i have group project and i have to do 1. swot analysis, 2. Retirement income cash inflows, 3. Retirement income cash inflows with annuities . please see the case 1 and sample plan so you will know . my proffesor replied me by saying The link below provides a good summary of what a SWOT is. For your plan, you can create a similar chart and then a bullet list in each of the 4 quadrants.https://en.wikipedia.org/wiki/SWOT_analysis. This is the link for swort . please see all the screenshot so you will know what to do .
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INTRODUCTION
Hello, Mr. and Mrs. Jones. Thank you for choosing Smith Wealth Management. We take honor in
being able to assist you in creating a plan that fits not only your financial needs but your wants as
well.
At Smith Wealth Management, we’ve been in business for 10+ years and have been CFP certified for
fifteen years. We gathered many different aspects of your financial life, performed an analysis, and
put together this plan to help you achieve your goals. Below you’ll find a summary of key
information and assumptions.
CLIENT DATA
– Steve Jones: 53 years old
– Stephanie Jones- 47 years old
– Lincoln (Oldest)- 18 years old
– Sheila (Middle)- 12 years old
– Ryne (Youngest)-11 years old
– Michael R. (Business Partner)-43 years old
GOALS
– Purchase a condominium in the city their son Lincoln plays major league baseball in.
– Steve reducing his working capacity to 60%, and income to 60% from On-Deck.
– Commercial building for their business. Owning instead of renting.
– Making sure Shelia and Ryne college is fully paid for.
– Group Health insurance for On-Deck employees.
– Charitable donations annually and bring family into the fold.
– Steve plans on retiring at 60.
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INCOME TAX ANALYSIS
You are in a healthy tax bracket based on your income and pension. One of your goals is to reduce
your tax burden and we’ve developed a plan to do just that.
We recommend both of you max out your SIMPLE IRAs. The additional $27,200 of contributions will
immediate save you $8,704 since you are in the 32% tax bracket. We also recommend you increase
your charitable giving by $30,000 while working full time. Think of this as accelerating donations you
would have made anyways, but making them in the years when you are projected to be in a higher
tax bracket. This extra giving will save you $9,600 of taxes. Between these two recommendations,
there is $18,304 of annual tax savings while you are working full time.
Your tax bracket is projected to decrease in 2027 when you start to work less at On-Deck. We
recommend making your normal $20,000 contribution.
Most importantly, we recommend stop making cash donations and instead replace it with a
donation of appreciated security.
You also mentioned looking at group health insurance for On-Deck. One way to enhance the above
tax analysis is to offer a High Deductible Health Plan (HDHP) with a Health Savings Account
component. We do recommend enrollment into a HDHP plan, either with the company or through
the ACA plans, so you can fund an HSA. The HSA limit in 2024 is $8,300 which would save you
$2,905 in taxes this year.
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CASH FLOW ANALYSIS
You have an exceptional income today, especially with the MLB pension. [NOTE TO STUDENTS: go
on to explain how this pension functions or other attributes of the inflows].
Your expenses seem to be lower than your income allows for which leaves you with a projected
surplus of $163,069. [NOTE TO STUDENTS: go on the explain any other attributes of their outflows
that you noticed.]
We strive to give every dollar a home and balance your budget so we know where each dollar goes.
Please refer to the highlighted cells where there is a change or a recommendation on your cash
flow. These will be covered later in the plan, but the changes include:
• Steve and Stephanie both reducing their time and income with On-Deck in 2027.
• Max out your respective SIMPLE IRA contributions
• Save $15K and $10K to 529 plans for a period of time
• Save $33K-$96K to for the downpayment for On-Deck’s commercial building
• Increase brokerage account by making deposits
• Pay off CC/auto loans in 2024; pay off HELOC in 2025
• Allocate money for disability insurance, life insurance, estate planning, and charitable
giving.
o NOTE: the extra $30K for charitable giving is actually going to your investment
account to replace the $30K of appreciated securities you gave away.
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NET WORTH STATEMENT
[NOTE TO STUDENTS: use this section to note any observations about their net worth. Use the
ratios we covered in class. ]
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EDUCATION FUNDING ANALYSIS
You currently have three 529 plans set up for your kids’ education. Each child’s education process
is unique and Lincoln is a prime example of this. If he doesn’t need his 529 for college, there are 3
options for his account:
• Keep in his name and use for future grandkids
• Split the different between his two younger siblings and transfer to their respective 529s
• Use his 529 proceeds to fund his Roth IRA in a few years
We recommend the last option: using his 529 to fund his Roth IRA later. Due to a recent law that
passed, [continued to describe the 529 to Roth IRA option].
