Curriculum & Courses

This is a 7-week course.

In this course, students will explore the history and current state of the wealth management industry and gain exposure to the fundamentals of financial planning, including Accounting and Finance. This course will address the function, purpose, and regulation of financial institutions, the regulations and requirements governing financial services, and the ethical responsibilities of wealth management professionals. This course will provide an introduction to tax concepts and trusts and estates. Students will also learn about the major asset classes, including cash and cash alternatives, fixed income, equities, and alternative investments.  In addition, students will be able to apply core accounting and finance concepts, including: time value of money, weighted average cost of capital, discounted cash flow, internal rate of return, and three-statement financial analysis. Finally, students will be provided an overview of the importance of communication and counseling. 

After completing this course, students will be able to:

• Examine the current opportunities and challenges impacting the wealth management industry with regard to ethics, client trust, client communications, and client service
• Analyze the function, purpose, and varied regulations of wealth management financial institutions and the evolving fiduciary obligations and expectations of its professionals
• Apply the CFP® Board expectations, including ethics and professional standards of conduct, in personal financial planning and in advising clients
• Examine the key components of an effective financial plan and incorporate them in its design, including constructing detailed personal financial statements
• Compare and contrast common education planning funding options and apply calculation funding techniques to each
• Identify factors associated with inter-family relationships that may hinder or facilitate the transition of family businesses from senior generation family members to lower generation family members.

This is a 14-week course.

The Wealth Management Landscape course examines the opportunities and challenges in the wealth management profession, including its history and evolution, and analyzes how key trends (including the intersection of technology and wealth management) are shaping its future.  Students will compare and contrast the various business models/platforms, including the professional characteristics of their respective advisors, and identify the unique attributes of each client-planner relationship. This course also explores the services that advisors are offering, across different client segments, to provide a full suite of solutions. As students evaluate the wealth management business models/platforms, leaders across the profession will serve as guest speakers to provide unique insights and practical context. In addition, students will examine the emerging role and function of family offices, their different archetypes, the scope of services they offer, organizational and behavioral characteristics, and learn best practices in working for and managing family offices.      

After completing this course, students will be able to:

• Examine the history of various business models within the financial services industry, and describe the reasons for the evolution of wealth planning as a distinct finance profession.
• Analyze the similarities and differences in services, pricing, staffing, and compensation across each of the industry platforms, including the impact of recent developments in each of these areas.
• Evaluate the relevance and fit of different wealth management business models and platforms for clients across numerous service and advisory needs.
• Discuss the evolving nature of the client-planner relationship and apply these to different types of clients based on their level of wealth, sophistication, backgrounds, services/advisory needs, and behavioral attributes.
• Identify the roles, structures, services, and unique characteristics of family offices and select the best model for a particular family based on their requirements, preferences, and means.
• Appraise the opportunities and challenges of the wealth management profession, across different platforms/models, and relate these to various business opportunities considering the attributes of different advisors within the profession.

This is a 7-week course.

The Financial Psychology course will focus on how human psychology can impact client decision-making and better equip advisors as they take a holistic approach to wealth management. In order to be an effective wealth manager, advisors need to analyze all of the components that could influence a client’s investment needs and goals. This course explores in depth the biases, behaviors and perceptions that can affect a client’s financial well-being. Students will learn how wealth managers consider these critical factors when building client relationships and developing client-centric financial recommendations. This course prepares the advisor to better understand the psychological factors that impact client decisions and how to develop an appropriate course of action, to work and communicate more effectively with clients, and to help clients achieve their personal financial goals.

After completing this course, students will be able to:

• Examine the basic foundations of Financial Psychology, including the biases and behaviors of clients throughout the client life cycle.
• Identify and analyze psychological concepts of financial decision-making.
• Analyze the heuristics and biases that drive human behavior with respect to financial decisions and synthesize this information to consider how to work more effectively with clients.
• Compare and contrast different communication methods when it comes to effectively addressing issues with clients about their biased behavior.
• Develop a plan of action to adequately serve each individual based on a comprehensive analysis of the client’s heuristic decision-making and resulting biases.

This is a 14-week course.

This course introduces basic investment concepts with a focus on planning to address client needs and goals.  Students will explore the characteristics, uses, and taxes of various investment vehicles and various investment strategies. They will examine the risk and return and expected cash flows of each asset class (e.g., securities, stocks and bonds) and the tax implications of holding or disposing of them. The course will cover quantitative investment concepts and measures of investment returns. This course will also touch on aspects of portfolio management and introduce at a high level the concept of alternative investments.

After completing this course, students will be able to:

• Describe and compare the characteristics of all asset classes and select the appropriate use for each asset class and investment vehicle based upon its risk/return characteristics, fees, tax implications and expected cash flows
• Identify, measure, and differentiate between the types of investment risk
• Perform basic quantitative investment calculations, including measures of investment returns
• Explain and apply various investment strategies

This is a 14-week course.

