Introduction to

Financial Planning
RFC121

Financial Planning and Economics RFC121

Welcome
01 Introductions & Background

02 What will you learn in this course?

03 Responsibilities – ours & yours

04 What will you learn in this course?

05 Overview of Financial Planning & Economics

2
Who am I?

Mitul Patel

• Associate Financial Advisor

• Mortgage Consultant
• Professor, Financial Planning
• MFin, CFA, CFP

3
Goals for this • To guide you in learning how
Course to engage in financial
are… planning.

• To give you the tools to

become informed and
engaged.

• To help develop your

employment skills.

• To increase your comfort with

Financial Planning and
Economics
Responsibilities

O U R S YO U R S
Set expectations Adhere to assignment due dates

Help, feedback & advice Attend class

Availability Communication via e-mail:

• david.green@senecacollege.ca
A few basics
in class R Raise your hand.

E
Excellence only. No sloppy work or
excuses.

S Study throughout the semester.

P Pay attention and participate.

E Encourage others.

C Come prepared to learn.

T Take responsibility for your actions.

Online Classroom
Considerations…

Ask questions
Use your camera
Ask more questions!
Areas of Support
Areas of Support
• Seneca Libraries’ Accounting and Financial Services
Library Guide
• https://seneca.libguides.com/Accounting-Financial
Services

• Kathryn Klages, Information Literacy & Liaison Library

• Kathryn.klages@senecacollege.ca
• Newnham Library, B2012
• 416-491-5050 X22659
If you require an accommodation, please reach out to:

• Seneca Counselling and Accessibility Services Team

Room E2427
416-491-5050 X22900.

• David Green
by appointment: Webex, Zoom, email, phone
Mobile 647 388 7526
 Lesson overview 12 weeks
Week Topic So what will I learn?
·      Welcome to RFC121
We’ll talk about what you need to be a
1 ·      Financial Planning and the Financial
Financial Planner
Planning Profession and FP Discovery
How to talk to clients face to face or video to
2 ·      Financial Planning Discovery meeting
video
If I want $100,000 in 10 years what do I need
3 ·      Time Value of Money
to save?
·      Investment Planning 1: Markets, Risk and
4 Can you take a risk?
Asset Allocation
·      Investment Planning 2: Behavioral Investing,
5 Why people act weird about money
Questionnaires and Market timing
·      Investment Planning 3: Budgets and
6 I don’t want to be poor
Spending
  Study week no classes scheduled
7 ·      Credit: Loans, cards and paying Credit cards and loans
• Debt Management: Its debt good? Debt
8 Why would I borrow $1 million?
ratios and examples
9 ·      Retirement Planning: Tax , Pensions I'm young! does a pension matter?
·      Registered Plans: Tax, RSPs, TFSAs,
10 I don’t want to work when I'm 65 !
Education plans
11 ·      Insurance Planning Good to have. Hope you don’t need to use it
What if I need to take care of my family
12 ·      Estate Planning
money?
  ·      Final
11
How am I evaluated?
15% Discussion board
65% 4 Quizzes
20% Term Paper
What is a Financial Planner?
What does the role look like?

13
People get stressed about money
Make better decisions
What is a Financial Planner?
What do you think?
• Financial Coach
•

?
Trusted Advisor
• Emotional coach “interpersonal skills”
• Helps you avoid traps
• Helps assess financial and other goals in life
• Helps to build a plan
• Has a network of support
• Ethically bound to clients best interests
• Helps with investing blind spots
• Educates
• A Student of the industry
What’s involved in being a FP?
• Source and maintain client base
• 200- 1000 households
• Market their services
• Internet, events, seminars, advertising, referrals
• What am I going to use as my client solutions?
• Mutual Funds
• Fund-of- Funds
• Exchange-Traded Funds
• Insurance
17
What’s involved in being a FP?
• Working with support teams
• Sales Associate
• Back office
• Compliance
• National Sales Office
• Product support
• Sales support
• Partners
• Being licensed
18
What’s involved in being a FP?
• DAY-TO-DAY BUSINESS
• Client calls
• Annual Reviews
• Paperwork
• Business building
• Get client referrals
• Plan
• Put out fires

19
Path to a FP
• Experience
• Education
• CSC, CPH, WME, CFP.
• Interpersonal skills
• Time Management
• Mature
• Ability to educate & convince ?

A FP is a lifetime career…
20
 Compensation

• Salary • Salary • Fee for service

• Bonus at year end • then commission
• Paid from account fees

• Extra sales support

• Bonus at year end
• Campaign bonus’
• Top performer award(s)
21
Interpersonal Skills to be a FP

 Verbal communication
 Responsibility & accountability
 Non-verbal communication
 Conflict resolution
 Active listening
 Empathy
 Questioning
 Diplomacy
 Manners
 Assertiveness
 Collaboration
 Adaptability
 Problem-solving
 Leadership
 Self management
 Patience
 Social awareness

22
Career path to being a FP
Education, Experience, Initiative
Sales skills

Education Linked In

Resume Interview skills

Network
Financial Initiative

Planner
Products determination

Ethics Sales support

Technology

23
Q&A