• No results found

Personal Financial Planning as a Project. Arlington Wealth Planning

N/A
N/A
Protected

Academic year: 2021

Share "Personal Financial Planning as a Project. Arlington Wealth Planning"

Copied!
23
0
0

Loading.... (view fulltext now)

Full text

(1)

Personal Financial Planning as a Project

Greg Caramanica PMP Greg Caramanica, PMP Arlington Wealth Planning

(2)

Greg Caramanica 2/18/2014 Greg Caramanica

Series 7 License, Registered Representative Series 63 License, Uniform State Securities Law

Passed Certified Financial Planner exam, working on other requirements Master’s Certificate, Financial Planning, Georgetown University

• Financial Planner

, g, g y

Project Management Professional (PMP) Certification M.B.A, Virginia Tech

B.S., Management Information Systems and Decision Sciences, George Mason

• Financial Planner

Arlington Wealth Planning

(www.ArlingtonWealthPlanning.com)

• Project Management Practitioner

(3)

Topic of Discussion

p

2/18/2014

• Steps of Personal Financial Planning mapped to

phases of Project Management

• Tools and templates from the PMI community

f

h

You can DIY if you have…

Knowledge

K

Interest

Time

I

T

3

(4)

Resources

2/18/2014

AWP

– Arlington Wealth Planning

www.ArlingtonWealthPlanning.com/events.html

 Financial Statements and Budgeting templateFinancial Statements and Budgeting template

Article: “Personal Financial Planning as a Project”

PMIWDC

– Project Management Institute,

W hi

DC Ch

I

Washington DC Chapter, Inc.

www.PMIWDC.org

 Links to all PMI templates in this presentation

FPA

- Financial Planning Association

www fpanet org www.fpanet.org

CFP Board

- Certified Financial Planner Board

of Standards, Inc.

f t

www.cfp.net

(5)

What is Financial Planning?

g

2/18/2014

• Financial planning is the long-term process of wisely

managing your finances so you can achieve your goals and dreams, while at the same time

negotiating the financial barriers that inevitably arise in every stage of life. Remember, financial y g , planning is a process, not a product.

-Financial Planning Association

 Knowing your financial situation 

 Being purposeful about your financial actions  Protecting yourself from financial risk

(6)

Mapping the Phases

pp g

2/18/2014

Project Management Inst. 5 Process Groups of Project Management

Financial Planning Association 6 Phases of

Financial Planning

Project Management Financial Planning

Initiating Establishing Goals

Planning Gathering DataAnalyzing Data Developing a Plan Executing Implementing the Plan

Monitoring/Controlling Monitoring the Plan

6

(7)

Mapping the Phases

pp g

2/18/2014

Conceptual comparison of effort

g

Typical Project

Init. Plannin

g

Executing

Monitoring and Controllingo to g a d Co t o g

Financial Planning Project

Planning Ex Init.

Monitoring and Controlling

7

Time

Eff

ort

(8)

Phase 1, Initiation

2/18/2014

PMI Activities Financial Planning Activities

,

D l h t D t b i • Develop a charter • Identify stakeholders • Identify inputs • Document basic information • Evaluate stakeholder • Identify inputs • Identify basic procurement needs needs

• Perform basic analysis • Assess environmental

impacts

 Risk

 Short term

 Long term (incl. estate plan)g ( p )

• Document high level

goals

(9)

Initiation,

Templates and Tools

p

2/18/2014

Project Charter

Stakeholder Register

(10)

Phase 2, Planning

2/18/2014

PMI Activities Financial Planning Activities

,

g

C t k C ll t d t il d fi i l • Create a work

breakdown schedule • Define, sequence, and

• Collect detailed financial

information

• Create personal financial

estimated duration of activities

• Develop a schedule

p

statements and ratios

• Perform a risk analysis

p

• Estimate costs

• Determine budget

• Perform a detailed goals

analysis • Plan procurements • Plan quality • Plan communications Plan procurements • Plan procurements

• Develop a controlling and

monitoring plan

• Plan procurements

• Finalize the project plan • Develop a schedule

(11)

Financial Statements,

Statement of Financial Position

2/18/2014

ASSETS LIABILITIES

Cash and equivalents Current Liabilities Invested Assets Long-term liabilities Use Assets

NET WORTH NET WORTH

(12)

Statement of Cash Flows

2/18/2014 CASH INFLOWS Salaries Salaries Other SAVINGS SAVINGS FIXED OUTFLOWS Debt Paymentsy Bills VARIABLE OUTFLOWS Taxes

Paycheck Deductions - Health & Life Insurance Personal Items

(13)

Financial Statement Analysis

y

2/18/2014

Liquidity

Debt

Investment Performance

Investment Performance

 Paint a picture of your financial situation

 Highlight weaknesses/Identify actions

 Forecast the impact of your actions

(14)

