What you'll learn
- Identify and understand financial needs and risks
- Understand the role and benefit of the financial planner
- Understand the various areas of financial planning
- Strategies and habits for financial success
- Strategies for coping and dealing with events that can disrupt a carefully crafted financial plan
Diploma in Financial Planning
Money, Happiness and Habits
The ultimate goal of a financial planner is to guide clients to put them in the best possible position to achieve their goals. Yet really understanding what those goals are is not always as obvious as it may seem. In this lesson, we explore some interesting concepts about money and happiness as well as some basic habits for financial success.
Financial Planning Over a Lifetime
Every person we encounter daily is at a unique point in his or her life. No two of us have the same circumstances. In this lesson we explore how our needs change through the phases of our lives as well as look at the role of the financial planner.
What has COVID-19 taught us?
During 2020 so much happened that we did not anticipate or plan for. The COVID-19 pandemic had a devastating impact both in medical terms as well as in the sheer magnitude of the impact on people’s everyday lives. In this lesson, we explore how the pandemic impacted our thinking about our financial planning as well as some of the important lessons we learned from it.
Thinking About Your Money and Financial Life – Creating a Framework
What is an asset as well as a decision-making framework and why is it so important to our ability to achieve our goals? In this lesson, we discuss these concepts and their role in the financial planning process.
Choosing a Financial Planner
The financial planning environment encompasses a variety of financial planner types with several remuneration models. In this lesson, we explore these options that a potential client would need to consider when choosing a financial planner. We also examine the attributes that successful financial planners are likely to possess.
Financial Risks and Needs
Clients generally have several typical risks and needs at various points in their lives. In this lesson, we explore the different types of risk needs and why the financial planning process would usually attempt to address risk before investment needs.
Why is managing behaviour so important?
In this lesson, we introduce students to the concept of behavioural biases and the potential impact they can have on our financial well-being.
So, is it worth using a financial planner?
Individuals often question whether there is any real benefit to engaging the services of a financial planner or whether they could be equally successful in managing their own financial planning needs. In this final lesson of the module, we discuss the benefits of using a financial planner and how to gauge whether one's situation requires the input of a financial planner.
Intermediate in Financial Planning
Holistic Financial Planning and the 6-step Financial Planning Process
Financial planning is not a one-time event, but a process. In this first lesson of Module 2, we discuss what holistic financial planning entails and examine the steps in the six-step financial planning process in detail.
Budgeting: The Cornerstone of Any Financial Plan
In this lesson, we focus on the important aspect of budgeting: why it is considered the cornerstone of any financial plan. We compare different approaches to budgeting and also discuss why an emergency fund is the second-most important component of a financial plan.
Are traditional retirement planning practices becoming outdated?
The concept of retirement and retirement planning has evolved significantly over the last decade. In this lesson, we explore this changing retirement environment, along with interesting research outcomes. We further discuss how the 6-step financial planning process is applied to this specific planning area. Unfortunately, regardless of efforts at accumulating retirement capital, many people are simply not in a position to retire - either in the way they would like to, or at all. We, therefore, discuss strategies that could assist individuals who find themselves in this unenviable and difficult position.
Important Financial and Investment Principles
Before delving into the specialty area of investment planning, we need to understand a few key concepts that are crucially important in this field. In this lesson, we discuss the concepts of inflation and the time value of money as well as 'risk' in the context of investment planning.
The area of investment planning is an interesting one with a broad scope. For purposes of this course, we start exploring investment planning in this lesson by discussing the concept of investment planning and how the 6-step financial planning is applied to this specific planning area. Lastly, we highlight and discuss how to identify and avoid 'get-rich-quick' investment scams by highlighting some of the red flags.
Estate and Risk Planning
In previous lessons, we have talked about accumulating and protecting assets – for retirement or other investment purposes. But what will happen to those assets on a person's death? Will they be distributed most efficiently and cost-effectively to dependants or other heirs? In this lesson, we explore the areas of estate and risk planning and discuss how the 6-step financial planning process is applied to this specific planning area. How will my executor or family get access to all the information they need to administer my estate? We discuss why keeping an 'estate file' is hugely beneficial.
Corporate Financial Planning
The course in financial planning focuses primarily on aspects that relate to financial planning for an individual. There are, however, several areas in which financial planners can, and do, add significant value to clients who are not individuals, but corporates or businesses. In this lesson, we explore the concept of corporate financial planning and the role of the financial planner and then discuss typical business risks that financial planners can help identify and mitigate. The role of the financial planner in this area can be extremely beneficial to a business and its owners. Many business owners consider their business or business assets as their main retirement plan. Is this a good idea though? We highlight some considerations to keep in mind in this regard.
What to Look for in a Planner and a Financial Planning Practice
Based on our discussions over the course of the first two modules, you may have realised that you can benefit from engaging a financial planner. How do you go about selecting a financial planner and planning practice that is a good fit for you and your needs? In this final lesson of Module 2, we discuss considerations when choosing a planner and a planning practice and we also highlight a few red flags to be alert to during the process.