For the two younger Shelia and Ryne, there is a funding gap. Sheila has 6 more years until college
but only $37,450 set aside in her 529 plan. Thankfully, you have a surplus in your cash flow that
allows you to increase this college savings. We recommend saving $15,000 for three years, starting
in 2025, which results in a projected $80,000 balance when she starts school which is sufficient for
4 years at the local college. This also assumes a non-guaranteed interest rate of 5%.
For Ryne, her 529 balance today is $30,000. To fund 4 years at the local college at a cost of
$20,000/year (in the future), we recommend saving $10,000 for three years starting in 2025. This will
give her $82,000 by the time she starts college.
[INSERT COLLEGE FUNDING GRAPH HERE]
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RETIREMENT ANALYSIS
Listed below are the assumptions for the Retirement Analysis
Goals
Current Age (Steve/Stephanie) 53/47
Retirement Age 60
Life Expectancy 92/94
Lifestyle Expenses $189,000
Investment Performance
Rate of Return (pre-retirement) 11.0%
Standard Deviation 35.0%
Rate of Return (post-retirement) 11.0%
Standard Deviation 35.0%
Income, Assets, & Savings Rate
Social Security (Steve @ age 67, 2% COLA) $36,000
Social Security (Stephanie @ age 67, 2% COLA) $30,000
Retirement Assets $3,347,585
Taxes
Calculated Automatically
Based on current projections and without making any changes to the assumptions above, the
success rate is 95%. However, we know there are goals of yours above and beyond the base
assumptions.
Our recommended plan includes the following:
• Retiring early at age 58
• Purchasing a condo for $500,000 (using equity in existing condo to help purchase)
• Max out Simple IRA contributions for both of you
• Add to your investments $51,000 in 2028 and $48,000 in 2029
• Reallocate your investments to lower the risk now and again in retirement
o Assumes a pre-retirement rate of return of 8% (12% standard deviation)
o Assumes a post-retirement rate of return of 5.5% (9% standard deviation)
• Delay Social Security until age 70
The new success rate, after moving forward with these recommendations is 95%.
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LIFE INSURANCE ANALYSIS
[insert commentary about current life insurance policies. ]
Below you will find our calculations to define insurance needs. As a result, we recommend a
$600,000 15-year term life insurance policy. A policy of this nature is estimated to cost $500/year,
per https://www.term4sale.com/. It is important not to cancel or change any existing policy until
this new one is issued.
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ESTATE PLANNING ANALYSIS
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DISABILITY INSURANCE ANALYSIS
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LONG TERM CARE ANALYSIS
Since this is a concern of yours and you can afford it, we recommend applying for a LTCi policy that
will provide you with joint benefits of $6,800/month, indexed to inflation, with a 60 day elimination
period. Once the premium is determined, we can incorporate this information into your retirement
plan to make sure the additional cost won’t adversely affect your retirement plans.
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ASSET ALLOCATION
Your current investment allocation is quite aggressive, with concentration in a few companies, but
also have a large cash balance.
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The best way to accomplish a shift in investments is to give appreciated securities to charities
instead of cash (refer to cash flow and tax pages). Listed below is the gain/loss for each position
and the tax ramifications for selling after giving is accounted for.
Ticker Cost Basis Value Gain/Loss
AMZN $100,000 $300,000 $200,000
RVIN $100,000 $25,000 ($75,000)
TOTAL $200,000 $325,000 $125,000
Realizing $125,000 of gains in one year will generate $29,750 of taxes ($125,000 * .238).
Note: there is no tax ramifications for making investment changes in your IRAs.
Regarding the 529 asset allocations, we recommend two different approaches. Since we want to
grow Lincoln’s plan to fund his Roth later, we recommend a 100% stock allocation. For the girls, we
recommend an age based allocation that shifts more conservative the closer they get to college.