Tax planning is a focus on the tax implications of all aspects of wealth management. Students will be able to articulate basic tax laws and most importantly, identify and articulate appropriate tax strategies based upon a variety of client situations and scenarios.

After completing this course, students will be able to:

• Identify relevant tax issues that impact all aspects of wealth management
• Identify and articulate basic tax strategies that would be applicable to a variety of client scenarios
• Evaluate the impact of taxes on financial decisions through the lifetime of a client

This is a 12-week course.

This course addresses two key components of financial planning: retirement and insurance.  Students will be exposed to the various options available for clients planning for retirement and the benefits and costs of various insurance plans. Students will learn how to conduct a requirement needs analysis as they explore the various types of retirement plans and the rules, options, regulatory and taxation considerations that impact those plans. The course will also provide overviews of the Social Security, Medicare, and Medicaid systems. The course will also provide an analysis and evaluation of risk exposure types for which a client might want insurance, including liability, automobile, homeowner’s, health, disability, long-term care, and life risks. Students will learn how to conduct insurance needs analysis and to select appropriate insurance policies and companies for their clients.

After completing this course, students will be able to:

• Distinguish between the types of retirement plans and describe the characteristics of each
• Identify and evaluate the assumptions used in analyzing retirement needs and recommend appropriate retirement plans to meet client goals
• Describe the Social Security, Medicare, and Medicaid programs
• Analyze and evaluate types of risk exposure
• Perform an investment needs analysis
• Recommend insurance companies and select appropriate policies

This is a 12-week course.

This course focuses on both the theoretical foundations and professional best practices associated with effective client communication. Students will learn actionable skills to help them communicate with clients and prospects from varying backgrounds and at different life stages, and to counsel and motivate them to make better, more-informed decisions aligned to their goals. The course emphasizes that trust is the foundation of successful client-planner relationships, and explores how to build that trust across the client lifecycle—from business development to transfer of wealth. Through problem-based learning, students will observe and demonstrate client communication in a variety of situations they will likely face in their professional careers. Students will develop the necessary skills to attract new clients and develop deeper, mutually beneficial relationships with them through different means and methods.

After completing this course, students will be able to:

• Define and apply key tenets of communications theory essential to a successful client-planner relationship. 
• Identify and analyze the needs, goals, and personal characteristics of prospects and clients through empathetic engagement, including active listening and interviewing. 
• Articulate and demonstrate the personal traits and communications skills essential to earning, maintaining, and building 
  client trust.
• Employ ethical persuasion to motivate clients to act on recommendations and adopt behaviors consistent with their personal goals. 
• Educate, counsel, and advise clients facing a spectrum of planned and unplanned financial challenges. 
• Create a communications and client relationship management plan to attract, retain, and appropriately engage with clients.

This is a 7-week course.

This course examines the key concepts and skills a wealth management professional must understand to support making critical decisions with respect to estate planning. Students will first be introduced to the fundamental characteristics and consequences of property titling, before studying the components of estate planning documentation. This course will explore the various strategies used to transfer property and all of the factors impacting and related to the transfer process, including gift and estate tax compliance and tax calculation, estate liquidity, marital deduction, non-traditional relationships, and the types, features, and taxation of trusts. Students will also explore the various techniques for postmortem estate planning and techniques for intra-family and other business transfers of property.

After completing this course, students will be able to:

• Compare, contrast, and recommend property titling mechanisms
• Explain the characteristics and consequences and make recommendations for the most appropriate property transfer mechanism for a client’s situation
• Identify and describe the components of estate planning documents 
• Recommend appropriate estate planning tools to meet a client’s goals

This is a 7-week course.

Columbia SPS is on the forefront of leading issues in the Wealth Management profession. This course is designed to explore disruptive trends in the Wealth Management industry and the opportunities and challenges that may result. As the profession evolves, our graduates will be prepared to be leaders within all business models across wealth management. Topics include, but are not limited to, FinTech, client psychology, ESG/sustainable investing, financial products, evolving fee structures, shifting demographics, increased regulatory burdens, democratization of financial advice, and more.      

After completing this course, students will be able to:

• Identify key factors impacting the wealth management profession and take a leadership role in shaping them
• Engage thought leaders across both academia and practice regarding key topics across wealth management
• Identify new opportunities and formulate solutions in response to the emergence of these trends

This is a 14-week course.

In the fourth semester, students will develop a comprehensive financial plan based upon a specific client case, taking all elements of a client’s financial profile into consideration. Students will be expected to demonstrate foundational knowledge of all aspects of the wealth management curriculum in this course in order to develop this financial plan. The capstone experience for this program is a dual-focus on both the written as well as the oral components of the financial plan.

After completing this course, students will be able to: 

• Demonstrate competency relative to all aspects of the financial planning curriculum, including fundamentals, estate planning, tax planning, insurance, estate planning, and investments
• Develop a comprehensive financial plan based upon a specific client scenario, taking into consideration the client’s financial picture as well as their familial circumstance and goals/fears
• Present a financial plan orally to a client based upon a specific context or scenario, incorporating basic tenets of communication/counseling and client psychology into consideration