Advanced in Financial Planning
Relationships and Financial Planning
One of the most important factors cited for the breakup of relationships and marriages is finances. Even if one is not married, but in a serious or permanent relationship, at what point should finances become a shared focus, and how does one address this sometimes sensitive discussion with a partner? In this lesson, we explore several important considerations relating to relationships and financial planning.
Financial Planning for Women and Single Mothers
Do women really have financial planning needs that are different from those of their male counterparts? How can a single mother ensure that her financial needs are still adequately? In this lesson, we will discuss these aspects and discuss strategies considerations that are relevant in these cases.
Starting Out: Strategies to Set You Up for Financial Success
In Module 1, we explored the various life stages an individual is likely to go through during his/her lifetime and how financial needs and priorities change over time. In this lesson, we discuss unique considerations that are relevant to those individuals/clients who are just starting in their financial journey and explore strategies to follow to set oneself up for financial success.
Financial Planning in Your 40s and 50s: How does the focus change?
In Module 1, we explored the concept of life stages and how an individual's financial needs change over the course of his/her lifetime. In this lesson, we discuss how the financial planning focus changes when an individual is in his/her 40's and 50's and what strategies can be employed to maximise one's financial health during these important periods.
Disruptions Happen: Divorce
We have discussed the notion of disruptive life events during previous lessons. In this fifth lesson of Module 3, we explore the major impact that divorce can have on an individual's financial planning and how one can mitigate some of these impacts.
Disruptions Happen: Retrenchment
We have discussed the notion of disruptive life events during previous lessons. In this sixth lesson of Module 3, we explore the impact that retrenchment or redundancy can have on an individual's financial planning and how one can mitigate some of these impacts.
Disruptions Happen: Death of a Spouse/Partner, Disability and Dread Disease
We have discussed the notion of disruptive life events during previous lessons. In this seventh lesson of Module 3, we explore the impact that the death of a spouse or partner, disability, or the diagnoses of a dread disease can have on an individual's financial planning and how one can mitigate some of these impacts.
The 'Sandwich Generation': Are we being pulled in too many directions?
In recent years, clients have been finding themselves in a unique new financial situation: having to provide financially for not only their own children but also for their parents, who have not been able to provide sufficiently for their own retirement. What are the unique pressures being placed on this 'sandwich generation' and can they be mitigated to some extent? In this lesson, we explore these very important aspects which may impact our own financial health.
Proficient in Financial Planning
Is the value of financial advice actually quantifiable?
We have discussed various aspects relating to financial planners and the benefit they offer to clients in the first three modules of the course. In this lesson we explore the very important question: can one actually quantify the value of financial advice? If so, how? We unpack relevant research done in this area and which factors are relevant to this discussion.
Behavioural Finance Unpacked
Following on from our discussions about behavioural biases in Module 1, in this lesson, we explore specific behavioural biases in more detail: what they entail and how to mitigate their impact on our financial health.
Common Myths About Finance and Financial Planning
Financial planning blogs, columns, and articles are to be found in all media forms daily. There are also several common myths about finance and/or financial planning that are consistently repeated. In this third lesson of Module 4, we explore these myths and consider alternative strategies in the pursuance of financial success.
Wealth Strategies for Success
In this fourth lesson of Module 4, we unpack and discuss wealth strategies for success and how to incorporate them into our own lives. We further discuss the ten most important financial mistakes to avoid making.
Robo-advisors: Financial planners of the future?
The last five years have seen the emergence of the 'robo-advisor' in the financial planning space: software tools designed and developed to allow individuals to engage with their financial planning needs without the intervention of a financial planner. In this lesson, we explore the concept of the 'robo-advisor', discuss advantages and disadvantages, and whether these solutions are likely to eliminate the need for financial planners in the future.
The Financial Planner vs the Financial Coach
Coaching has been somewhat of a buzzword over the last 10 years, finding its way into all areas: business coaching, life coaching, and certainly also financial coaching. In this lesson, we explore the roles of the financial planner and the financial coach, whether these roles can be fulfilled by the same person, and what the benefits of including coaching principles in the financial planning process are.
The Next Generation: Teaching Children About Money
We have discussed various needs and components of a financial plan throughout the course of the previous three modules. How does one evaluate an existing financial plan, though? In this lesson, we explore the basic requirements that a financial plan should meet and how to evaluate the suitability of an existing financial plan.
The Next Generation: Teaching Children About Money
Much of our thinking and attitude towards money is rooted in our own history with money. How do we teach our children, regardless of their age, suitable and age-appropriate money habits, in order to give them a solid foundation to build on for their own future financial success? In this final lesson, we discuss how best to address these aspects with children of various ages and briefly explore how our own history with money may impact our behaviour today.