FNAN 493 Master Syllabus

FNAN 493: Financial Planning and Wealth Management Capstone Master Syllabus

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University Catalog Description

Working as a financial planner requires a unique set of skills and knowledge to successfully navigate serving clients while maintain professional standards. Students will develop an understanding of the cognition and judgment/decision-making of both clients and financial planners and implications for the financial planning process. Students also will learn techniques to facilitate communication with clients and effectively counsel them. Students will develop an understanding of the professional responsibilities of financial planners including those of the CFP© Board. Students then will apply their knowledge of financial planning to meet actual clients’ goals through a practicum in financial planning during which they will create and present a comprehensive financial plan.

Writing Intensive Statement

This course has been approved by the Faculty Senate Writing across the Curriculum Committee to fulfill all/in part the Writing Intensive requirement in the Financial Planning and Wealth Management major. It does so through the 3600-word research report on a Comprehensive Financial Plan for a client due April 28th. The Comprehensive Financial Plan will be completed through a draft/feedback/revision process. The first draft (the initial financial plan) will be due March 31st; I will provide commentary on the draft, and the revised draft will be due on April 28th. All writing work will be done completely individually.

Writing Instruction Schedule

One goal of this writing intensive course will be to learn how to write in a style and manner that is consistent with a financial plan delivered to clients. To achieve this, significant class time will be devoted to analyzing CFP standards for the preparation of financial plans and will prepare one for writing their own Comprehensive Financial Plan. Included in this preparation will be:

Reading examples of financial plans.
Reviewing CFP standards for such reports.
Discussing mini cases that address different facets of a comprehensive financial plan
Hearing from industry professionals on how they prepare and present financial plans.
Along the way guidance on each step provided by the professor discussing submitted work.

These in class reading and writing exercises all lead to a first draft of a Comprehensive Financial Plan due April 7th. This will then be edited and handed back to the student. The final draft of the Comprehensive Financial Plan is due on April 28th.

Learning Objectives

Upon successful completion of this course, the student will be able to:

Demonstrate a comprehensive understanding of the content found within the Financial Planning curriculum and effectively apply and integrate this information in the formulation of a financial plan.
Effectively communicate the financial plan, both orally and in writing, through analysis and synthesis of case materials.
Collect all necessary and relevant qualitative and quantitative information required to develop a financial plan.
Analyze personal financial situations, evaluating clients’ objectives, needs, and values to develop an appropriate strategy within the financial plan.
Demonstrate logic and reasoning to identify the strengths and weaknesses of various approaches to a specific problem.
Evaluate the impact of economic, political, and regulatory issues on a the financial plan.
Apply the CFP Board Financial Planning Practice Standards to the financial planning process.

Undergraduate Program Learning Goals

(those in bold will be addressed in this class):

Our students will be competent in their discipline.
Our students will be aware of the uses of technology in business.
Our students will be effective communicators.
Our students will have an interdisciplinary perspective.
Our students will be knowledgeable about global business and trade.
Our students will recognize the importance of ethical decisions.
Our students will be knowledgeable about the legal environment of business.
Our students will be knowledgeable about team dynamics and the characteristics of effective teams.
Our students will understand the value of diversity and the importance of managing diversity in the context of business.
Our students will be critical thinkers.

Approach to Learning

This course will combine in-class virtual synchronous sessions, case study discussions, textbook study, and online resources.

Required Reading and Learning Materials

Michael A. Dalton, James F. Dalton, Kathleen F. Oakley. Cases in Financial Planning: Analysis and Presentation (4th Edition). Dalton Education ISBN: 978-1-946711-68-7
Grable, J.E., Kruger, M. E., & Ford, M. R. (2019). The Fundamentals of Writing a Financial Plan (1st Edition). National Underwriter. ISBN 978-1-949506-36-5
CFP Board’s Code of Ethics and Professional Responsibility and Rules of Conduct, Disciplinary Rules and Procedures, and Financial Planning Practice Standards
Financial Calculator

Suggested Professional Resources

General Class Policies

Students are responsible for case preparation prior to each class.
Students are responsible for reading assigned readings prior to discussion in class.
All assignments must be typed using Microsoft Word.
Final client presentations should use Microsoft PowerPoint.
All analysis should be performed in Microsoft Excel.
Weekly assignments must be submitted via Blackboard by 5 PM on the day of class (Thursday)
No late assignments will be accepted. This rule will be strictly enforced because time is needed to review and provide feedback on schedule with class progression.
The course outline is tentative. The instructor reserves the right to amend reading assignments or course calendar.

