 (pp ) In-class: Mini Case 8, Merritt Case estate plan HW: Client Risk Tolerance and Investment 4//16 Approaches to case presentation, closing engagement letter, executive summary, and priority recommendations. Closing Letter (p. 227) In-class: Draft closing letter share priorities for Client with colleagues HW: Client Estate Planning needs 4/27/16 Draft final plan, client presentations begin In-class: Share best practices, review client plans for colleagues HW: Draft client plan due

4 5/4/16 Final Plan Presentations In-session: share results/experience from final client presentation/meeting Due: Final Revised Comprehensive Client Plan 245 There are 1,000 possible points in this class. The following will be the MAXIMUM standards for grades. Final grades may be curved to attain an appropriate distribution. A curve will only be used when final grades are heavily distributed among the lower grades. No curve will be used to lower final grades if the distribution is heavily weighted toward the higher grades. A=93%-100%; A-=90%-92.9%; B+=87%-89.9%; B=83%-86.9%; B-=80%-82.9%; C+=77%-79.9%; C=73%-76.9%; C-=70%-72.9%; D+=67%-69.9%; D=60%-66.9%; F<60% Description of Assignments: HOMEWORK ASSIGNMENTS ( points each for 455 points) Most homework assignments represent a portion of the final comprehensive financial plan to be produced throughout the course. Each section of the plan is due on the dates listed in the schedule above. Homework is to be handed in during class sessions and will almost always be shared with colleagues as we process and analyze planning cases as a group. It is important that you are comfortable sharing your work with course colleagues. If you are not willing to use a collaborative critique model to improve your plan sections, please see the instructor at the start of class so that alternate arrangements can be made. IN-CLASS EXERCISES ( points each for 300 points) Exercises will consist of varied applications and examples in financial planning. The intent of the exercise is to ensure that you are remaining current with the class in readings, homework and class discussions as well as giving us a chance to practice using tools and techniques to be applied in the building of our comprehensive plans. Comprehensive Financial Plan (245 points) The course culminates in the production and presentation of a single comprehensive financial plan for an actual client. A formal grading rubric will be presented and shared in class and on the course website. This plan is the end product of your combined efforts in this, and previous, classes. The plan is considered the capstone or crowning achievement of your training in financial planning at Iowa State University. The quality of the plan is expected to be at a level where you would use your plan in a portfolio to demonstrate your ability and training in a professional setting. Almost the entire time we spend together in this course will be dedicated to building this comprehensive plan for a single client. Course Policies: Attendance: New items, discussion postings, and occasional revisions will be posted continuously on our Blackboard course site and you will need to visit the site regularly to read online materials and participate in discussions. Similarly, new opportunities will be presented in class and I hope you find the time spent in class valuable. You will also hand in some form of an assignment in all classes so attendance becomes a critical component in your overall grade. If you have a conflict with this class time meeting, please discuss this with me during the first week of class. Academic Misconduct: Academic dishonesty in any form is in violation of Iowa State University Student Disciplinary Regulations and can t be tolerated. Misconduct includes, but is not limited to: copying or sharing answers on tests or assignments, plagiarism, and having someone else do your academic work. Depending on the circumstances, a

5 student could receive an F grade on the test/assignment, F grade for the course, and could be suspended or expelled from the University. See for more details and a full explanation of the Academic Misconduct policies. WARNING: copying or paraphrasing another student's homework or in-class assignment will be treated as any other form of academic misconduct. The homework and in-class problems are intended to promote online and group discussion, and collaboration is expected, but copying or sharing the final product is academic misconduct. Course Accommodations: Any student who feels s/he may need an accommodation based on the impact of a disability should contact the instructor privately to discuss specific needs. The Office of Student Disability Resources is relied upon for assistance in verifying the need for accommodations and developing accommodation strategies. Please contact the office at or at disabilityresources@iastate.edu to arrange a meeting if you need academic accommodations. Grievances and Solving Problems: If you have a problem with this class, you should seek to resolve a grievance concerning a grade or academic practice by speaking first with the instructor or professor: then, if necessary, with the department chairperson, and college dean, in that order. Specific procedures are outlined here Statement on Diversity: The Department of Human Development and Family Studies affirms the importance and value of diversity in the student body. Our programs and curricula reflect our multicultural society and global economy and seek to provide opportunities for students to learn more about persons who are different from them. Discrimination against any individual based upon protected status, which is defined as age, color, disability, gender identity or expression, national origin, race, religion, sex, sexual orientation, or veteran status, is prohibited.