Activity Detail - Planning

y

g

2/18/2014

Planning can go any number of directions

and may require a lot of research

a ay eq

e

a o

o esea c

Insurance (needs/human life/transfer)

Estate planning

Ch iti

Charities

Risk tolerance, expected returns

Retirement savings plans, transfers/rollovers

Retirement savings plans, transfers/rollovers

Self employment retirement plans (SIMPLES,

SEPs, 401(k)s)

Retirement need (wage replacement ratio

Retirement need (wage replacement ratio,

standard of living, transition planning)

Cash flow analysis

Tax analysis (AMT, tax efficiency)

(15)

Planning,

Templates and Tools

p

2/18/2014

Requirements Documentation

P j t S

St t

t

Project Scope Statement

Risk Register

Activity List

Project Schedule

Project Schedule

Quality Metrics

St k h ld M

t Pl

Stakeholder Management Plan

Project Management Plan

(16)

Phase 3, Execution

2/18/2014

PMI Activities Financial Planning Activities

,

Di t d P f th l d

• Direct and manage

project execution

• Perform quality

• Perform the planned

actions

• Conduct procurements

q y

assurance

• Acquire, develop, and

g th j t

p

• Update the plan

• Manage stakeholder

manage the project team • Distribute information expectations • Manage stakeholder expectations • Conduct procurements

16

(17)

Execution,

Templates and Tools

p

2/18/2014

Change Request

Change Log

Issue Log

Issue Log

Decision Log

(18)

Phase 4, Monitoring and Controlling

2/18/2014

PMI Activities Financial Planning Activities

,

g

g

• Monitor and control • Track progress against • Monitor and control

project work

• Perform integrated change control

• Track progress against expectations • Re-evaluate assumptions • Re-evaluate risk g • Verify scope • Control scope • Control schedule • Re-evaluate risk

• Make course corrections • Track changes to the plan

R t Control schedule

• Control costs

• Perform quality control Report performance

• Report progress

• Administer procurements • Report performance

• Monitor and control risks

• Administer • Administer

procurements

(19)

Monitoring/Controlling,

Templates and Tools

p

2/18/2014

Status Report

Project Performance Report

Risk Audit

Risk Audit

Variance Analysis

(20)

Phase 5, Closing

2/18/2014

PMI Activities Financial Planning Activities

,

g

E

ll k

S

it i

Ensure all work

has been completed

Close project or

Same as monitoring

and controlling

Close project or

phase

Close procurements

Close procurements

Evaluate lessons

learned

learned

Prepare final

reports

p

20

(21)

Closing,

Templates and Tools

p

2/18/2014

Procurement Audit

Lessons Learned

Project Closeout

Project Closeout

(22)

Summary

y

2/18/2014

We covered…

Phases of Personal Financial Planning mapped

Phases of Personal Financial Planning mapped

to process groups of Project Management

 Incl. Activities in each phase

Tools and templates from the PMI community

Tools and templates from the PMI community

To find more…

AWP

AWP

((www ArlingtonWealthPlanning com/events htmlwww.ArlingtonWealthPlanning.com/events.html) )

 Financial Statements and Budgeting template

Article: “Personal Financial Planning as a Project”

PMIWDC

PMIWDC

(www.PMIWDC.org)

 Copy of this presentation

 Links to all PMI templates in this presentation

(23)

Thank You!

Contact Information Greg Caramanica

Arlington Wealth Planning

Greg@ArlingtonWealthPlanning com Greg@ArlingtonWealthPlanning.com

www.arlingtonwealthplanning.com/contact.html

References

Related documents

Lynis is an auditing tool which tests and gathers (security) information from Unix based systems.. The audience for this tool are security and system auditors, network

The statement of cash flows provides information about the cash inflows and outflows from operating, investing, and financing activities during an..

Because the statement of cash flows reports only on cash inflows and outflows, significant operating, investing, or financing activities that do not involve cash flows are not

e-Aaria Software Solutions Pvt Ltd is an organization specializing in providing enterprise software like customized and standard ERP Application and e-Business

24 I DECORATING BASICS wrong size lamp wrong size window treatment wrong size rug WHAT’S WRONG, WHAT’S RIGHT: living room.. EVER FEEL LIKE YOU’RE STUCK with a Goldilocks

Choose the option with the lowest present value of cash outflows, net of the present value of any cash inflows (Cash outflows are shown as negative amounts;.. cash inflows as

The database manager uses the name of the method given in the invocation, the number and data types of the arguments, all the methods with the same name for the subject

Mies Van Der Rohe Award, Honourable Mention, 2007 Forum Award, Best Building in Scandinavia, 2006 Copenhagen Municipality AwardScandinavia, 2006.. Hvala