1. This assignment is supposed to represent a real client scenario for you. This should be completed on your own or with one partner (if approved by professor)
2. Unlike the retirement planning exercise that we completed in class, you must present a formal written report, with formal financial statements. This is similar to the group case assignment that you completed except you need to present a formal “Statement of Net Worth” and “ Cash Flow Statements” and related projections. Please see handouts and materials posted to help with the format of good financial statements.
Your report should include a cover letter to the client, outlining your major findings in the work that you completed and any urgent actions they should take (i.e. if you think they need more life insurance asap, tell them that in the cover letter). Keep in mind that the cover letter cannot include all details however, you want to make sure your client understands the work you did, the extent of your analysis and your key findings and/or recommendations. You can summarize but they need the major outcomes. Imagine that your clients may not ever read the entire report, (for purposes of the cover letter only) , you need to tell them what analysis your completed and the key findings of your work. After all, you want them to pay you.
For ease of completion, you do not have to index expenses annually and can choose to assume that current cash inflow, will remain constant for big chunks of time (i.e. first 10 years, next 10 years etc.). In some cases you may outline expenses for 5 years and then 10 years (whatever makes sense based upon major changes in the client’s life. State your assumptions. Effectively, this means you will plan in today’s dollars in the cash flow projections. The only increases that will be reflected in your statements are those that are above normal inflation (i.e. you think that the real cost of education will increase above the normal rates of inflation). Another good example would be that the cost of vehicles may increase over and above inflation due to shortages or increased demand in the future). This financial plan is marked upon the process you take and ensuring that you tie everything together. There is no ONE right answer. You should all make different assumptions (not all information in the case is perfect) so NO two groups should have the same numbers as you will all make slightly different assumptions for the retirement spending. If you believe some information is missing, state that and make an assumption. That said, you should not assume the case away. Be realistic. Also do not forget to use the “Projection Assumptions Guidelines” posted on Blackboard for expected dates of death and rates of return.
3. Your report should include an outline of goals, needs and priorities, for the client. This is important to ensure that you understand what “brings them to see you”. You will present our analysis so that you can substantiate your recommendations and an action plan for the client. Be sure that they are aligned with the client goals and that you address any specific concerns that they cited. Remember that you may identify “needs” that they have and you will need to explain why they should be included in their action plan.
4. The questions at the end of the case help indicate the expectations for the report but are not all- inclusive. The report should stand alone (see PowerPoint that we did in class for ideas of what to consider in each component of financial planning).
5. Although you may discuss this with other students , all work must be the original for each group. All financial plans must be submitted through blackboard where they will be examined by “SafeAssign” for plagiarism. That is why I am sending out unique versions of the case. DON’T DO IT. This is the last major deliverable. Do not put your entire program at risk. Once reported through the plagiarism program it is reported in blackboard and it goes out of my hands. All infractions must be reported and action will be taken.
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