NOTE:

We will be using Excel quite a bit in this class. It is expected that students have a working knowledge of Excel. Students who may be unfamiliar with Excel (or another spreadsheet package) should spend time with the help function in Excel.

Technology Use and Web-Conferencing Policy

Activities and assignments in this course will regularly use Canvas. Students are required to have regular, reliable access to a computer with an updated operating system (recommended: Windows 10 or Mac OSX 10.13 or higher) and a stable broadband Internet connection (cable modem, DSL, satellite broadband, etc., with a consistent 1.5 Mbps [megabits per second] download speed or higher.

Classes will be held online during its scheduled time via Zoom. All students are required to have a device with a functioning camera and microphone and will be expected to have video turned on during class time, especially during case and class discussions in an effort to simulate an in-person class environment. Students may ask for a reasonable exception to the policy, however, please be respectful of your peers and your instructor and do not engage in activities that are unrelated to the class. Such disruptions show a lack of professionalism and may affect your participation grade.

Course Materials and Student Privacy

All course materials posted to Canvas or other course site are private to this class; by federal law, any materials that identify specific students (via their name, voice, or image) must not be shared with anyone not enrolled in this class.

Video recordings -- whether made by instructors or students -- of class meetings that include audio, visual, or textual information from other students are private and must not be shared outside the class
Live video conference meetings (e.g. Zoom) that include audio, textual, or visual information from other students must be viewed privately and not shared with others in your household or recorded and shared outside the class

Diversity and Inclusion

This course seeks to create a learning environment that fosters respect for people across identities. We welcome and value individuals and their differences, including gender expression and identity, race, economic status, sex, sexuality, ethnicity, national origin, first language, religion, age and ability. We encourage all members of the learning environment to engage with the material personally, but to also be open to exploring and learning from experiences different than their own.

Name and Pronoun Use

If you wish, please share your name and preferred gender pronouns with me and indicate how best to address you in class and/or via email. I use he/his for myself and you may address me as “Mr. Stillman” in email and verbally.

Sexual Harassment, Sexual Misconduct, and Interpersonal Violence

As a faculty member, I am designated as a “Non-Confidential Employee,” and must report all disclosures of sexual assault, sexual harassment, interpersonal violence, stalking, sexual exploitation, complicity, and retaliation to Mason’s Title IX Coordinator per University Policy 1202. If you wish to speak with someone confidentially, please contact one of Mason’s confidential resources, such as Student Support and Advocacy Center (SSAC) at (703) 993-3686 or Counseling and Psychological Services (CAPS) at (703) 993-2380. You may also seek assistance or support measures from George Mason’s Title IX Coordinator by calling (703) 993-8730, or emailing titleix@gmu.edu.

Safe Return to Campus Statement

It is envisions that all interactions for this course will carried out virtually. However, in the event that in-person is necessary, students will be required to follow the university’s public health and safety precautions and procedures outlined on the university Safe Return to Campus webpage. Prior to an in-person meeting, students must complete the Mason COVID Health Check. The COVID Health Check system uses a color code system and students will receive either a Green, Yellow, Red, or Blue email response. Only students who receive a “green” notification will be permitted to meet in person. If you suspect that you are sick or have been directed to self-isolate, please quarantine or get testing. Faculty are allowed to ask you to show them that you have received a Green email and are thereby permitted to meet in person.

Campus Closure or Emergency Class Cancelation/Adjustment Policy

If the campus closes, or if a class meeting needs to be canceled or adjusted due to weather or other concern, students should check Blackboard [or other instruction as appropriate] for updates on how to continue learning and for information about any changes to events or assignments.

Academic Integrity

The integrity of the University community is affected by the individual choices made by each of us. George Mason has an Honor Code with clear guidelines regarding academic integrity. Three fundamental and rather simple principles to follow at all times are that: (1) all work submitted be your own; (2) when using the work or ideas of others, including fellow students, give full credit through accurate citations; and (3) if you are uncertain about the ground rules on a particular assignment, ask for clarification. No grade is important enough to justify academic misconduct. Plagiarism means using the exact words, opinions, or factual information from another person without giving the person credit. Writers give credit through accepted documentation styles, such as parenthetical citation, footnotes, or endnotes. Paraphrased material must also be cited, using the appropriate format for this class. A simple listing of books or articles is not sufficient. Plagiarism is the equivalent of intellectual robbery and cannot be tolerated in the academic setting. If you have any doubts about what constitutes plagiarism, please see me.

Disability Accommodations

Disability Services at George Mason University is committed to upholding the letter and spirit of the laws that ensure equal treatment of people with disabilities. Under the administration of University Life, Disability Services implements and coordinates reasonable accommodations and disability related services that afford equal access to university programs and activities. Students can begin the registration process with Disability Services at any time during their enrollment at George Mason University. If you are seeking accommodations, please visit the Office of Disability Services website for detailed information about the Disability Services registration process. Disability Services is located in Student Union Building I (SUB I), Suite 2500. Email: ods@gmu.edu | Phone: (703) 993-2474

FERPA Notice

Students must use their George Mason email account to receive important University information, including communications related to this class. I will not respond to messages sent from or send messages to a non-George Mason email address.

Grades

Your final grade will be based on:

Final Comprehensive Financial Plan (3600-word min) – Written Report	40%
Comprehensive Financial Plan – Oral Presentation	10%
Draft Comprehensive Financial Plan	20%
Weekly Assignments	15%
Class Participation	15%

Class Participation

A portion of many classes will be allocated to discussion of an assigned hypothetical case. The student will be required to have read and have prepared for the case discussion prior to class. During class, students are required to actively participate in group discussion by asking questions and putting forth ideas to promote peer learning and exploration of the case situation.

Weekly Assignments

Each week, students will be required to write a paragraph or two (<250 words) reflecting on the topic of the previous class. These short paragraphs will help the student begin to think about the greater picture of forming a financial plan.

Additionally, if a case is assigned for the class, students will be required to prepare and submit a written document prior to the case. Written submissions will include a summary of the client situation in the case, identified strengths and weaknesses of the clients’ situation, identified issues and proposed steps to address these issues, questions you would ask to the clients in the case, and an open question to the class related to the case. In some cases, select supporting analyses may be assigned. These assignments will be graded for effort and completeness.

Comprehensive Financial Plan (3,600-word minimum)

Using the comprehensive financial planning structure learned in this course, the student is required to complete a complete comprehensive financial plan for a hypothetical case. This written plan must be at least 3,600 words and should cover all aspects of financial planning including tax planning, debt management, cash flow management, risk management, principles of investment management, education planning, philanthropic planning, retirement planning, estate planning, and planning for special needs. The written plan should include a introductory materials (client letter, statement of ethics), recommendations in a narrative format, supporting analyses, footnoted sources for researched assumptions, and an implementation plan. Students should also include a proof that there is sufficient cash flow and assets to implement all recommended actions. The Comprehensive Financial Plan will be completed through a draft/feedback/revision process.

Financial Plan Presentation

The student is required to create a PowerPoint presentation of the Comprehensive Financial Plan and deliver the presentation to the instructor in a 30-minute one-on-one session followed by a 15-minute question and answer session.

