estate planning exams
CFP : FINANCIAL PLANNING TO MAKE APPROPRIATE INVESTMENT DECISION
CFP:Financial Planning:career scope|course|cfpindia|cfppune
CFP:CFP : FINANCIAL PLANNING TO MAKE APPROPRIATE INVESTMENT DECISION
IMS Proschool imsproschool1@gmail.com
Thus, 18 June 2009 07:54:50
Financial Planning:- 8000+ Stocks, 1000+ Mutual Fund Schemes; Equity, Debt,
Commodities and Real Estate; Investment, Insurance, Taxation and Estate planning. You can help your client sift through these ever increasing and complex choices. You can grow wealth for
your clients and for yourself by building expertise in the financial planning process. IMS Proschool has trained over 6,000 industry practitioners and emerged as the most preferred
education providers for financial planning. With the best study material, quality training
and flexible training options we are best placed to help you get qualified in Financial
Planning. Benefits of Financial Planning Education Financial Planning education imparts the
requisite knowledge and skill-set, that enables you to provide quality advice to your
client on a consistent basis and create wealth for your client’s in the long run. 1. You
would know the tax benefit opportunities for your client based on his residential status As
a financial advisor you will know how the tax liability of your client, who needs to go abroad for job requirement, would change if he travels before or after 29 September in any
year.
If he travels before the said date he would become NRI for tax purpose for the relevant AY and would not pay taxes on the income earned abroad. And in case he travels after
the said date he need not pay tax on the income earned in India and abroad. Tax planning involves utilizing exemptions, deductions, rebates and relief’s provided in the Income tax Act.
2. You would know the advantage of paying the EMI in beginning of the month viz a viz end of the month You can save lot of money for your client by a simple advice to pay EMI for a housing loan in the beginning of the month. Consider a Housing loan of 30 lakhs for 20 years at 11 %, if you choose to pay EMI at the end of the month you would pay 67000 more which is over 2 % of your loan amount ! Time value of money concepts in financial planning helps you to analyze and compare different cash flows and choose the most beneficial set of cash flows to pay or receive.
3. You will be able to calculate the exact retirement corpus that one would need for peaceful retirement. Let’s take a case of a person who has expenses of 3 lakh per annum today, he would need a retirement corpus of 1.70 crore (assuming inflation of 5 % and rate of return of 9 %). Retirement planning assumes importance because of people’s inability to earn in sunset years, inflation and lack of social security. Financial planning helps you work out how much to invest for your sunset years to be truly blissful. <BR>
4. Client’s look for growing their net worth every year, your advice would enable them to enhance their net worth year on year. With Personal Financial Planning tools like – Discipline, Diversification and Investments in accordance with clients risk appetite you can ensure your clients growth in net worth year after year and extremely satisfied clients.
5. You will be able to analyze and rank the Top 10 mutual funds out of the 1500+ schemes available? Most people select MF funds on the basis of past Month / year’s performance. Chasing recent performance could prove tricky because it could be an aberration. Financial Planning
emphasizes to track investments like Mutual funds over 5/7/10 years along with Fund managers expertise, experience and his association with the fund. Further one needs to check out if the objective and investment strategy of the fund matches the investor needs. Other parameters like
expense ratio, turnover ratio and trategy of the fund matches the investor needs. Other parameters like expense ratio, turnover ratio and standard deviation also needs to be considered.
6. Insurance is must and a necessary expense (not an investment or Tax saving instrument as projected). With Financial Planning, you will be able to help your client reduce his insurance expenses and at the same time enable him to cover all the risks. Insurance is the most misunderstood concept. It is looked upon as a tax saving or an investment tool. Insurance is an economic tool to transfer the risk. Taking Life Cover more than needed is a waste of precious resource and underinsurance could put the family of deceased to hardship. Further it needs to be assessed if insurance is required for property & other valuables and professional negligence. Financial planning teaches you “How to plan for your client’s insurance requirement”.
7. Financial Planning will enable you to make appropriate investment decisions for your client. If your client looses his sleep over investment decisions, there has been a misinterpretation of your client’s risk taking ability. Financial Planning lays a strong emphasis on appropriate risk profiling. It involves both quantitative and qualitative analysis for before zeroing on a customers risk profile.