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IMPLEMENTATION
Action Responsible
Party
Target
Completion
Date
Date Completed
1 Max out both your Simple IRAs
($15,500 each)
Steve and
Stephanie
12/31/23 and
annually
2 Increase charitable giving by
$30,000 for the next 2 years
Steve 2024-25
3 Stop making cash donations;
give securities instead
Steve Immediately
4 Enroll into a HDHP Steve 12/15/23
5 Max out HSA funding ($8,300) Steve 3/1/24
6 Save $15K/year to Shelia’s 529 Steve 2025-28
7 Save $10K/year to Rye’s 529 Steve 2025-28
8 Save $33K-$96K/yr for the
building downpayment
Steve 2025-27
9 Pay off CC and auto loans Steve 2024
10 Pay off HELOC Steve 2025
11 Purchase a $600K 15 year term
life policy on Steve
Steve ASAP
12 Visit with an estate planner to
review your current plan
Steve and
Stepanie
3/15/24
13 Purchase a long term disability
policy covering $4,300/mo of
earnings
Steve 2/1/24
14 Apply for a LTCi policy covering
$6,800/mo of expenses
Steve and
Stephanie
6/1/24
15 Reallocate your investments.
See page 12-13 for details
Steve 1/15/24
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APPENDIX
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NOTE TO STUDENTS: find this engagement letter at:
https://www.cfp.net/ethics/compliance-resources/2021/11/sample-engagement-letters-for-financial-
planning-and-financial-advice
December 1, 2023
Steve and Stephanie Jones
1234 J Street, NW
Washington, DC 20008
Dear Steve and Stephanie:
I enjoyed our conversation and I am pleased to be working with you. This letter gives you important
information about the work that we (my firm and I) will do for you, how you will pay for services and
products, and how we will be paid for the work that we will do for you.
You will find other important information and a description of my obligation to act in your best interests in
my firm’s Client Relationship Summary (Form CRS), Form ADV, and Investment Advisory Agreement.
These documents provide additional information not in this letter, including about how you will pay and how
we are paid. We gave you these documents. You should review them carefully and let us know if you have
any questions.
WE WILL PROVIDE YOU THE FOLLOWING SERVICES AND PRODUCTS
You have engaged us to provide financial planning, including investment advisory services. Based on our
recent conversation, we understand that you would like to focus on the following:
1. Cash flow planning, including preparing a cash flow summary and planning for an emergency fund;
2. Investment planning, including reviewing your current investment portfolio and developing and
implementing an asset management strategy;
3. Retirement planning, including analyzing how likely you are to meet your target goals by your
retirement date; and
4. Estate, gift, and wealth transfer planning, including assessing your estate net worth and liquidity,
and whether you should create a trust for the benefit of your grandchildren.
Here is our approach to financial planning:
1. At first, we will ask you for information, so we can understand your personal and financial
circumstances.
2. Then we will work with you to identify and select goals.
3. After you have chosen goals, we will analyze your current course of action and other approaches
you might take.
4. Next, we will develop the financial planning recommendations.
5. Then we will present the financial planning recommendations to you, along with the information we
considered to develop them.
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6. After that, we will analyze and recommend actions, products, and services to implement the
financial planning recommendations. We will work with you to decide which of my
recommendations you would like to implement.
5. At least annually, we will monitor your financial plan. This will include:
a. Analyzing the progress you have made toward achieving your goals. We will
remind you to tell us about changes in your personal and financial circumstances.
When needed, we will update your goals, our recommendations, and the selection
of the actions, products, and services we have recommended.
b. Monitoring the investments in your Investment Advisory Account and any actions
we have taken.
Here is our approach to providing you with investment advisory services:
1. At the beginning, we will meet with you to develop investment goals and strategies that are
consistent with your financial planning goals.
6. We gave you our Investment Advisory Agreement. It describes our advisory relationship and my
firm’s investment practices that apply to you. We will manage the Investment Advisory Account on
a discretionary basis. That means we will buy and sell investments for the accounts without first
gettingyour specific authorization for each transaction. We will base these decisions solely on our
best judgment about what is in your best interests at that time.
2. We will help you choose a firm (such as a broker-dealer or a bank) to hold (have custody of) the
assets that we will manage for you. A separate custodial agreement will outline how your assets
will be held and how you may access your assets. We recommend Schwab since that is where our
business lies.
3. My firm will send you a report each calendar quarter that will show the value of your accounts, your
accounts’ performance, and other account-related information. The report will show all transactions
made in the accounts during the quarter, and any costs or fees deducted from your accounts. In
the meantime, you can access your monthly statement online.
4. We will monitor these accounts and when appropriate, update your goals, our recommendations,
and the selection of the actions, products, and services we have recommended.
As we learn more about your needs, we may discover other services you may need. If you need services
that we do not provide, such as accounting and legal services, then we also may be able to recommend
professionals to provide those services.
