Financial Planning: How to construct a Workable Financial Plan

Financial Planning: How to construct a Workable Financial Plan

Description

Title : Financial Planning: How to construct a Workable Financial Plan

Course Fees : RM399

Date : 11 September 2021

Time: 8.45am – 12.00pm (Part 1) ; 2.00pm – 5.00pm (Part 2)

CPE : 10 Points

Speaker : CHU CHEE KHIANG (CFP, IFP)

Learning Outcome

Upon completion of this course, participants will be able to:

“OBJECTIVELY” understand a client’s NEEDS and WANTS                                      

  1. Identify a Financial Planner’s and client’s common biases.
  2. Use interview skills to extract in depth information from clients.
  3. Apply coaching skills to guide clients to meet their life objectives.
  4. Determine the critical attributes of a workable financial plan.  

Course Details

Pre-Assessment

This is to test the understanding of the participants before the class

Objectives         

  1. How to “OBJECTIVELY” understand client’s NEEDS and WANTS
  2. How to identify a Financial Planner’s and client’s common biases.
  3. How to use interview skills to extract in depth information from clients.
  4. How to apply coaching skills to guide clients to meet their life objectives.
  5. How to determine the critical attributes of a workable financial plan.

Explain how to objectively construct a financial plan

#Financial Planner should have objective mindset

#Explanation on Objective

Objectivity vs Subjectivity v

Objectivity : Integrity + Accountability + Independence

Establish client’s Objectives for Financial Plan

I)Differentiate between client’s NEEDS and WANTS

Identify Financial NEED and WANTS for a person in their life planning

II)Discover client’s hidden NEEDS and WANTS

III) Illustrate how to use Begin with end in mind concept to differentiate the NEED and WANT

IV) How to prioritizes life objective

V) Effective analysis of client’s Risk Assessment results

#Demotrate the questioning skill to obtain above information

How to read and analyze client’s Cash Flow and Net worth statement

I) Critical information in a person Cash Flow and Net worth Statement

II) Identifying the different issues and problems faced by different demographic groups. Eg. Employees, Self Employed and Business owners

II) How to use Financial Ratios to determine financial health status

Identify financial planners and clients common biases

I) Discuss financial planners common biases

II) Discuss clients common biases

II) How to aware the the common biases

How to develop a Workable and Acceptable plan for client

I) Establish realistic and mutually agreed upon financial objectives

II) Convert Objectives to Qualitative and Quantitative plan

III) Basic SMART and OKR management skill for financial plan development

# Introduction of SMART and demonstrate with a simple example

# Introduction of OKR and demonstrate with simple example

How to apply different solutions in different situations

Eg. Return/time horizon/retirement income/living expectation/swap asset class and etc.

Case study Discussion

Lead participants in analyzing the case

Case study: Financial Plan Construction and Group Presentation

Participants will be given a case study “Tony’s Case” (High income and bread winner with mentally challenge adult child)

Participants are then required to construct a financial plan using CFP’s 6 steps Financial Planning process and propose solutions for the case.

Group Presentation on the financial plan for “Tony’s Case”

Case study summary and conclusion     

Post-Assessment

This is to test the understanding of the participants after the class

Profile of Chu Chee Khiang, Founder and CEO (CFP, IFP)

Mr Nicholas Chu is the Founder and Managing Director of Max Wealth Education Sdn Bhd which is a company providing financial education for the CFP certification program and public financial literacy course. He is attached to PWP as Licensed Financial Planner and a Financial Adviser Representative.

He is the author of six financial planning books:

- The Money Matrixology

- Learning Financial Planning –The Fundamental

- Retirement Chips

- Big Life Financial Management

- SME Business Financial Planning

- How to train your kid Financial literacy

He also emerged as one of best-selling authors in Popular!

With his vast experience in financial planning, Nicholas had been appointed as an external Financial Adviser to assist EPF Financial microsite Development.

In 2020, Nicholas Chu partnered with 8VIC to promote a public financial literacy program.

He was appointed as a columnist for the financial section in Nanyang Siang Pau, Sin Chew Jit Poh, China Press, Money Compass, Feminine magazine, etc. He is also a frequent guest speaker on local radio stations (AiFM, OneFM) and TV Stations (NTV 7, Bernama TV , 8TV and Astro).

Currently, he is a dedicated Board Member of FPAM (Financial Planning Association of Malaysia).

  1. How long will each digital programme take?

Each digital programme is the equivalent of a day’s training for approximately 8 hours. With the lunch break in between, the digital programme will usually take place for 6 hours.

 

  1. Can I attend only half sessions of the training?

Yes, you may. However, you will not be granted full points from respective parties.

 

  1. 3. Which forms of payment can I use?

We accept payment by E-Wallet and Online Bank Transfer.

 

  1. 4. How secure is shopping? Is my data protected? (TBA - Ting Yuan)

Your data will be handled confidentially and encrypted with SSL (Secure-Socket-Layer) secure server software. The encrypted information of your order, your name, address or bank details cannot be read by any third party.

 

  1. 5. Who should I contact if there is any transactional issue or problem purchasing any product / service?

Kindly drop a message below with the problem statement and we will get back to you as soon as possible.

RM399