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FINC 490 course deals with a thorough review and analysis of financial planning principles and applications based on case studies. The main objective is to analyze and gather data, evaluate the impact of governmental regulations and economic changes and effectively communicate a comprehensive financial plan to clients. Topics include estates, taxes, debt, asset protection, credit, insurance, investments, economic theories, ethics, financial planning process, and risk.
What is Financial Planning?
Financial planning is the process of required capital estimation and determination of its competition. It’s a process of framing financial policies in relation to investment, procurement, and administration of funds of an enterprise.
Objectives of Financial Planning:
- Determining capital requirements
- Determining capital structure
- Framing financial policies
- Maximum utilization of scarce financial resources
6 Steps of Financial Planning
Six steps of financial planning can be easily recalled by the acronym EGADIM, the letters that begin the first word of each step.
- Establish the goal/relationship
- Gather data
- Analyze data
- Develop a plan
- Implement the plan
- Monitor the plan
Establish the goal/relationship
Here the adviser introduces himself or herself and typically explains the financial planning process to a client or prospective client. The main purpose of establishing the goal or relationship is to form the foundation or purpose of planning itself i.e. to begin the financial journey with the clarification of a financial destination.
Gather relevant data
This is the step where you gather the information required to make recommendations for the appropriate strategies and financial products to reach your goals. Though you already have this information, it will be a wise thing to have it all written down so that you can visualize all of the necessary data required to make investment decisions i.e. to give yourself prudent “advice”.
Analyze the data
Once you gather the data, now it’s time to analyze it. Use a financial calculator to get initial assumptions. Most of the time, these initial assumptions are not quite enough to obtain the goal. So, you need to devise alternative solutions to reach your goal. You will get an idea about these alternative solutions in the next step.
Develop the plan
If your initial assumptions brought you a little short, then if you can handle taking more risk, you can increase your exposure to stocks in an aggressive portfolio of mutual funds and assume more rate of return. Then you can come close to your goal. Financial planning needs devising alternative solutions that are achievable for each individual.
Implement the plan
Here comes the most difficult part after planning; implementation. Though it may sound simple, most people find it more difficult in financial planning. It requires discipline and desire to put it into action. This step is to make your financial strategies achievable and to consider slowly moving up to desired saving rates rather than jumping into something which may be challenging if implemented too fast for your comfort level and budget.
Monitor the plan
Nothing remains constant except change. Plans too evolve and change just like life. So, the plan should be monitored and tweaked from time to time. There will be some financial changes beyond your control such as interest rates, tax law changes, inflation rates, economic recessions, and stock market fluctuations.
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