FPSB’S FINANCIAL PLANNING CURRICULUM FRAMEWORK

Financial Planning Curriculum Learning Outcomes (by Curriculum Component)

A learning outcome is a statement of what a learner is expected to know, understand and be able to do at the end of a period of learning. Learning outcomes are linked to a course’s overall level descriptor and are written in terms of ‘the learner will be able to do something…’ or ‘the learner is expected to be able to do something….’

FPSB’s Financial Planning Curriculum Learning Outcomes specify the general areas of learning a student is expected to master to enable the student to competently perform. With the exception of the Integrated Financial Planning Component, all learning outcomes described in FPSB’s Financial Planning Curriculum Framework relate to the Fundamental Financial Planning Practices and Financial Planner Abilities described in FPSB’s Financial Planner Competency Profile.

1. Principles and Practices of Financial Planning Learning Outcomes

On successful completion of the Principles and Practices of Financial Planning Component, the student will be able to:

1.1    Apply the financial planning process in the practice of financial planning

1.2    Demonstrate ethical appreciation in dealings and relationships with clients and third parties

1.3    Discuss, explain and apply ethical principles, standards of practice and rules of conduct for the practice of financial planning, relevant to the jurisdiction

1.4    Demonstrate communications skills

1.5     Demonstrate presentation skills

1.6    Consider and discuss the impact of compliance issues on the practice of financial planning

1.7    Demonstrate knowledge of regulatory, economic and political environments

1.8    Demonstrate knowledge of practice management and other business aspects of financial planning

1.9    Discuss behavioral aspects of financial planning applicable to the financial planning engagement

1.10    Demonstrate the ability to understand and address client attitudes toward risk

1.11    Define and describe the process and the practice of financial planning


2. Financial Management Learning Outcomes

On successful completion of the Financial Management Component, the student will be able to:

Collect the quantitative and qualitative information required to develop a financial plan

2.1    Collect information regarding the client’s assets and liabilities

2.2    Collect information regarding the client’s cash flow, income and/or obligations

2.3    Collect information necessary to prepare a budget

2.4    Prepare statements of the client’s net worth, cash flow and budget

2.5    Determine the client’s propensity to save

2.6    Determine how the client makes spending decisions

2.7    Determine the client’s attitudes towards debt

Consider potential opportunities and constraints and assess information to develop strategies

2.8    Determine whether the client is living within financial means

2.9    Determine the issues relevant to the client’s assets and liabilities

2.10    Determine the client’s emergency fund provision

2.11    Consider potential cash management strategies for the client

2.12    Assess whether the emergency fund is adequate

2.13    Assess the impact of potential changes in income and expenses

2.14    Identify conflicting demands on cash flow

2.15    Assess financing alternatives

Synthesize information to develop and evaluate strategies to create a financial plan

2.16    Develop financial management strategies

2.17    Evaluate advantages and disadvantages of each financial management strategy

2.18    Optimize strategies to make financial management recommendations

2.19    Prioritize action steps to assist the client in implementing financial management recommendations



3. Asset Management Learning Outcomes

On successful completion of the Asset Management Component, the student will be able to:

Collect the quantitative and qualitative information required to develop a financial plan

3.1    Collect information necessary to prepare detailed statement of investment holdings

3.2    Determine the client’s current asset allocation

3.3    Identify cash flows available for investment

3.4    Determine the client’s experience with, and attitudes and biases, towards investments

3.5    Determine the client’s investment objectives

3.6    Determine the client’s tolerance for investment risk

3.7    Identify the client’s assumptions and return expectations

3.8    Identify the client’s time horizon

Consider potential opportunities and constraints and assess information to develop strategies

3.9    Calculate required rate of return to reach the client’s objectives

3.10    Determine the characteristics of investment holdings

3.11    Determine the implications of acquiring/disposing of assets

3.12    Consider potential investment strategies

3.13    Assess whether investment return expectations are consistent with the risk tolerance

3.14    Assess whether asset holdings are consistent with risk tolerance and required rate of return

Synthesize information to develop and evaluate strategies to create a financial plan

3.15    Develop asset management strategies

3.16    Evaluate advantages and disadvantages of each asset management strategy

3.17    Optimize strategies to make asset management recommendations

3.18    Prioritize action steps to assist the client in implementing asset management recommendations


4. Risk Management Learning Outcomes

On successful completion of the Risk Management Component, the student will be able to:

Collect the quantitative and qualitative information required to develop a financial plan

4.1    Collect details of the client’s existing insurance coverage

4.2    Identify potential financial obligations of the client

4.3    Determine the client’s risk management objectives

4.4    Determine the client’s tolerance for risk exposure

4.5    Determine relevant lifestyle issues

4.6    Determine health issues

4.7    Determine the client’s willingness to take active steps to manage financial risk

Consider potential opportunities and constraints and assess information to develop strategies

4.8    Determine characteristics of existing insurance coverage

4.9    Consider current and potential risk management strategies

4.10    Assess exposure to financial risk

4.11    Assess the client’s risk exposure against current insurance coverage and risk management strategies

4.12    Assess the implications of changes to insurance coverage

4.13    Prioritize the client’s risk management needs

Synthesize information to develop and evaluate strategies to create a financial plan

4.14    Develop risk management strategies

4.15    Evaluate advantages and disadvantages of each risk management strategy

4.16    Optimize strategies to make risk management recommendations

4.17    Prioritize action steps to assist the client in implementing risk management recommendations

5. Tax Planning Learning Outcomes

On successful completion of the Tax Planning Component, the student will be able to:

Collect the quantitative and qualitative information required to develop a financial plan

5.1    Collect the information necessary to establish the client’s tax position

5.2    Identify taxable nature of assets and liabilities

5.3    Identify current, deferred and future tax liabilities

5.4    Identify parties relevant to the client’s tax situation

5.5    Determine the client’s attitudes towards taxation

Consider potential opportunities and constraints and assess information to develop strategies

5.6    Review relevant tax documents

5.7    Consider potential tax strategies and structures

5.8    Evaluate existing tax strategies and structures for suitability

5.9    Assess financial impact of tax planning alternatives

Synthesize information to develop and evaluate strategies to create a financial plan

5.10    Develop tax planning strategies

5.11    Evaluate advantages and disadvantages of each tax planning strategy

5.12    Optimize strategies to make tax planning recommendations

5.13    Prioritize action steps to assist the client in implementing tax planning recommendations

6. Retirement Planning Learning Outcomes

On successful completion of the Retirement Planning Component, the student will be able to:

Collect the quantitative and qualitative information required to develop a financial plan

7. Estate Planning Learning Outcomes

Collect the quantitative and qualitative information required to develop a financial plan

8. Integrated Financial Planning Learning Outcomes

On successful completion of the Integrated Financial Planning Component, the student will be able to: