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Unit01 Birds' Eye View - SubjectMatter SkillBuilding...

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6/12/2011 1 Unit 1.0 Course Overview Kingsley Fong [email protected] 1 What is this course about? Subject Matter Skill Building Awareness of the ethics and the economic functions of the profession 2 Subject Matter, Perspectives and Approach Personal financial planning and management Profession financial planning and advisory Financial Advisors Financial Planners Regulatory Guideline 146 Compliant B.Com (Finance)/M.Com (Finance)/M.FinPlan FINS2643/5510 FINS3637/5537 3 Financial decisions that people make Consumption vs Savings Let’s have lunch here, and there! I am going to get that car, iphone, holiday… I’ll put $100 per week into a long term saving account. I’ll add 6% to my superannuation? Financing HECS or paying outright? Pay by credit cards or from loan? Cash, margin account, CFD, or home loan? How do I pay them off? 4 Investment Should I invest my savings in term deposit? Which stock should I add to my portfolio? Is it the right time to buy? How do I know if this managed fund is suitable for me? Asset Protection Should I buy life insurance? Car insurance? How much? How would family breakdown affect my finance and wealth? 5 Financial Planning Financial planning is about how to make personal financial decisions and to ensure that we have money to do what we want to do in life! 6
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6/12/2011 2 Sounds simple? It’s not rocket science. It requires Common sense Emotional and technical skills Knowledge and information Organization skills and execution effort 7 Course Level Learning Outcomes Understanding the wealth management and financial planning industry Set and assess financial goals Create budget and saving plans to accumulate wealth Discuss and assess risk profiles Recommend appropriate asset allocation and long term investment strategies 8 Understand the valuation and selection criteria of major investment products such as managed funds and financial securities Evaluate the investment value and select finance for residential properties Discuss the Australian taxation system and suggest tax effective ways to build wealth Create and assess the effectiveness of retirement strategies such as public and self managed superannuation funds 9 Select appropriate insurance products Consider the financial consequences of family relationship and instruments available to reduce uncertainty Evaluate and arrange financial affairs to better access social security benefits Arrange for the creation of instruments to distribute estate and non estate assets Construct a financial plan 10 This Course Is NOT About Advanced or sophisticated finance theory Get rich quick methods Short term trading strategies such as arbitrage or day trading Stock picking skills 11 Materials Taylor, S., R. Juchau, and B. Houterman, 2010, Financial Planning in Australia, 4 th ed., LexisNexis Butterworths.
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