8. One single solutions to all your clients is a disaster. Financial Planning equips you in providing different solutions to different client based on his need. Have you been trying to sell Mutual Funds or Insurance products to all your client’s – be it someone who is young and just started his career or middle aged person who has worked for ample years or a person who is retired?Well if so, you must have had low sales conversion and dissatisfied clients. There is a need to shift focus from product sales to a solution provider. You need to understand the financial goals of the client and work towards achievement of the same through a financial plan.
9. Enables you to face the challenge of ever demanding clients. Client’s today have ready access to information on financial products & services via various sources – media, television, internet & print. The awareness level of investors is increasing with respect to the working and benefits of the various products & services available in the market.
Therefore it is becoming increasingly difficult to practice on “only commission” model. Financial planning widens your scope of services and enhances your knowledge and skill set enabling you to switch to a “commission + fee” or “pure fee” model.
In this model, financial planning becomes the core of advisory services and products become the means to achieve the plan.
10. Increase your clientele – how many of your clients have recommended your service to their friends and family? If a client recommends you to others, it speaks of your quality of advice and the relationship you share with your clients. But if they don’t, you need to do a bit of self introspection and figure out where are you lacking? trategy of the fund matches the investor needs. Other parameters like expense ratio, turnover ratio and standard deviation also needs to be considered. Requirements for CFPCM Certification There are two ways to obtain CFPCM Certification:
1.Regular Way
2.Challenge Status for professionals
Both require candidates to fulfill certain criteria for acquiring CFPCM Certification. Requirements for Regular way
1.Education: Candidate must be atleast a 12th Std Pass/Equivalent. The candidate should undergo the training program with FPSB India’s approved Education Providers. Education criterion demonstrates to the public that the candidate has acquired the necessary knowledge to become a Financial Planner.
2.Examination: The candidate has to pass the CFPCM certification exam i.e. he has to clear all the five papers viz. Risk Management & Insurance Planning, Retirement Planning & Employee Benefits, Investment Planning , Tax Planning & Estate Planning and Advanced Financial Planning. By passing the CFPCM Certification Examination, the candidate demonstrates to the public that he/she has the required level of competency to practice Financial Planning.
3.Experience: The experience criterion builds confidence in public that the candidate understands the counseling nature of personal financial planning. The candidate has to complete 3 years of work experience either pre or post Certification exam in case he/she is a graduate. In case of non graduates the criteria is six years of work experience.
4.Ethics: On completion of the education, examination and experience requirements, the candidate has to sign declaration for adherence to FPSB India’s Code of Ethics & Rules of Professional Conduct. know more Requirements for Challenge Status Students who are already professionals for example Chartered Accountants, MBAs, ICWA, etc and are interested in acquiring the CFPCM certification can do so in a shorter span. FPSB India recognizes that these professionals already have some of the skill sets that are required in a Financial Planner.
Hence, it has introduced the “Challenge Status Program” which enables professionals (both in terms of education as well as experience) to acquire the CFPCM Certification in a more time efficient manner. 1.Education: A candidate must be a CA, CFA (US), ICWA, CAIIB, CS, LLB, PhD, M.Phil, PG, Licentiate/ Associate/ Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, Civil Service Examinations by UPSC.
2.Examination: The candidate has to clear only Paper 5 i.e. the Advanced Financial Planning paper.
3.Experience: The candidate should have work experience of 3 years in Financial Services Industry prior to the CFPCM Certification Exam. In case the candidate is working in a Non- Financial Industry the work experience should be 5 years prior CFPCM certification exam.
4.Ethics: On completion of the education, examination and experience requirements, the candidate has to sign declaration for adherence to FPSB India’s Code of Ethics & Rules of Professional Conduct
At IMS, our goal for the past 33 years has been simple – Build a long term successful career for our students. IMS Proschool is an extension of the same mission although the route is different. Economic growth over the past decade has created new opportunities for students and IMS Proschool is helping students tap these opportunities. IMS Proschool’s goal is to provide these industry relevant skills to its students in the shortest possible time, get them quality jobs that give them quality experience and create a long term career for them. In the process,
we will also help the industry solve its manpower issues. IMS Proschool Success Created over 1000 Associate Financial Planner’s Created over 100 CFP’s in short span of 24 months Trained over 5000 candidates on Financial Planning and Wealth Management More than 2000 CFP enrollments in last two years. IMS Proschool Programs NCFM Certification in Financial Modeling CFPCM PDP- Retail Store Operations Management What makes IMS Proschool Programs unique?
Focused, practical and relevant programs. Programs are for short duration. Range of options to choose from Course Content developed with inputs and feedback from industry. Programs are delivered by industry practitioners. Programs are available across the country. Trainer to the Industry
State Owned Banks – SBI, BOI, SBBJ Foreign Banks – CITI, Deutsche Security Houses –Kotak Securities, ICICI Direct, Motilal Oswal, Tata Securities Mutual Fund Companies – Sundaram BNP Paribas, Optimix. Insurance Companies – ICICI Prudential Institutional Tie- ups Partner of NISM, an initiative of SEBI (Security Exchange Board of India), to create Financial Planning proficiency among students across India. NSE India for Financial Modeling Certificate program Who should join IMS Proschool?
Fresh Graduates wanting to acquire job specific skills Skills required for surviving in challenging business environment is changing every year. Besides your graduation, you need these specific and relevant skills to get a job and to build a career. Working Professionals looking for enhancing skills Those of you who have joined recently, need to quickly enhance their skills and strengthen your resume, to compete effectively and build a long term career.
Professionals who want to shift Industry For most of us first job is, the first job that is offered to us. Often we find that it is not what we wanted and should spend our lives doing or it really does not offer the growth we expect. If you are looking to shift into sunrise industries like retail, KPO or financial services, then IMS programs can help you acquire skills and make the transition.
CERTIFIED FINANCIAL PLANNING:-
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Classroom Program – REGULAR
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Classroom Program – FAST TRACK
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Distance Learning Program – PLUS
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Distance Learning Program – REGULAR
Teaching Methodology
The entire program will be taught with lot of examples to understand application of theoretical concepts. The classroom program as well as online sessions will be conducted by experienced faculty from the industry. The online training sessions will be conducted live by our instructor, via the web. All you need to have is a PC with the required minimum configuration. The session will be voice and presentation based and would be as efficient as the real classroom sessions.
Online reference material will be provided to students immediately on enrolment. The students will be provided user id and password to access the course content from IMS Proschool website.
IMS Certificate
All students who complete the course successfully will get a certificate from IMS Proschool.
IMS Certificate
All students who complete the course successfully will get a certificate from IMS Proschool.
In which City is the program offered?
Program is offered in Mumbai, Pune and Kolkata.
How to enrol?
Classroom Program REGULAR & FAST TRACK
Step 1: Download the Enrolment Form our website OR obtain the same from your nearest IMS Proschool centre.
Step 2: Submit the IMS Proschool Enrolment Form along with two passport size photograph and a Demand Draft of the relevant amount drawn in favour of “IMS Learning Resources Pvt Ltd.” payable in Mumbai to the IMS Proschool Centre where you would like to attend the program.
Distance Learning REGULAR & PLUS
Step 1: Download the Enrolment Form from our website OR obtain the same from your nearest IMS Proschool centre OR
Step 2: Submit the IMS Proschool Enrolment Form along with two passport size photograph and a Demand Draft of the relevant amount drawn in favour of “IMS Learning Resources Pvt Ltd.” payable in Mumbai to IMS Proschool, 67, Jayant Building, Jain Hostel Road, Near Sion Circle, Sion (West), Mumbai – 400 022.
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IMS Learning Resources pvt. Ltd.1229/A, Narhari,Ist floor FC road,next to sagar arcade,DECCAN PUNE:411004
About the Author
ims proschool
When just starting, can I be a real estate salesperson without a car?
I plan on taking the license exam in November and I need to find a sponsor to do so but before I do I want to know if I will need a car when I start to work at the firm. I know you need one when you have to show a listing.
Should I wait to take the exam until I get the car?
That does make sense but I wonder if I will just be in training before I need to actually go out and show listings.
YES FOR ONLY $1,500.00 YOU TOO CAN SELL REAL ESTATE! This is the great lie all realtors are told! Yes, for $1,500.00 you can take classes (at least that’s the cost in Birmingham, Alabama) to learn everything you need to get your license, but not much on what it really takes to sell homes.
Most experienced agent do not want to bother with newer agents. When I first started, over two years ago, I was with a different company (Birmingham’s largest real estate company at the time) and I remember asking some of the older agents for help. While a few would help, for the most part, I was told, you just got your license, you should know what you’re doing. Now I’m with Keller Williams Realty, North America’s fastest growing realty company, and since it is the only realty company with profit sharing, every agent in the office has a financial gain in how well that office does, so everyone is more then willing to help out, but more on Keller Williams later.
