Developing a Personal Financial Plan – The Systematic Process from Data Gathering to Implementation and Monitoring

Learning Objectives

• To discuss in detail the six steps widely accepted to take a client’s profile and data and result in an implemented and monitored financial plan.
• To show financial planners the significance of data gathering forms to obtain key information to be utilized in the plan.
• To analyze the need to use strong communication skills to establish a good planner-client relationship early in the process.
• To identify in detail the techniques used to analyze and evaluate the client’s financial status.
• To explore the importance of communication with the client and collaboration with other professionals in implementing the plan.
• To review methods of developing and representing financial planning recommendations or alternatives.
• To explain how to master the financial planner role as a team member to collaborate with other professionals in implementing and monitoring the plan.

Course Description

This course is valid up to December 31st, 2024 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.

This course is valid up to April 10th, 2025 for FP Canada Professionals. It is advisable to complete this course before that to get the credit on time.

Financial planning is the process of developing strategies to assist clients in managing their financial affairs to meet life goals.

It’s imperative today to make sure that your finances are in order, from retirement savings to tax planning. Doing it the wrong way can get you in big trouble. Professional financial advisors help alleviate the burden with skilled and knowledgeable advice and practice.

To develop a financial plan, a financial planner has to gain an understanding of the client’s personal and financial circumstances, and then a plan is designed by gathering the client’s data by selecting an alternative course of action. A financial planner has to communicate with his client about the plan and then the plan is implemented.

Key Topics Covered:

• Definition of Financial Planning
• Financial Planning components
• The six-step process
• CRP board on monitoring the plan
• The planner's role in monitoring the plan

Join this CPE webinar by Warren Bergstein, attendees will learn about the process financial planners take to develop a comprehensive financial plan for their clients.

You can also register for our Personal Finance Specialist Courses I Finance Courses.

Overview

• Definition of financial planning

  5 mins
• The engagement letter

  13 mins
• Gathering data including goals

  18 mins
• Understanding client goals

  33 mins
• Relevant issues can now be addressed

  47 mins
• Implementing the financial planning recommendations

  57 mins
• Timing - When the plan takes effect

  66 mins