BUS 458 Week 5 Final Project- The Construction of a Financial Plan for a Client
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Focus of the Final Project
The Construction of a Financial Plan for a Client
Construct a basic financial plan for a client. The client can be you, a family member, or a friend. The client has to be someone from whom you can gain financial information and interview for goals, objectives, special problems, and net worth knowledge.
Refer to Chapter 9 of the text for guidance to formatting a basic financial plan. When applicable, include
tables/charts/graphs to illustrate quantitative data or to support the narrative. The financial plan should include:
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A financial plan style cover page
Client profile, summary of goals and assumptions
Develop an executive summary of observations and recommendations
Construct a cash flow analysis (a simple net cash flow evaluation: cash inflows minus cash outflows)
Construct a net worth analysis. (a simple balance sheet for the client: assets minus liabilities = net worth)
Tax analysis (what can the client do to minimize taxes?)
Retirement analysis (determine if client’s current investments and savings will be sufficient to sustain long-term retirement)
Insurance/risk management analysis (determine how much life insurance is needed to replace income and consider if any of the following needs to be covered—health/disability, long-term care, property/liability insurance, umbrella insurance)
nvestment analysis (Include an identification of risk tolerance, complete an asset allocation analysis, and consider risk/return of current portfolio (what it should be and how the portfolio should be altered)
Estate planning analysis (consider all options to see if relevant to the client)
Specialized analysis (be sure to include at least one of the...