Grade Range

All assignments must be done completely on an individual basis. Letter grades for the course are determined by numeric grades for the course and the ranges described in the following table:

Grade	Range
A+	97.3 or greater*
A	93.0 – 97.2
A-	90.0 – 92.9
B+	87.0 – 89.9
B	83.0 – 86.9
B-	79.0 – 82.9
C+	74.0 – 78.9
C	69.0 – 73.9
D	60.0 – 68.9
F	59.9 or less

Numeric grades for the course are rounded up to the nearest tenth (1 decimal place) and final letter grades are based on the rounded figure. For example, 68.9001 would round up to 69.0, which would be a C, but 68.9000 would round up to 68.9, which would be a D. Grades for individual components are rounded up to the nearest whole number (0 decimal places).

Course Topics

Financial planning process (CFP Board Topic B.7)
Meeting with clients (CFP Board Topic B.7)
Understanding client needs and effective communication techniques (CFP Board Topic H.69)
Gathering information for a financial plan (CFP Board Topic B.7)
Facilitating goal setting (CFP Board Topic B.7)
Writing a financial plan (CFP Board Topic B.7)
Presenting a financial plan (CFP Board Topic B.7)
Creating an implementation plan (CFP Board Topic B.7)
Monitoring, tracking a modifying financial plans (CFP Board Topic B.7)
Client attitudes, values and biases (CFP Board Topic H.65)
Planner attitudes, values and biases (CFP Board Topic H.65)
Controlling behavioral biases of your clients and managing emotions (CFP Board Topic H.66)
Identifying sources of money conflict (CFP Board Topic H.67)
Principles of client counseling and the psychology of money (CFP Board Topic H.68)
CFP Board’s Code of Ethics and Professional Responsibility and Rules of Conduct (CFP Board Topic A.1)
CFP Board’s Disciplinary Rules and Procedures (CFP Board Topic A.2)
CFP Board’s Financial Planning Practice Standards (CFP Board Topic A.2-3)
Financial Service Regulations (CFP Board Topic A.4-5)

Tentative Class Schedule (Sample)

*CFPAP = Cases in Financial Planning Analysis and Presentation
*FWFP = The Fundamentals of Writing a Financial Plan