HOW YOU WILL PAY FOR SERVICES AND PRODUCTS
My firm’s Form CRS, Form ADV, and Investment Advisory Agreement include more information about how
you will pay for products and services. We gave you these documents. You also can access them online.
We will help you understand the fees you will pay and the cost of any services and products we
recommend. Let us know if you have any questions.
• You will pay an advisory fee each quarter. The advisory fee covers our costs to manage your
assets and provide other financial planning services. My firm will deduct the fee from your accounts
based on the average of the values of the Investment Advisory Account on the last business day of
each of the last three months. The amount of the fee is 1% of the average Investment Advisory
Account value. If your account value increases to more than $1 million, then the fee on the amount
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above $1 million will be 0.75%. There are additional details in the Investment Advisory Agreement.
You should review that agreement carefully and let us know if you have any questions.
• If you invest in mutual funds and exchange-traded funds (ETFs), then you will pay fees and
expenses to third parties. In addition to the advisory fee you pay us, these products have
operating expenses and ongoing fees. Mutual fund and ETF fees and expenses can include
investment management fees and shareholder service fees.
• You will pay fees and expenses to the firm that holds (maintains custody of) your assets.
You will pay fees and expenses whether you make or lose money on your investments. Fees and
expenses will reduce the amount you earn on your investments.
HOW WE (THE FIRM AND I) WILL BE PAID
You pay my firm an advisory fee. I am paid a salary plus a part of the advisory fees that clients pay my firm.
You will find more information about payments to me and my firm in my firm’s Form CRS, Form ADV, and
Investment Advisory Agreement.
MY MATERIAL CONFLICTS OF INTEREST
We have a conflict of interest whenever we have interests that are different from yours. Conflicts can affect
the recommendations we give you. When we have a conflict, we will tell you. You can find more information
about our conflicts of interest in my firm’s Form CRS, Form ADV, and Investment Advisory Agreement. We
have policies and procedures designed to help manage conflicts. We will always work in your best
interests.
• The ways you pay us create conflicts of interest. The amount we earn from working with you
depends, in part, on the amount of assets we manage for you. We have a financial incentive to
recommend that you make financial decisions that would result in more assets under our
management.
• If we provide other services to you in the future, there may be different conflicts. When we
have a conflict of interest, we will tell you about it.
If you are concerned about a conflict of interest and how it might affect your accounts, please talk to me
about it.
YOUR RESPONSIBILITIES
It is your responsibility to update the information you have given me about your personal and financial
circumstances. You will be sent account reports at least quarterly. You also can access the reports online.
You should review these documents carefully. Let me know if you want to talk about the information in
these documents.
TIMING OF THE ENGAGEMENT
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Our engagement will continue until one of us decides to change or end it. If you decide to change or end
the engagement, you just need to tell us. We can do the same, but we will tell you in writing.
YOUR PERSONAL INFORMATION
My firm has adopted and implemented policies about protecting and sharing your non-public personal
information. We have given you our privacy policy.
PUBLIC DISCIPLINARY AND BANKRUPTCY HISTORY
My and my firm do not have a disciplinary or bankruptcy record.
In 2017, the Securities and Exchange Commission (“SEC”) and the Certified Financial Planner Board of
Standards, Inc. sanctioned me for failing to maintain required records. You will find more information at
https://adviserinfo.sec.gov/ and cfp.net/verify.
THANK YOU FOR WORKING WITH US
Thank you for choosing us to work with you. We look forward to getting to know you better. You may reach
me at BiancaThompson@financialfirm.com or 202-379-2200.
Sincerely,
Greg Smith, CFP©
Financial Planning Challenge 2023
Phase 1: Written Financial Planning Case Study
The first phase of the competition consists of a financial planning case study for a hypothetical
client. Students must assess the client’s needs and prepare a comprehensive financial plan for
the client based on the data provided. Use of commercially available financial planning
software is prohibited.
The written plan should include the following:
• A client welcome letter.
• One-page summary outline.
• Assess the client’s current financial condition.
• Identify the major Strengths, Weaknesses, Opportunities, and Threats (SWOT).
• Identify and disclose specific assumptions used in analyzing each goal and need.
• Discuss the resolution of any conflicts between the client’s goals and needs, and the
ability to satisfy them due to financial or other constraints.
• Identify the extent to which other professionals are required to implement any
recommendations.
• Note: Teams are encouraged to make assumptions where details are not provided – be
creative.
Submission:
• Each team should submit their financial plan as one (1) compiled document in PDF
format.
• Important: Please DO NOT include your school’s name, location, or team member
names on any pages of your case submission.
• Submit the online registration from and comprehensive financial plan by Midnight
May 30, 2023. Case submissions should be submitted HERE. If there are any issues in
the upload process, please email a copy of the plan to learning@onefpa.org
Judging:
• A panel of judges representing each presenting organization will review the
submissions based on a standardized grading rubric to maintain consistency.
• Please reference the Phase 1 Grading Rubric online
• Each submission will be assigned a point value based on the quality of their
submission. The phase 1 score has a weighted score of 30%.
PRESENTING ORGANIZATIONS:
AMERIPRISE FINANCIAL, FOUNDING CORPORATE PARTNER
CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS, INC.
FINANCIAL PLANNING ASSOCIATION
https://www.financialplanningassociation.org/form/2023-fpc-registration
https://www.financialplanningassociation.org/financial-planning-challenge
The Rogers Retire
Meet your new clients, James (58) and Pamela (55) Rogers. James and Pamlea have worked
with several planners over the last 15 years. They have received conflicting, and sometimes
incorrect, advice. They are looking to settle in with someone they can trust and who can offer
thorough and consistent direction to help them achieve their goals.
The Rogers have lived in Katy, Texas since 1992. Both born and raised in Colorado, the Rogers
met in college while attending University of Colorado Boulder. Following graduation, they
married and moved to Texas to pursue a job opportunity for James. They’ve resided in Katy,
Texas ever since.
The Rogers have two children, Emily (30) and Tyler (26). Emily followed in her mother’s
footsteps and became a teacher. She is married, has a two year old son, and is expecting her
second. She and her family live in Boulder, Colorado. Tyler just earned an MBA. He is married
and his wife is expecting their first child later this summer. They live in Dallas, Texas.
James is a Senior Pharmacist at Frank’s Specialty Pharmacy and receives an annual salary of
$142,000. He would like to retire in the next few years. Pamela recently retired from teaching
third grade at the local elementary school. Pamela worked in high school as a barista, but since
then, her only career has been in education, specifically at her current school. Her yearly
retirement income from the Texas Teacher Retirement (TRS) fund will be $36,000 when Pamela
turns 67. James thought Pamela might be eligible for social security on his benefits, but he
doesn’t know how that works. On James’ latest social security statement, it said he would
receive $3,167/month if he were to start drawing social security at age 67. James and Pam
aren’t sure of what Pam’s social security benefit will be, if anything. Their primary concern is to
have a strong retirement. James and Pamela are worried about inflation, given the recent high
inflation numbers. Pamela is also concerned as she’s heard that her TRS won’t increase with
inflation.
Pamela is also worried about what would happen if something happened to James. Relocating
is something they are seriously considering upon James’ retirement as they want to be available
to help aging parents and spend time with grandkids. If they were to relocate, they would
relocate to the Denver, Colorado area.
James assumes he’ll retire between ages 65 and 67, but with his current workload doesn’t know
if it will be possible for him to work until then. His work is stressful and his dream would be to
retire by the time he is 60. He has seen how much Pamela has enjoyed retirement and wants to
join her!
James and Pamela’s current expenses are between $8,000-$10,000 per month, including their
mortgage. The extra $2,000 is discretionary spending where James and Pamela will visit their
grandchildren or take a vacation. They want to keep this same level of spending throughout
retirement. In preparation for their conversation with you, they pulled a summary of how they
spend money last month for you to see. That month didn’t include any of their extra travel
expenses that sometimes occur.
James does not have a pension, but has a 401k that he has contributed to since he started
working. He is at the point where he is maxing out his 401k and getting a 3% company match.
James has picked the investments inside of his 401k and will ask various people for what types
of investments he should use and would then add them to his 401k.
James and Pamela have a savings account with $75,000 in it. They don’t know if it is wise to
have this in cash right now or what they should be doing. This account is at their local bank in a
checking account not gaining any interest. Pamela inherited some money, including several
investments from her grandmother, which are in James and Pamela’s joint investment account.
James currently has short-term disability with his company, but elected to not pay for the
long-term disability. James reasoned he is close enough to retirement, so the cost was not worth
the value. James and Pamela have a high deductible health insurance plan through Frank’s
Speciality Pharmacy. They have been healthy so far and haven’t had any big claims, so they
have appreciated the lower premiums. They are worried about what would happen to their
budget if they started needing health care with their deductible and maximum out of pocket at
$13,900 for both of them. Their plan has an HSA, but they were advised years ago to avoid that.
