Financial Planning

What is Financial Planning?

The Financial Planning 12 technical topic areas: financial planning profession and financial services industry regulation, financial analysis, credit and debt, registered retirement plans, government benefit plans, registered education and disability plans, economics, investments, taxation, law, insurance and human behaviour.

Financial planning is a disciplined, multi-step process of assessing an individual’s current financial and personal circumstances against future desired state and developing strategies that help meet personal goals, needs and priorities in a way that aims to optimize the allocation of resources. A financial planner is an individual who possesses the requisite knowledge, skills, abilities, and professional judgment to capably provide objective financial planning advice at the highest level of complexity required by the profession. Recognize when to refer to other qualified professionals, such as a lawyer or an accountant, when dealing with the client’s legal circumstances and its ramifications.

Likewise, investment planning decisions will impact the client’s ability to meet goals related to major purchases, as well as retirement and estate planning goals. There is also a significant relationship between investment planning and tax planning since different asset classes and investment vehicles have different levels of tax efficiency. Knowledge around human behavior, decision making, and relationships is important for the demonstration of professional skills.

Cross border issue spotting regarding multi-country global mobility projects, repatriation, expatriation, and retirement. 

  • coordination of tax compliance and income tax implications 
  • demands on current and projected cash flow and consider potential cash flow strategies
  • formulates investment planning strategies: implications of acquiring, maintaining, and disposing of assets. 
  • advantages and disadvantages with regards to fees and annual costs, diversification, level of management expected returns and income distributions.  
  • determine the impact that the client’s assets and liabilities will have on the client’s tax position the type of income earned from the asset
  • help determine the level of exposure and evaluate protective measures 
  • what other individuals or entities have an impact of the client’s tax position and financial position
  • insurance and risk management: Determines client’s capacity to sustain an emergency situation
  • retirement planning recommendation: assess the benefits and concerns of each available retirement planning strategy in addressing the client’s planning needs and objectives.
  • Advised on estate and gift tax considerations and cross-border estate tax planning
  • Provided strategic direction on the design, management, and tax planning of short and long- incentive plans as well as supplemental executive retirements plans and severance packages.