Business Administration - Financial Planning RFC230 Lecture Notes - Lecture 1: Estate Planning, Scenario Planning, Financial Planner
19 Jan 2017
School
Professor
Document Summary
Role of advisor is to assist clients in achieving their goals. Client relationship focused (ongoing) vs. product sales focused (transaction) Client-driven approach: match solutions to client needs; holistic planning, including referrals to specialists. Assess client"s situation; help client define and prioritize goals; develop strategies to meet goals. Not all client goals can be achieved, given financial restraints; advisor may have to assist clients in reformulating or moderating their goals. Delay retirement; increase retirement savings; reduce retirement income needs by changing their lifestyle. Make trade-offs between retirement savings and savings for children"s education. Fp has to all integrate with all them together. Firms are expanding product and service offerings to capture greater share of wallet. Hiring accountants to facilitate tax strategies and business succession planning. Providing lifestyle services (bmo continuity facilitates bill payments and real estate sales for seniors) Enables scenario planning, monitoring, comprehensive view of family finances.