They don’t remember the reason why, but they haven’t looked into it any further.
James and Pamela have been in the same house since 2002. They owe $190,623 on their
mortgage, interest rate of 6.54%. James and Pamela’s original mortgage was a 30 year
mortgage for $350,000. Their parents encouraged them to not pay extra on their mortgage
payment and spoke of the dangers of refinancing their loan, so James and Pamela have the
original loan, which will be paid off in 2032. The couple’s cars are paid in full, however, they will
need to replace one car in the next five years and anticipate needing roughly $30,000 for that
expense and expect to buy a new car every five years with a similar expenses.
Five years ago, James and Pamela attended a live recording of The Price is Right. James was
over the moon to be selected as a contestant. He did really well on the show and won an RV!
The Rogers have loved traveling in their RV. Quick weekend trips or longer cross country
vacations allows them freedom, spontaneity, and flexibility. The RV is valued at $65,000.
James currently has an individual term life insurance policy of $1,000,000 with $1,100/year
premiums through age 65. Every year he debates whether or not he should stop paying the
premium because the $1,100 seems like a lot for him to pay. James also has a 1.5x salary life
insurance policy through his employer. Pamela does not have any life insurance policy.
One of Pamela’s regrets has been that they did not help pay for their children’s college
education. It was difficult to watch their kids struggle to cover tuition, room and board, and all the
other expenses that come with college. Because of this, she would really like to be able to fund
their grandchildren’s college education. In talking through this, Pamela would want to focus on
paying for a public school in Texas and wants to plan to pay for their public school tuition,
leaving the room and board to their grandchildren to cover. Pamela doesn’t know what school
they would want to attend, but suggested using the University of Houston as an example.
Both James’ mother and Pamela’s father are both living in Colorado. James’ mother is 82 years
old and lives with her daughter (James’ sister). If James’ mother were to need an assisted living
facility, there would likely be a $3,500 per month gap in her expenses. While James and his
sister haven’t explicitly discussed this yet, James expects he and his sister would split the
monthly cost to be sure his mother is taken care of. Pamela’s father is 81 years old and lives in
an assisted living facility. His social security and military retirement covers the majority of his
expenses. Being able to help care for and financially support their parents is a top priority for the
Rogers.
Knowing both James’ mother and Pamela’s father have needed assisted living, James and
Pamela are concerned that they may be in a similar situation. They know they have more
resources than their parents, but don’t have a good understanding of what their potential needs
would be or how to plan and do not want their children to worry about them as they age.
An additional concern for James is the fact that their will was never finalized. A draft was put
together in 2010, but probably needs to be revisited. They both agree that estate planning
needs to be addressed in the near future. While the majority of their assets will go to their two
children, Pamela volunteers through an elementary age literacy program, which is a 501(c)(3)
and saw someone recently bequest $100,000 to this program upon their death. She was struck
by the impact this money had on the children they served and would like to do something
similar.
Net Worth Statement | As of February 17, 2023
ASSETS James Pamela Joint Total
NON-QUALIFIED ASSETS
Cash Alternatives
Savings Account — — $75,000 $75,000
Taxable Investments
Joint Account — — $234,189 $234,189
Total Non-Qualified Assets — — $309,189 $309,189
RETIREMENT ASSETS
Qualified Retirement
James’ 401(k) $1,004,971 — — $1,004,971
Pamela’s 403(b) — $321,750 — $321,750
Total Retirement Assets $1,004,971 $321,750 — $1,326,721
Total Liquid Assets $1,004,971 $321,750 $309,189 $1,635,910
REAL ESTATE ASSETS
Home — — $650,000 $650,000
Total Real Estate Assets — — $650,000 $650,000
PERSONAL ASSETS
James’ Car — — $25,000 $25,000
Pamela’s Car — — $10,000 $10,000
RV — — $65,000 $65,000
Total Personal Assets — — $100,000 $100,000
Total Assets $1,004,971 $321,750 $1,059,189 $2,385,910
LIABILITIES James Pamela Joint Total
LONG TERM
LIABILITIES
Mortgage — — ($190,623) ($190,623)
Total Long Term
Liabilities $0 $0 ($190,623) ($190,623)
Total Liabilities $0 $0 ($190,623) ($190,623)
Total Net Worth $1,004,971 $321,750 $868,566 $2,195,287
Total Net Worth $2,195,287
Holdings Gain/Loss
The Holdings Gain/Loss report provides the basis and gain or loss for your holdings, as well as the total basis and total gain or loss for your holdings as of the last update.
