COLUMBIA – the MU Department of Personal Financial Planning Northwestern Mutual announced the winners of the 2020 “Develop a Financial Plan” scholarship competition. The competition was sponsored by Northwestern Mutual in Columbia and developed in partnership with the University. The competition was open to students in the MU Department of Personal Financial Planning’s Financial Planning Capstone course.
Participating students competed for scholarships by creating a comprehensive financial plan tailored to hypothetical clients. The students utilized what they had learned in their CFP Board-Registered Program classes, in various internships they have had, and by using their own ingenuity to create a plan for the Gates family – taking into account the household budget, insurance needs, saving and investment methods, tax strategies, and retirement as well as gift and estate goals.
Finalists for the 2020 “Develop a Financial Plan” competition presented their plans in late April to a panel of judges, professors, and students.
Scholarships were awarded to the following students:
- First Place – $1,500 scholarship: Kale Flaspohler, Nicholas Loeffelman, Brenden Volcko
- Second Place – $1,000 scholarship: Clayton Powell, Cody Knight, Kayla Charlton
- Third Place – $500 scholarship: Amanda Fitter, Zongze Li, Charles Wray
“This student competition involved an innovative learning experience that served not only to enhance their financial planning educational experience, but to potentially transform their post-college careers,” said Dr. Rui Yao, Course Professor. “It is real-world know-how that sets students apart as they prepare to join today’s workforce, and I’m grateful that, in partnership with Northwestern Mutual, we were able to provide students with this educational opportunity to hone critical planning skills necessary to help people develop strategies for financial security.” Dr. Fran Lawrence, Department Chair and MU CFP Board-Registered Program Director, echoed Yao’s remarks and looks forward to the continued Department relationship with Northwestern Mutual.