CMU students help launch first-of-its-kind financial planning competition in the Midwest

Explaining a financial plan to a real client requires more than spreadsheets and formulas. It requires confidence and the ability to translate complex decisions into clear and meaningful advice.

That’s the skill set behind a new Financial Planning Competition spearheaded by students Christian Whipple and Micah Morehouse through the Financial Planning Association of CMU. In collaboration with the Finance Department and the Financial Planning Association of Michigan, the team is building what will be the first competition of its kind in the Midwest and hosting it at CMU.

“This felt like the right time to bring something like this to Michigan,” Whipple said. “We saw an opportunity to create a competition that tests what students are actually expected to do in the profession, not just what they know.”

Bridging classroom learning and real client conversations

The idea for the competition grew out of conversations among students in CMU’s Personal Financial Planning program, many of whom are also active members of the Financial Planning Association student organization. Because the major and the RSO overlap so closely, collaboration came naturally.

“The biggest thing for us was being able to test both the practical learning we’ve gained here at Central and the soft skills of explaining our thinking to clients,” Morehouse said. “That’s something you don’t always get to practice in a traditional classroom setting.”

Unlike many finance-related competitions that focus on technical presentations alone, this event is designed as a client simulation. Teams will receive a case study in advance, build a comprehensive financial plan, and then present it during a mock client meeting. Judges will play the role of clients, ask questions, and evaluate how clearly and effectively teams communicate their recommendations.

“It’s more like what you’d encounter in real practice,” Whipple said. “You’re not just presenting slides; you’re interacting, listening, and adapting in real time.”

A collaborative effort supported by alumni and industry

The partnership behind the competition extends beyond campus. Through alumni connections in the Personal Financial Planning program, students worked closely with the Financial Planning Association of Michigan to bring the idea to life.

College of Business alumna Stephanie Trexler ‘13 played a key role in that process, serving as both an advisor to the student planning committee and the primary liaison with FPA of Michigan.

Judges for the competition will include a mix of industry professionals, faculty, and alumni currently working in the financial planning field, giving students direct exposure to those already in the profession.

Who will compete and how

The competition is open to universities across Michigan that offer Personal Financial Planning programs. Each school will send one team of four students, competing in a university-versus-university format.

At CMU, the Financial Planning Association student organization selected the university’s team. Students interested in competing are encouraged to attend FPA of CMU meetings to express interest and get involved.

Each participating school will receive the same case study and will have flexibility in how they prepare their plan, allowing teams to lean into their strengths and training.

More than a competition

In addition to the competition itself, the event will feature a networking component designed to connect students with the profession. Sponsors, including independent advisors and larger firms, will host tables in Grawn Hall, creating what students describe as a “mini career fair.”

“There’s going to be a real opportunity to talk with firms, ask questions, and make connections,” Morehouse said. “That professional exposure is a huge part of the value.”

Looking ahead

The long-term vision is for the competition to become an annual event for Michigan schools, with the potential to expand beyond the state as interest and funding grow. The organizers also hope their work inspires similar competitions at other universities.

But at its core, the goal is simpler and closer to home.

“We want Central to be the gold standard for financial planning education,” Whipple said. “We’re one of the few universities in Michigan with a CFP Board-registered Personal Financial Planning major, and there are so many opportunities in this field.”

With the average age of a financial advisor nearing retirement, Whipple sees a critical moment for the next generation.

“There’s a huge need coming,” he said. “Why not be the people ready to step in?”

An open invitation

For students who may be curious but unsure about participating, the message is straightforward: come see it for yourself.

“Grawn will be open the day of the competition,” Morehouse said. “If you’re interested or just want to see how it works, feel free to come and watch.”

As planning continues, the students behind the event say they’ve learned just as much from building the competition as they expect competitors to learn from participating.

“There isn’t a playbook for something like this,” Whipple said. “But we’ve had tremendous support from the College of Business, and that’s made all the difference.”

For more information, email Christian Whipple at whipp2cr@cmich.edu.