Accounts Included: All Assets
Name Ticker Units Unit Basis Basis Price Market Value Gain/Loss % of Portfolio
James’ 401(k)
Vanguard Diversified Equity Fund Investor Shares VDEQX 3,548.000 $39.54 $140,287.92 39.54 $140,287.92 $0.00 8.99%
Vanguard Energy Fund Admiral Shares VGELX 503.000 $86.82 $43,670.46 86.82 $43,670.46 $0.00 2.80%
Vanguard Inflation Protected Securities Fd Insti Shs VIPIX 9,584.000 $9.51 $91,143.84 9.51 $91,143.84 $0.00 5.84%
Vanguard Market Neutral Fund Investor Shs VMNFX 4,594.000 $12.29 $56,460.26 12.29 $56,460.26 $0.00 3.62%
Vanguard Specialized Portfolios Health Care Fund VGHCX 459.000 $209.69 $96,247.71 209.69 $96,247.71 $0.00 6.17%
Vanguard STAR Fund VGSTX 4,392.000 $25.68 $112,786.56 25.68 $112,786.56 $0.00 7.23%
Vanguard Strategic Small-Cap Equity Fund Investor Shares VSTCX 4,758.000 $35.25 $167,719.50 35.25 $167,719.50 $0.00 10.74%
Vanguard Target Retirement 2035 Fund VTTHX 4,953.000 $20.41 $101,090.73 20.41 $101,090.73 $0.00 6.48%
Vanguard Target Retirement 2060 Fund VTTSX 2,739.000 $41.40 $113,394.60 41.40 $113,394.60 $0.00 7.26%
Vanguard Whitehall Funds, Selected Value Fund VASVX 2,975.000 $27.62 $82,169.50 27.62 $82,169.50 $0.00 5.26%
Joint Account
Apple Inc. AAPL 250.000 $45.90 $11,475.00 153.71 $38,427.50 $26,952.50 2.46%
Coca-Cola Company KO 1,000.000 $37.40 $37,398.00 59.22 $59,220.00 $21,822.00 3.79%
CVS Health Corporation CVS 500.000 $43.69 $21,845.00 87.97 $43,985.00 $22,140.00 2.82%
Vanguard Total Stock Market ETF VTI 450.000 $188.89 $85,000.00 205.68 $92,556.00 $7,556.00 5.93%
Pamela’s 403(b)
Fidelity Contrafund FCNTX 25,000.000 $12.87 $321,750.00 12.87 $321,750.00 $0.00 20.61%
Total Holdings — — — $1,482,439.08 — $1,560,909.58 $78,470.50 100.00%
Insurance Details
The Insurance Details report lists your insurance policies including life, long term care, disability income, business disability, property/casualty, and medical.
Insurance, Life
Life Insurance
Death Benefit: $213,000 Institution: — Policy Number: —
Purchase Date: 1/1/2023 Type: Group Life Insured: James Rogers
Owner: Frank’s Specialty Pharmacy Premium Payer: James Rogers Annual Premium:
Premium Term (years): While employed Exclusion Amount: — Cash Value: N/A
Primary Beneficiaries
Pamela Rogers (100.00%)
Contingent Beneficiaries
None Listed
Life Insurance
Death Benefit: $1,000,000 Institution: — Policy Number: —
Purchase Date: 2/27/2005 Type: Term Life Insured: James Rogers
Owner: James Rogers Premium Payer: James Rogers Annual Premium: $1,100
Premium Term (years): 20 Term (years): 20
Primary Beneficiaries
Pamela Rogers (100.00%)
Contingent Beneficiaries
None Listed
Insurance, Disability
Short Term Disability Policy
Benefit: 50% of James’ Salary Institution: — Policy Number: —
Purchase Date: 1/1/2023 Policy Type: Group Short Term Insured: James Rogers
Owner: James Rogers Premium Payer: James Rogers Annual Premium:
COLA: No Growth (0.00%) Benefit is Taxable?: Yes COLA Type: Compound
Maximum Initial Benefit Cap: $6,000/month Maximum Annual Benefit: — Elimination Period: 7 Days
Benefit Period: 5 months Own Occupation?: No Simple COLA Base: —
Insurance, Property and Casualty
Homeowner’s Insurance
Insured Asset: Home Institution Name: — Property Coverage: $650,000
Owner: James and Pamela (Joint/ROS) Policy Type: Homeowner’s Personal Property Coverage: $175,000
Purchase Date: 1/1/2023 Policy Number: — Replacement Value: No
Renewal Date: 1/1/2024 Premium Term (years): 0 Medical To Others Deductible: $1,000
Annual Premium: Property Deductible: $6,500 Medical To Others Coverage: $2,500
Indexed At: No Growth (0.00%) Personal Property Deductible: $500 Liability Limit: $250,000
James’ Car Insurance
Insured Asset: James’ Car Institution Name: — Collision Coverage: $1,000
Owner: James and Pamela (Joint/ROS) Policy Type: Auto Property Liability Limit: $50,000
