10 Questions to Ask your Financial Planner

Nov 17, 2014 | News

Source: Financial Planning Standards Council – FPSC – www.fpsc.ca

10 Questions to Ask Your Financial Planner

Financial planners can help you plan for retirement, find the best way to finance a new home, save for your child’s education or simply help put your finances in order. Whatever your needs, working with an appropriately qualified financial planner is a crucial step in helping you meet short-term and long- term goals that will help ensure your future financial well-being.

Finding the right planner is extremely important because your choice will almost certainly affect the security of your financial future. The following questions will help you interview and evaluate financial planners to find a competent, qualified professional with whom you feel comfortable and whose business style suits your needs.

Don’t be afraid to ask these and any other questions you feel need a full and open answer. Any professional will welcome them. Select the question to find out more about it.

1. What are your qualifications?

Many people offering financial services call themselves financial planners. However, financial planning is a detailed, comprehensive process requiring hands-on experience and a strong technical understanding of topics such as personal tax planning, insurance, investments, retirement planning and estate planning – and how a recommendation in one area can affect the others.

In addition, with the exception of Quebec, there is no legislated standard in place in Canada for individuals who call themselves financial planners to obtain any credentials whatsoever. Be sure that your planner is appropriately trained, certified and held accountable to professional oversight – as Certified Financial Planner^® professionals are today.

• Ask the planner about his/her qualifications to offer financial advice and if, in fact, s/he is a qualified planner
• Ask what training s/he has successfully completed
• Ask what steps s/he takes to keep up with changes and developments in the financial planning field
• Ask whether s/he holds any professional credentials including the CFP^® credential, which is recognized internationally as the mark of the competent, ethical, professional financial planner

2. What experience do you have?

Experience is an important consideration in choosing any professional. Ask how long the planner has been in practice, the number and types of firms with which s/he has been associated, and how their work experience relates to their current practice. Inquire about what experience the planner has in dealing with people in similar situations to yours and whether s/he has any specialized training. Choose a financial planner who has at least three years’ experience advising individuals on their financial needs. Note: After completing the rigorous education requirements and successfully completing two comprehensive examinations, candidates must demonstrate that they have a minimum of three years’ qualifying work experience before they can apply for CFP certification.

3. What services do you offer?

The services a financial planner offers will vary and depend on their credentials, registration, areas of expertise and the organization for which s/he works. Some planners offer financial planning advice on a range of topics but do not sell financial products. Others may provide advice only in specific areas such as estate planning or taxation. Those who sell financial products such as insurance, stocks, bonds and mutual funds, or who give investment advice, must be registered with provincial regulatory authorities and may have specialized designations in these areas of expertise.

4. What’s your approach to financial planning?

The types of services a financial planner provides vary from organization to organization. Some planners prefer to develop financial plans encompassing all of a client’s financial goals. Be sure to work with a planner who considers your overall financial goals, values and attitudes even if they specialize in a specific area such as taxation, estate planning, insurance or investments. As an example, an investment specialist’s portfolio recommendations should consider your investment objectives and risk tolerance, but as well your cash flow needs, tax situation, risk management and estate goals. Ask whether the individual deals primarily with clients with specific net worth, levels of income or investable assets, and whether the planner will help you implement the plan s/he develops or refer you to others who will do so.

5. Will you be the only person working with me?

It is quite common for a financial planner to work with others in their organization to develop and implement financial planning recommendations. You may want to meet everyone who will be working with you. Financial planners often work with other professionals, including the ones you already use, such as your lawyer and accountant.

6. How will I pay for your services?

Your planner should disclose in writing how s/he will be paid for the services they provide. Understand how your potential planner will be compensated and choose whatever model works best for you. Planners can be paid in several ways:

• From the cost of the product: Some planners receive their compensation directly from the product manufacturer when you purchase a product through the planner. For example, their compensation is part of the management fee of the fund. In this case no money is exchanged between the client and the planner. Rather, the cost to the client is embedded in the cost of the mutual fund.
• Percentage of assets under management: Some planners will charge a fee as a percentage of the assets they are managing or administering on your behalf.
• Fee-for-service: Some planners charge an hourly or set fee for the service they provide.

7. How much do you typically charge?

While the amount you pay the planner will depend on your particular needs, the financial planner should be able to provide you with an estimate of possible costs based on the work to be performed. Such costs would include the planner’s hourly rates or flat fees or the percentage s/he would receive as commission on products you may purchase as part of the financial planning recommendations.

8. Who, besides me, benefits from your recommendations?

>Ask the planner – regardless of fee structure – if they have a written professional obligation to put your interests ahead of their own. For example, CFP^® professionals must annually attest to a code of ethics that clearly states your interests will always come first.

9. Are you regulated by any organization?

Financial planners who sell financial products such as securities and insurance or who provide investment advice must be regulated by provincial regulatory authorities. They may also subscribe to a code of ethics through a professional association. Others who are members of the accounting and legal professions are usually members of professional bodies that govern their fields. Planners who hold the CFP credential are subject to internationally recognized professional standards of competence, ethics and practice that are set and enforced in Canada by Financial Planning Standards Council (FPSC^®).

It is a fair question to ask if a prospective financial planner has ever been the subject of disciplinary action by any regulatory body or industry association. You can verify the answer by contacting the relevant organization. Ask the financial planner whether s/he subscribes to a professional code of ethics such as the FPSC Code of Ethics for CFP professionals. Find a Certified Financial Planner^® professional

10. Can I have it in writing?

Ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
FPSC Accredited Continuing Education Courses for Certified Financial Planner Professionals and FPSC Level 1™ Certificants

Put the candy down and sink your teeth into another new course from ILScorp!

