|
Domain |
Parts |
Remarks |
|
Financial? |
- Economics, sustaining resource in market economy
- Allows & enables the allocation of things
|
Our rice bowls
Things like money, properties, credit, etc.
Anything that can be realized
|
|
Planning? |
- To design a course of action to reach defined goals
- Esp. when conflicts, constraints, uncertainty & risks are abundant
|
Many ways of planning
Self-directed, others employ professionals
Done through methods, experience & trials
|
|
Financial planning? |
- Correct allocation
of our estate, incomes & expenses to meet our needs & wants
- In modern society, it has become a sophisticated field with trained professionals
|
In knowledge economy, financial planning as a core competence would be more heavily employed by the increasing number of young professionals
|
|
What are the types of services in financial planning? |
- Investment profile & analysis
- Insurance planning
- Estate distribution
- Retirement planning
- Tax planning
- Cashflow analysis
- Net-worth analysis
- Financial needs analysis
- Child education funding
- Business continuity planning
- Corporate pension planning
- Employee benefits/liabilities
|
The scope of financial planning is increasing
More personalized & sophisticated products & services can be expected, as the industry becomes more competitive (can be analyzed with Porter's five forces model)
|
|
What can consumers expect from financial planners? |
- They are the trained professionals engaging in the above services
- Providing personalized services at a premium commission, often in advanced tertiary economy
- Help to relieve the clients' attention from the chore of managing their own finances
|
In the New Economy, people tend to focus heavily into their own competence & outsource mediocre tasks to others
Also as a way of diverging specialization
Note people only employ FP when they feel or realize FP can do a better job than them
|
|
How to choose financial planners? |
- Same as choosing any agent
- Competence, experience, quality, price & of course fitness (mutual trust & relations)
|
Go to this link
|
|
How to become a financial planner? |
- 2 ways:
- Unorthodox: by word-of-mouth, use their uncertified financial competence to woo your would-be clients
- Orthodox: diligently take course, be officially certified & either be employed by a firm or start one yourself
|
Certified financial planners
FPIA Home Page
Kaplan Colleges
Singapore College of Insurance (SCI)
|
|
How to know more about financial planning? |
- Simple … ask the horses
- Direct: The people in it and about to step in
- Indirect: resources like exhibitions, institutions, library, Internet (search)
|
About.com
Financial planning interactive
Financial Planner magazine
Yahoo Finance
Advisor
Asset management
FMA Online
|