Purchase Date: 1/1/2023 Policy Number: — Liability Limit Per Person: $50,000
Renewal Date: 1/1/2024 Premium Term (years): Liability Limit Per Accident: $150,000
Annual Premium: $0 Comprehensive Deductible: $1,000 Uninsured Motorist Property Coverage: $50,000
Indexed At: No Growth (0.00%) Collision Deductible: $1,000 Uninsured Motorist Bodily Injury Coverage: $50,000
Pamela’s Car Insurance
Insured Asset: Pamela’s Car Institution Name: — Collision Coverage: $500
Owner: James and Pamela (Joint/ROS) Policy Type: Auto Property Liability Limit: $50,000
Purchase Date: 1/1/2023 Policy Number: — Liability Limit Per Person: $50,000
Renewal Date: 1/1/2024 Premium Term (years): Liability Limit Per Accident: $100,000
Annual Premium: $0 Comprehensive Deductible: $500 Uninsured Motorist Property Coverage: $50,000
Indexed At: No Growth (0.00%) Collision Deductible: $500 Uninsured Motorist Bodily Injury Coverage: $50,000
RV Insurance
Insured Asset: RV Institution Name: — Policy Amount: $50,000
Owner: James and Pamela (Joint/ROS) Policy Type: Other Annual Premium: $0
Purchase Date: 1/1/2023 Policy Number: — Indexed At: No Growth (0.00%)
Renewal Date: 1/1/2024 Premium Term (years): 0
Monthly Spending Report
Description Monthly Spending
Mortgage $2,721
Shopping 1,725
Food 1,325
Bills & Utilities 720
Car Repairs 450
Insurance 426
Home 325
Pets 258
Housecleaner 250
Entertainment 155
Medical 257
Totals: 8,612
Net Worth Statement | As of February 17, 2023
Holdings Gain/Loss
Accounts Included: All Assets
Insurance Details
Insurance, Life
Life Insurance
Life Insurance
Insurance, Disability
Short Term Disability Policy
Insurance, Property and Casualty
Homeowner’s Insurance
James’ Car Insurance
Pamela’s Car Insurance
RV Insurance
FPC22 Case Instruction Letter
Financial Planning Challenge 2023
Phase 1: Written Financial Planning Case Study
The first phase of the competition consists of a financial planning case study for a hypothetical client. Students must assess the client’s needs and prepare a comprehensive financial plan for the client based on the data provided. Use of commercially…
The written plan should include the following:
• A client welcome letter.
• One-page summary outline.
• Assess the client’s current financial condition.
• Identify the major Strengths, Weaknesses, Opportunities, and Threats (SWOT).
• Identify and disclose specific assumptions used in analyzing each goal and need.
• Discuss the resolution of any conflicts between the client’s goals and needs, and the ability to satisfy them due to financial or other constraints.
• Identify the extent to which other professionals are required to implement any recommendations.
• Note: Teams are encouraged to make assumptions where details are not provided – be creative.
Submission:
• Each team should submit their financial plan as one (1) compiled document in PDF format.
• Important: Please DO NOT include your school’s name, location, or team member names on any pages of your case submission.
• Submit the online registration from and comprehensive financial plan by Midnight May 30, 2023. Case submissions should be submitted HERE. If there are any issues in the upload process, please email a copy of the plan to learning@onefpa.org
Judging:
• A panel of judges representing each presenting organization will review the submissions based on a standardized grading rubric to maintain consistency.
• Please reference the Phase 1 Grading Rubric online
• Each submission will be assigned a point value based on the quality of their submission. The phase 1 score has a weighted score of 30%.
Presenting Organizations:
ameriprise financial, founding corporate partner
certified financial planner board of standards, inc.
financial planning association
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