Joseph

Dearman

April 29, 2015

Planning Makes a Difference Reflection

Last Friday, April 24, 2015, some of the top LSU CFP Program students
competed in the Northwestern Mutual Planning Makes a Difference competition
hosted at the Louisiana State University E.J. Ourso College of Business. The three
finalist teams presented financial plans to and answered questions from the judges,
who acted as clients. Besides gaining valuable experience, teams competed for a top
prize of $3000. I was unable to attend the competition due to work conflicts, but I
was able to sit down and interview one of the finalist teams to get their thoughts
and insights on their experience. The team consisted of graduating Senior Finance
majors Christopher Tayeh and Grant Hodgins, both of whom happen to be some of
my good friends.

My first question was, How did your team prepare for the competition?

Grant: Basically we reviewed the case that was presented to us, and made a list of
all the strengths, weaknesses, opportunities, and risks that the family had financially
at the present time. We then assessed their financial goals as well as their personal
goals. We had the family rank their goals based on their personal opinion of
importance. We then started formulating our recommendations using their current
and expected financial status and their ranked goals.
Christopher: For our calculations we used Northwestern Mutual benchmarks and
software that was provided to us. In the end we came up with a comprehensive plan
that we thought answered all of the questions of concern and hopefully would
relieve any stress the couple may have over long-term financial security.

My next question was, Compared to the other teams, how would you say your
teams performance was?

Grant: I think our team performance was honestly fitting for the 3rd place spot
compared to the other two teams chosen as finalists. The other two teams had much
more experience with these types of competitions and dealing with real life
scenarios similar to this case.
Christopher: Grant pretty much summed it up; however, I believe our team did
perform well with the information and guidelines provided to us.

The next question was, What do you think that you both could have done better?

Grant: I think we could improve our plan to fit more of a professional outline. With
it being our first plan, we didnt know the correct format or wording that our plan
should be.

Christopher: Also I think our presentation should have been more developed with
a better conversion with the client as well as visuals to present to the client in order
to better the understanding of the plan.

Next question, What was your overall experience with the Planning Makes a
Difference Competition?

Grant: I had great overall and real life experience. This competition as well as the
CFP program in general has opened up many doors for me as I make my way into
the industry.
Christopher: After talking to all of the professionals that attended, they assured
that this would be the hardest plan we would ever have to make and present.
Hearing these words of advise and even criticism, really made me realize that this is
the profession that I want to be in. Overall, the program and competition has taught
me how to network and sell myself to future employers and has also given me the
tools to get a leg up in the competitive job world.

One final question was asked, Do you have any advice for future CFP students that
may compete in the competition if offered again?

Grant: My main advice for future CFP students would be to get involved with the
program. The program has much to offer already and its still in the process of
growing larger and larger. With it still being a young program, you have the
opportunity to leave your mark on it and help the program become better through
new ideas and opinions. Also, people like Dr. Fran and Professor Fry truly enjoy
helping people out and want you to succeed in life.
Christopher: All of what he said is true to me as well, especially with the excellent
faculty that we have in the program. If you seek help and advice from fellow
colleagues and faculty and actually get involved, the CFP program will offer you
multiple opportunities for success.

That question concluded my interview, and I think it went very well given the well
thought out responses that I received. Both contestants gave me very valuable
insights into how the competition was and how I, or any student, could prepare for a
competition of this nature in the future. Even though they did not win first place,
they demonstrated the lessons and experiences that they gained in the process. I
believe that Christopher and Grant will both be successful in the financial services
industry one day, and this competition proved to be very beneficial to both of them.
I hope that Northwestern Mutual will sponsor a competition like this in the future
for students in the CFP program. The competition has shown to have many positive
effects not only on the students competing, but also the LSU CFP Board-Registered
Program in general.