First we will talk about what it takes to be a realtor, then we will talk cost – for if you do not have what it takes, you will be throwing money away, no matter what the cost is. If you have what it takes, it is well worth the cost!!!
You should be out-going, not afraid to talk with strangers you meet in the mall, stores, etc. You can’t get all bummed out with rejections, trust me, you will get allot of rejections in this line of business. You also need to be a good teacher as well as a good listener. And most of all, if you can remain calm when the world around you is going to pieces, you will make a good realtor.
If you read some of the questions and answers from Yahoo, you will see EVERYTHING is the realtor’s fault, and allot of times, this is true, not because realtors are bad people or trying to pull something (although some do). It is because the realtor did not take the time to explain to the Buyer/Seller how it all works, then if something goes wrong the client has no clue and feel they have been cheated.
Also, before I forget, EVERY realtor, works for a Broker, that is just how it works, but you will learn that in realty school. In Alabama you can not be a Broker until you been an agent for at least two years
COST
My first year I invested a total of $5,000.00 (Spread out over the year) over and above the cost of my classes and I only pulled in $3,000.00. For a total net income of minus $2,000.00 plus or minus a few hundred. This year, so far, I spent $2000.00 and made, to date $30,000.00. Next year I plan on doing even better!
As you can see, it cost money, but the rewards, well, they speak for them self!
Most real estate companies have what is called OT time (Opportunity Time). The way this works is, you are the agent of the day. You sit in the office and answer the phone. You mostly end up setting up showings for other agents listings, but if a call comes in with someone looking to sell or buy a home, you get that lead, remember, it is only a lead, it is up to you to turn in into a sale or listing. This is only an OK way to get clients. The BEST way is through marketing yourself. That is mainly where the bulk of my budget goes, to marketing myself.
If you remember earlier, I said each Keller Williams agent has a stake in how well the office does, I think, most Keller Williams agents are helping other people not just because of the profit sharing, but because this is just the type of people Keller Williams attracts! Keller Williams culture and belief is
WI4C2TS
W – Win-Win – or no deal ( make it a winning deal for everyone)
I – Integrity – Do the right thing
C – Commitment – In all things
C – Communication – Seek first to understand
C – Creativity – Ideas before results
C – Customers – Always come first (This one I truly believe in)
T – Team Work – Together Everyone Achieves More (another one I truly believe in)
T – Trust Starts with Honesty
S – Success – Results through people
Keller Williams has some GREAT in house training on how to get listings and market yourself, just to name two of its many classes. Best of all, if offers passive income through profit sharing!
Real estate is not for everyone, but it is a good business to be in, and yes, it is not a job, nor truly a career, it is a business you need to work and grow. True, you work for a broker, but you work as an independent. Most Brokers could care less if your selling or not, you pay a fee just to be in the office on top of your commission splits, so the brokers are not loosing any money on you. The most common split is 60/40 – you keep 60 and the broker gets 40. Some companies will let you keep 95 to 100%, but the monthly fee is like $1000.00. Each office is different. Keller Williams offers 70/30 splits for new agents, (Monthly fee, called a desk fee is $30.00- once again each office is different) then after you paid a set dollar amount for the year ($19,500.00 for my office) then you get to keep 100% for the rest of your anniversary year. You can, however start off at a 90/10 split, BUT then you must guarantee to pay that set amount. So for me, If I took the 90/10 split and only earned enough to have paid $17,500.00 in commissions to my office, at the end of my anniversary year, I would have to write a check to Keller Williams for $2,000.00. It is for this reason a 90/10 split is not recommended for newer agents, in fact, some Keller Williams brokers will not let new agents get the 90/10 split for that very reason.
Interview with Keller Williams Realty
The only real estate company that offers profit sharing
GREAT company to work for, GREAT training on how to market yourself, in any market.
If you would like more info on a career with Keller Williams Realty, go to my web page http://www.pauld-kw.com and on the top you will see “Sell a Property” Click on that, then click on “A career with Keller Williams” I think you will be very impressed. You can also e-mail or call me and I will be more then happy to talk to you about Keller Williams or send you some more information. pauld-kw@hotmail.com
If you do look into Keller Williams because of the information and end up going with them, remember my name when they ask, who would you like to be your sponsor. Just say Paul D. Dziedzic.
BEST of luck with your new career!
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