FIN 502 Chapter Notes - Chapter 1: Certified Financial Planner, Estate Planning, Financial Plan
Document Summary
Financial planning process a series of decision on how much money you need at some future time in order to meet your goals, and how you will get that money. Goals must be in monetary terms and have some date attached to them, in order to plan for them. To reach the goal, you have two sources of money: money now and money earned from investing (investment income) Financial goal (at time n) = existing savings + investment income for n years on the existing savings. + investment income on the annual savings, n. Types of financial planners: salaried employees of institutions, commission planners, fee based planners, and fee only or fee for service planners. Financial planners standards canada (fpsc) is an umbrella group that has a mandate to provide a uniform set of educational and practice standards for personal financial planning in canada. Module notes: a complete financial plan must include more than just our accumulated savings and investments.