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Technical

Essentials of Personal Financial Planning Logo aicpa

  $129.00 - 179.00 |   AICPA |   Feb 2017 |   AICPA Store

The bewildering array of financial choices facing people, and the hectic pace of life today, make financial decisions more difficult than ever. The prospect of living longer, the uncertainty of investment returns, and the changing economy are just a few of the factors that need to be considered. Financial planners can use the information in this publication to help their clients take a more holistic approach to their finances and together develop a game plan for their future.

Personal financial planning is a process, a series of purposeful and deliberate steps taken to achieve a personal financial plan for an individual or a family. In all, there are seven steps in the PFP process that are discussed in the book. The following four are required:

  1. Engage
  2. Discover
  3. Analyze
  4. Recommend

There are three main actions in the PFP process:

  1. Identify the client’s personal financial goals and resources.
  2. Design financial strategies.
  3. Make personalized recommendations that, when implemented, assist the client in achieving these goals.

This book discusses and encourages planners to take a holistic approach to life planning, a process that places the client and the client’s desires, dreams, and goals above the financial plan.

PFP services include the following:

  • Cash flow planning
  • Charitable planning
  • Education planning
  • Elder planning
  • Estate, gift, and wealth transfer planning
  • Investment planning
  • Retirement planning
  • Risk management and insurance planning
  • Tax planning

The first part of this book provides robust foundational concepts for all areas that must be covered before application concepts are discussed. These include the following:

  • The personal financial planning process, concepts, and regulatory environment
  • Professional responsibilities of a CPA personal financial planner and the requirements of the Statement on Standards in Personal Financial Planning Services
  • Time value of money concepts
  • Fundamentals of financial planning and estate planning

The second part of this book builds on the foundational concepts to provide a deeper understanding of the PFP body of knowledge and its application, with an emphasis on income tax planning and other PFP topics, including:

  • Estate and charitable planning
  • Risk management and insurance planning
  • Investment planning
  • Employee benefits planning
  • Executive compensation planning
Topics covered:
  • Personal financial planning: Technical: Estate planning: Process, taxation & strategies, Foundational
  • Personal financial planning: Technical: Estate planning: Process, taxation & strategies, Intermediate
  • Personal financial planning: Technical: Charitable planning, Foundational
  • Personal financial planning: Technical: Charitable planning, Intermediate
  • Personal financial planning: Technical: Risk management & insurance planning, Foundational
  • Personal financial planning: Technical: Risk management & insurance planning, Intermediate
  • Personal financial planning: Technical: Compensation & benefits: Executive compensation, Intermediate
  • Personal financial planning: Technical: Investment planning: Process, taxation & strategies, Foundational
  • Personal financial planning: Technical: Investment planning: Process, taxation & strategies, Intermediate
  • Personal financial planning: Technical: Retirement planning: Process, taxation & strategies, Foundational
  • Personal financial planning: Technical: Retirement planning: Process, taxation & strategies, Intermediate
  • Personal financial planning: Technical: Elder & special needs planning: Process, taxation & strategies, Foundational
  • Personal financial planning: Technical: Elder & special needs planning: Process, taxation & strategies, Intermediate
  • Personal financial planning: Technical: Specialized planning issues: Education planning, Foundational
  • Personal financial planning: Technical: Specialized planning issues: Education planning, Intermediate
  • Personal financial planning: Technical: Specialized planning issues: Individual income tax planning, Foundational
  • Personal financial planning: Technical: Specialized planning issues: Individual income tax planning, Intermediate
  • Personal financial planning: Technical: Practice management & professional standards: PFP process, Foundational
  • Personal financial planning: Technical: Practice management & professional standards: PFP process, Intermediate

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