IARFC National Financial Plan Competition “Utah Valley Style”

IARFC National Financial Plan Competition Utah Valley Style

This year Utah Valley University (UVU) will send three teams to the Finals of the IARFC National Financial Plan Competition. This was an exciting turn of events, albeit surprising for Dr. Luke Dean, RFC®, who heads the Financial Planning Program at the University.

Utah Valley has one of the largest undergraduate Financial Planning programs in the country, including a new FP Masters program. With a robust curriculum of 13 specific financial planning classes for undergrad, they are supported by a significant, dedicated group of faculty members.

From being in the Competition for a number of years, Dr. Dean felt the 2022 case study was harder with less time to complete the financial plan. Students were frankly advised that it would increase their already insane work load. Most of the students are full time, working, and have family or church responsibilities. According to Dr. Dean, these students have an admirable work ethic and grit to juggle a lot of priorities, which will help them in their future careers.

He requires all of students to do the case study as part of his class. Not everyone tries to compete; some are really trying to win, others do just enough to satisfy the class requirement. Instead of letting students pick their own team members, he surveys the students to ascertain whether they want to win the competition or just do enough to satisfy the class requirement. Teams are then partnered with those who express like-minded goals thereby eliminating the frustration of being with a partner who is not as invested in the outcome. The case study presents things they don’t know, they don’t have a lot of experience with, which means they have to do the research. The main motivation is that students like to compete and they want the experience to be included on their resumes.

To prepare for the competition each year, Dr. Dean re-reads the rules regarding the help allowed by faculty. He can then work though the concepts of the case study and guide students on how to tackle the obstacles and goals presented. He also enlists the help of local financial professional who give their experience of over 30 years. This can be a benefit or a hindrance. Sometimes the students who compete are typically new and can’t articulate and defend the concepts that these professionals propose. In reality, classes allow for minimal time to delve into complex problems that these family face. That is where the students go outside the class and research.

Having a new case study each year is beneficial and Dr. Dean is grateful for being given fresh material. Having a different case study year after year invites more learning both for the students and for himself and less reliance on a case study that has been handed down from friends. Admittedly it is more work for him, but the educational factor is higher.

Specifically on the Competition setup, he likes the way the program is structured. In different phases of the competition, students are challenged to develop different skill sets. In the first skill set, they put together the plan, then with advancement to Semi Finals or Finals, they learn presentation skills, handle emotional reactions of clients, and finally have to defend the calculations and how and why they made plan recommendations. He loves the broad skill set and the way students are faced with working in a pressurized environment.

The underlying main factor that the Competition establishes is that the students grasp the difference they make in the financial security of their clients. Most of the UVU students come from blue collar homes where money was stretched. These young men and women know that money brings concerns, stress, and anxiety. They are poised to help families meet not just financial needs, but emotional and professional challenges in their lives. A consultant’s advice can affect generations. One could argue that the profession attracts “do gooders”.

As well, the Competition brings opportunities for his students to meet leading professionals in the industry. With the IARFC Board Directors networking with the Finalist teams and the corporate sponsors’ backing, it shows how the Association is supporting the next generation of financial consultants. Money and resources are allocated to make this competition happen when funds could easily be spent elsewhere.

UVU’s take…The IARFC Professionals are the kind of people that UVU wants influencing their students.

“When I see how hard the students work for this ‘fictional family’ and their financial plan, it makes me realize what they will do for their real clients.” Dr. Luke Dean, RFC®