Abigail Adams and Zac Wakamatsu took first place in the International Association of Registered Financial Consultants (IARFC) National Financial Plan Case Study Competition. In this annual case study competition for undergraduates, teams create a financial plan for a fictional family and present it before a panel of judges. The final competition was scheduled to be held on April 21-24 in Cincinnati, Ohio, with student teams having all expenses covered for airfare, lodging, and dining. However, due to coronavirus, the event had to be modified. Instead of cancelling the competition, the IARFC and sponsors held the event virtually.
Six teams competed in the semifinals, with two teams representing UVU. Abigail and Zac were selected, along with Jackie Battles from the University of North Texas, and Allison Biddix and Michael Austin from Western Carolina University, to compete in the finals.
“It’s funny, this was my first case study,” said Abigail. “It was originally assigned as the final project in my Intro to Finance class with Professor Luke Dean. He asked our class if any of us wanted to volunteer to submit our plans into the actual competition. I was hesitant at first, thinking ‘How could I ever compete against other students who know so much more than me?’ but then I asked my project partner Zac about his thoughts. He said he would do it if I did it, but if we committed, then we had to win! That sparked a long journey of late nights, self-teaching, and amazing teamwork.”
“By the time Zac and I had committed to create and submit our case study, we only had two weeks left until the submission date. Within a two-week period, I put about 40 to 50 hours into the project, on top of taking full-time classes. Without already having extensive knowledge, I had to take the topics introduced from my finance class, then go home and learn it before I could make a recommendation. Zac and I also had to do any projections or modeling manually in Excel. Then I had to follow up with my professor, alumni, and other industry-professional guests to check my work and see if I had gotten the concepts and calculations right. I had probably peer-reviewed this project with at least six different people before I submitted the final product that led us to becoming semifinalists!”
“When I found out that COVID-19 was restricting any non-essential travel or meetings, I was devastated. Several of my events had been cancelled as a result. However, I was grateful to hear the IARFC would continue to host the competition virtually, despite the global pandemic. This gave Zac and I a chance to present in the finals. It also gave me hope that the finance industry can continue to function successfully given the technology of our day via virtual meetings with clients. Despite the unusual changes to the competition, it still managed to give us real-world experience that mirrored what real advisors are doing in response to real-world events.”
“I still can't believe we won. Zac and I would always joke, ‘Oh yeah! We're totally going to win. We got this,’ but now that we're actually here, it's like a dream. It shows how far determination, hard work, and a little formatting magic can take you. I'm thankful that we were able to get this far. Thankful to UVU and its professors, alumni, and lecture guests for teaching me the basics of this field, and for the extra time they took to peer review and give feedback. I'm thankful to the IARFC and their sponsors (Money Concepts and Investnet MoneyGuide) for hosting this competition and allowing us a chance to gain relevant and real-world experience. I'm thankful for my partner Zac, who spent long hours outside of class to put this case study together with me and to practice our presentations. And I'm thankful to the other students who competed, from the various universities across the nation, for their efforts, politeness, and for being peers that I look up to and still strive to become like. My only regret was that I didn't get to know them all on a more personal level.”
In the case study that Zac and Abigail were given, the family had an autistic child. Zac was able to use his own life experience to help create a financial plan, because Zac has a sister with autism.
“I would say that the competition was an amazing experience, and I'm honored to be able to have been a part of it,” said Zac. “The lessons I learned and opportunities I gained wouldn't have been possible without an amazing teammate and Professor Dean. It was also due to the support of UVU and the culture of the school, and the passion of the competition sponsors, donors, judges, and others. I observed a number of people who make it a habit to go the extra mile and help others, and I'm grateful to have learned from each of them.”
Zac’s goals include becoming a Certified Financial Planner, a Chartered Financial Analyst, and a Master Financial Professional. Ultimately, he wants to have his own personal financial planning business.
“The IARFC National Financial Plan case study competition was an incredible learning experience for our students,” says Luke Dean. “When I see how much time and effort the students put into this sample case study, it gives me great confidence in how caring and professional they will be when serving the needs of real clients.”
“I am so proud of Abby and Zac for the time they spent preparing their case study and presentation despite a lot of adversity and anxiety going on in the world around them. They personify the grit and determination that UVU students have despite less than ideal circumstances.
“I appreciate the generosity of the IARFC and their sponsors (Money Concepts and Investnet MoneyGuide) for sticking with the national competition despite the global pandemic. The finals were originally to be held in Cincinnati on April 22nd with the students’ flight and hotel costs covered and presenting in person with the IARFC Board of Directors. Given the circumstances, it would have been totally understandable if the IARFC and sponsors canceled the competition, but they were very generous to switch the finals to being virtual presentations and the award ceremony being virtual also. This shows their outstanding commitment to developing the next generation of financial planning professionals. And the current economic crisis underscores the need for more outstanding competent and caring professionals to assist American consumers in preparing for the future.”
"As true Wolverines, they took on the capstone students, punched above their weight, and came home with the gold!" said Dean Norm Wright.
In honor of winning, the IARFC will publish and share Abigail and Zac’s financial plan.
Read the press release of the announcement here.