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Financial Planning Competency Handbook, 2nd Edition by CFP Board

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CHAPTER 15 Education Needs Analysis

Taylor Spangler, MS

University of Florida

Michael Gutter, PhD

University of Florida

Martie Gillen, PhD

University of Florida

Sailesh Acharya

University of Florida

CONNECTIONS DIAGRAM

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INTRODUCTION

Education planning involves the process by which a planner (1) determines education goals of the client, (2) analyzes the client’s current situation and plan for the education goals, (3) identifies possible strategies, (4) recommends strategies for meeting the education goal, (5) educates or assists the client to implement the recommendations, and (6) reviews and updates the plan over time. Education planning may have implications for a client’s tax planning, investment planning, and estate planning. This chapter will focus on how to determine a client’s education goals, calculate funds needed to meet goals, and recommend appropriate strategies, including funding sources. Chapter 16 on education savings will explore savings vehicles suited for funding education goals in greater detail, including impacts on need-based financial aid qualification and tax consequences.

The first step in the education planning process is determining the client’s education goals. A financial planner must assist clients in prioritizing all of their financial goals, including saving for educational goals in line with their values and attitudes toward higher education. ...

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