Nov 3, 2014 | News

The chocolate bars, candy corn and sugar high will all eventually fade away, but the release of educational, instructional and accredited new courses from ILScorp is here to stay!

Maybe it’s something to do with our own sugar high, but ILScorp is ecstatic to announce the release of another new course, Introduction to the Claim Process and Claim Handling Techniques!

The Introduction to the Claim Process and Claim Handling Techniques is text-based, includes 5 lessons and takes approximately 2 hours to complete.

Course learning objectives:

• To enhance knowledge and skills to improve claims management
• To introduce you to claim processing and handling techniques
• To outline the duties of those handling claims and the basic processes involved
• To cover basic strategies associated with processing claims
• To provide examples of communication skills needed to effectively handle claims
• To provide knowledge of the claims process and the basic skills required to handle these in a way that complies with industry standards
• To enhance claim handling services to give insurance professionals a competitive advantage

This course includes references from insurance experts regarding effective claims processing. It draws on tips, suggestions and recommendations they provide that are designed to ensure the smooth handling of claims.  It also reviews common law duties that generally apply when handling insurance claims. This course is not intended to provide legal advice but to convey limited information regarding legal principles which apply during the claims process.

Finally, Introduction to the Claim Process and Claim Handling Techniques, is included as part of all ILS General CE Course Subscriptions and  all ILS Adjuster CE Course Subscriptions! Now that’s sweet! (like candy) Sink your teeth into it today!

Creepy & Eerie New Courses on Adjusting Bodily Injury Claims!

Oct 31, 2014 | News

Happy Halloween! There are no ghosts, goblins or ghouls in ILScorps new creepy and eerie courses, but there are plenty of skeletons, eyeballs and grisly sinew to get you in the spooky spirit!  Introducing a new course series, Adjusting Bodily Injury Claims.  Written and narrated by Maurice McFadden, a 40 year industry veteran, three modules are available now with more modules available soon.

Module 1: Introduction and the  Investigation Process, gives  you a solid, general introduction to bodily injury adjusting, and an overview of the investigation process.

Module 2: Injury Explanation and Details and Determining Liability – explores the correct way to explain an injury, the necessary steps to properly complete a claim and legitimate methods to determine liability.

Module 3: Introduction to Anatomy, Skin and Muscles – explores injuries that can occur to the skin, including: nerve damage, contusions, lacerations, abrasions, scarring, severe bruising, and burns. CREEPY! 

This module also looks at the muscular makeup of the body, including: skeletal muscles, smooth muscles, cardiac muscle, arm muscles, knee muscles, neck muscles, hand muscles, ligaments, and sprains and strains. EERIE!

These creepy and eerie Adjusting Bodily Injury Claims courses are accredited in British Columbia, Alberta, Saskatchewan and Manitoba, for 1 Continuing Eduction Hour each, General or Adjuster credit type.

And it gets even better!  All ILScorp members with a General CE Course Subscription or an Adjuster CE Course Subscription have access to all of these creepy courses right now, at no extra cost!

So whether you’re considering a career in adjusting bodily injury claims, or want to further your knowledge and understanding of the adjusting bodily injury process, check out these new courses today!

Trick or Treat? Treat yourself to a new career in insurance!

Oct 15, 2014 | News

Trick or Treat?

How about a new career! Treat yourself to a new career this fall with a Virtual Classroom insurance licensing or CAIB exam prep training program from ILS corp. You could be finished your Level 1 insurance licensing (or CAIB exam prep courses) in just 4 weeks and be ready to start your career in the Canadian insurance industry by November 28.

Plus use the promo code: SPOOKY14 on your registration form and save $100 instantly!

The ILS Introduction to General Insurance Virtual Classroom program starts November 3 and runs for four weeks. The ILS Introduction to General Insurance has a pass rate of more than 80% among students using the Virtual Classroom study program. The ILS IGI – Canada’s newest and most up-to-date insurance licensing course – is accredited for agents working in BC, Manitoba and Saskatchewan. The IGI was written by Steve Hawrishok, original author of the Fundamentals of Insurance program and the Canadian Accredited Insurance Brokers program.

The ILS virtual classrooms program also offers Fundamentals of Insurance Exam Preparation; and CAIB 1, 2 3 or 4 Exam Preparation. Note: Be sure to register with your provincial association for the final exam.

Virtual classrooms gives you the flexibility to complete the work on your own time, but also gives you the tools to keep you on track to complete your insurance training course in just four weeks.

All ILS Virtual Classroom courses include:

• a daily assisted learning calendar – to keep you on track, we provide a study calendar that breaks down the insurance training courses into easy-to-manage daily study modules;
• online video courses  – it’s like having a personal tutor for your insurance training, with the added benefit of being able to pause, rewind and review at the touch of a button;
• weekly practice exams – weekly practice exams simulate a real exam environment, so you can become comfortable with the exam process;
• An online discussion forum and review videos – to help keep you focused and clarify key points.

Register today at ILScorp.com and be on your way to a rewarding insurance career. The Virtual Classroom Programs start in just over two weeks! Once you’ve registered, the ILS staff will be in touch to get you set up and ready to learn. For more information call 1-800-404-2211.