Class	Date	Topic	Learning Objectives	Assignment
1	Jan 27	Introduction	Define the scope and set expectations for the class. Describe the personal financial planning process as defined by the Financial Planning Practice Standards. Identify and compare different planning approaches. Review financial statement analysis.	Reading CFPAP* – pg. 3-11; 21-79 FWFP* – pg. 1-13; 99-103; 167-205; 209237 Writing Reflection on financial planning process
2	Feb 3	Meeting Your Clients – Communication Style and Setting Expectations	Discuss communication methods used in financial planning. Explain the applications of counseling theory to financial planning practice. Demonstrate how a planner can develop a relationship of honesty and trust in client interaction. Assess the components of communications, including linguistic signs and non-verbal communications. Apply active listening skills when communicating with clients. Select appropriate counseling and communication techniques for use with individual clients. Discuss the process of getting to know prospective clients and defining scope of engagements.	Reading CFPAP – pg. 11-15; 81-98 FWFP – pg. 13; 16-18 Writing Reflection on communication style Preparation for Case 1
3	Feb 10	Gathering Information	Discuss the process for gathering information for a financial plan Provide overview of software used to store client information (CRM, e.g. Wealthbox) Understand responsibility with client data and data privacy Provide overview of financial planning software used in industry	Reading CFPAP – pg. 15-16 FWFP – pg. 13-16; 18-20 Writing Reflection on gathering information Preparation for Case 2
4	Feb 17	Setting Goals and Understanding Client Psychology	Learn about types of financial goals Understand common goals by life stage of the client Learn how to help clients set and prioritize goals Analyze a client’s degree of risk and loss aversion and insure recommendations are consistent with a client’s risk propensity, attitudes, capacity, knowledge, and needs. Evaluate how a client’s values, including cultural and religious values and attitudes, will affect his/her goals and a planner’s recommendations. Describe how behavioral psychology, such as a client’s comfort zone, impacts a client’s objectives, goals, understanding, decision making, and actions.	Reading CFPAP - pg. 16-17; 98-130 FWFP – pg. 20-22; 26-29; 69-92 Writing Reflection on setting goals and client psychology Preparation for Case 3
5	Feb 24	Delivering a Financial Plan	Detail overall structure of a written financial plan Identify areas covered by a comprehensive financial plan Discuss format of a financial plan Discuss technical writing Discuss methods for presenting choices in a financial plan Understand our role as financial advisors Understand the difference between telling vs. showing Explain how a client’s psychological profile, such as a Meyers-Briggs assessment, and learning style, and values impact the format of the plan produced and presented.	Reading CFPAP – pg. 17-18 FWFP – 30; 92-94 Writing Reflection on delivering a financial plan Preparation for Case 4 Comprehensive Financial Plan Assigned (draft for review due 3/31, Final due 4/28)
6	Mar 3	Implementation	Discuss the use of action plans as part of a financial plan Discuss methods for assigning implementation responsibilities between advisor and client Examine methods for holding clients accountable	Reading CFPAP – pg. 21 FWFP – pg. 22-26 Writing Reflection on implementation Preparation for Case 5
7	Mar 10	Global Assumptions	Understand macroeconomic assumptions used in financial planning Learn about economic indicators	Reading Read CFP Code of Ethics Writing Reflection on global assumptions Preparation for Case 6 Continue work on comprehensive financial plan
n/a	Mar 17	No Class – Spring Break
8	Mar 24	CFP Professional Responsibility, Rules of Conduct, Code of Ethics, and Disciplinary Rules and Procedures	Explain the Fitness Standards for Candidates and Registrants, as revised January 2011. Explain the seven principles of the Code of Ethics and Professional Responsibility, which are ethical and professional ideals of CFP® professionals. Apply the Rules of Conduct as they relate to the financial planning process and being a CFP® professional Recognize unethical practices in the financial planning profession based on the CFP Board Standards of Professional Conduct. Describe the Practice Standards employed during each step of the financial planning process. Integrate the Practice Standards in developing and communicating a financial plan for a client. Discuss the fiduciary standard and its importance to the planner-client relationship. Discuss the difference between financial planning and financial advice Identify the grounds for disciplining of CFP® professionals. Explain the disciplinary procedures employed by CFP Board. Distinguish between the disciplinary actions that can be taken by CFP Board.	Reading FWFP – pg. 115 - 165 Writing Reflection on Code of Ethics Finish draft comprehensive financial plan
9	Mar 31	Financial Service Regulations	Comprehensive Financial Plan Draft Due Describe regulators that oversee various parts of the financial services industry Compare the secondary market institutions and their regulators for each security (stock, bond, ETFs, real estate, commodities and options exchanges) and of primary market institutions (investment banking firms, mutual funds and hedge funds). Identify the regulatory authorities that impact elements of the financial planning process. (Examples include regulation of accountancy, legal practice, real estate law, insurance regulation, etc.). Differentiate between investment knowledge that is proper to use in the evaluation of securities and insider information. Demonstrate a comprehensive understanding of investment advisor regulation and financial planning aspects of the ERISA. Explain the relevant licensing, reporting and compliance issues that may affect the business model used by a financial planning firm. Describe consumer laws that impact clients, including bankruptcy, banking, credit, privacy regulations, and other relevant laws.	Writing Write a sample ADV
10	Apr 7	Plan Feedback and Revision	Comprehensive Financial Plan One-on-Ones Understanding the importance of ongoing financial planning Establishing frequency of updates Detailing methods for updating a financial plan and documenting changes	Reading CFPAP – pg. 18 FWFP – pg. 94-97 Writing Preparation for Case 7 Continue work on comprehensive financial plan
11	Apr 14	Monitoring Financial Planning Decisions		Writing Reflection on monitoring Preparation for Case 8
12	Apr 21	Presenting a financial plan		Writing Finalize comprehensive financial plan
13	Apr 28	Final Presentations	Final Comprehensive Financial Plan Due In-Class Plan Presentations and Peer Feedback
14	May 5	Final Presentations	In-Class Plan Presentations and Peer Feedback

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