Financial Planner and IFPHK

1. by Thanakrit Lersmethasakul
lersmethasakul@live.com
FINANCIAL
PLANNER

2. financial planner
A
or personal financial planner is a practicing
professional who prepares financial plans for people covering various aspects of
personal finance which includes:
Risk Management and Insurance Planning
Investment and Planning Issues
Retirement Planning
Tax Planning
Estate Planning
Cash Flow and Liability Management
Relationship Management
Education Planning for kids and the family members

3. Personal financial planning is broadly defined as …
“A process of determining an individual's financial
goals, purposes in life and life's priorities, and
after considering his resources, risk profile and
current lifestyle, to detail a balanced and realistic
plan to meet those goals”.

4. Objectives
-
financial goals
To create the greatest probability that all
(anything requiring both money and planning to achieve) are
accomplished by the
target date.
frequently-updated
-
To have a
sensible plan that is
proactive enough to accommodate any major unexpected financial
event that could negatively affect the plan.
-
To make
along the
way (whether to "buy or lease" whether to "refinance or pay-off"
etc.).
intelligent financial choices

5. The Four E's
Education
Examination
Experience
Ethics
CFP® Certification: The Standard of Excellence
CFP Board’s coursework:
General principles of financial planning
Insurance planning
Investment planning
Income tax planning
Retirement planning
Estate planning
Interpersonal communication
Professional conduct and fiduciary responsibility
Financial plan development (capstone)

14. Demographic breakdown Report 2011

15. Demographic breakdown Report 2011

16. Demographic breakdown Report 2011

17. Industry Outlook 2008

18. Potential barriers to growth for consideration
1. Supply of suitably qualified professionals
A large number of respondents identified the lack of supply of local
experienced financial planning professionals as a potential significant barrier to future
growth.
2. Professional standards
The complexity of the Hong Kong regulatory framework, which made the
establishment of a series of uniform professional standards across the financial planning
industry difficult.

19. Industry Skill Review
Insurance industry
- Strong in business development skills.
- Need to develop additional technical skills.
Retail banking
- Need to develop a stronger technical skill base.
- Need to develop the skills to distinguish what is
the most appropriate product(s) for their clients’
financial plan.

20. Service Offering Outlook for the Future
In many international markets, as the financial planning industry matures and
consumers developed a more comprehensive understanding about the importance of
the industry remuneration
methods changed from a commission based
income to a fee based one.
seeking professional financial advice,
In general, Hong Kong consumers typically did not like paying up front fees. The
lack of regulatory pressure on the issue of fee disclosure was also considered significant.

22. THANK YOU