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Taking the Pulse of Your Financial Future CFP ® , CERTIFIED FINANCIAL PLANNER ® and CFP (with flame logo) ® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planners Standards Council is the marks licensing authority for the CFP Marks in Canada, through agreement with FPSB. Copyright © 2009 Financial Planners Standards Council. All rights reserved. ® Registered trademark owned by Desjardins Financial Security

Steve planning presentation mar 11

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Page 1: Steve planning presentation mar 11

Taking the Pulse of Your Financial Future

CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planners Standards Council is the marks licensing authority for the CFP Marks in Canada, through agreement with FPSB. Copyright © 2009 Financial Planners Standards Council. All rights reserved.

® Registered trademark owned by Desjardins Financial Security

Page 2: Steve planning presentation mar 11

Disclaimer

This presentation was initially prepared by Financial Planning Standards Council (FPSC).

Comments and opinions based on the presentation that are expressed by Stephen Cox, CFP

are those of the CFP professional and do not necessarily reflect the views of FPSC.

Page 3: Steve planning presentation mar 11

Financial Planning

• Financial Planning Standards Council (FPSC),a not-for-profit organization

• Encourage Canadians to think about life goals, financial planning needs

• Provide info about the financial planning process, its value

• Help Canadians recognize competent, ethical advice

Page 4: Steve planning presentation mar 11

How Do You Feel…

“Wouldn’t it be great to have a written financial plan so that no matter what happens in the market, the economy, or the world you still feel confident that you are going to achieve your goals?”

Page 5: Steve planning presentation mar 11

So… what IS financial planning, anyway?

Page 6: Steve planning presentation mar 11

What is Financial Planning?

Financial planning is• More than investment decisions• More than RRSP’s, RRIF’s and mortgages

It’s the process of creating strategies to help you best meet your life goals, through the proper management of your financial affairs.

Page 7: Steve planning presentation mar 11

What does a financial plan cover?

A Financial Plan covers four key areas:•Cash Flow Analysis•Debt Management Analysis•Life & Health Insurance Analysis•Investment Analysis

…and should be based on what is truly important to you, so you can focus on achieving your goals.

Page 8: Steve planning presentation mar 11

Why Should You Consider aFinancial Plan?

Page 9: Steve planning presentation mar 11

Know How to Improve Your Finances

• Less than 2 out of 10* Canadians

have a comprehensive financial plan.

• But 42% of people who have no financial plan say they also don’t know what to do to improve their financial situation.

All statistics used in this presentation are from the Value of Financial Planning Study (2010) on behalf of the Financial Planning

Standards Council

Page 10: Steve planning presentation mar 11

Meet Life Goals

Comprehensive financial planning can help Canadians achieve self-identified “life-goals.”

Those with comprehensive financial plans report that they are more likely to achieve their goals.

Page 11: Steve planning presentation mar 11

Retire From Work, Not Life

HALF of those with a comprehensive plan are on track to achieve and maintain their desired lifestyle

…while only 18% of those with no planning say they are on track

Page 12: Steve planning presentation mar 11

Have Peace of Mind

36% of those who’ve done no planning have “peace of mind” about their financial situation

BUT

61 % of those with a comprehensive financial plan have “peace of mind”

Page 13: Steve planning presentation mar 11

Get Over “Getting By”

57% of Canadians who have done no planning feel they barely get by every month

…70% of those with a comprehensive plan don’t worry about getting by

Page 14: Steve planning presentation mar 11

Be Ready for the Unexpected

“If anything should happen to me, the people I care about would be financially looked after”

72% Comprehensive Plan38% No Planning

® Registered trademark owned by Desjardins Financial Security

Page 15: Steve planning presentation mar 11

Don’t Get Left Behind

31% of individuals with no planning feel they can get to their yearly desired vacation spot

…66 % of Canadians with a comprehensive plan feel they don’t have that problem

Page 16: Steve planning presentation mar 11

Stop Renting

Nearly ¾ of those with a comprehensive plan

are on track to owning their own home

Less than ½ with no plan feel they are on the

right path to owning their own home

Page 17: Steve planning presentation mar 11

The #1Thing to RememberAbout Financial Planning

• Financial planning is NOT REGULATED in most Canadian provinces

• Provincial governments have NO RULES about who can call themselves a “financial planner”

• ANYONE can call himself a “Financial Planner” - and solicit clients

Page 18: Steve planning presentation mar 11

When Choosing a Financial Planner…

Its important you know:• what to look for in a prospective financial planner• the right questions to ask• what you can reasonably expect from the process

It’s your money and you are making the decisions. You need to ask the hard questions!

Page 19: Steve planning presentation mar 11

Your Due Diligence

Check into your advisor’s credentials• Are they in good standing with a licensing body, such as

FPSC?

Ensure the credentials are relevant to you• What are your needs? Do the credentials of your advisor or

planner match with your needs?

Check their professional history • Any disciplinary action taken against them?• Formal complaints?

Page 20: Steve planning presentation mar 11

What is FPSC

• A not-for-profit organization based in Toronto, Ontario

• Purpose: To ensure the financial planning needs of Canadians are well served.

• FPSC licences Certified Financial Planner® professionals in Canada

• Almost 18,000 CFP professionals across Canada

• FPSC enforces the CFP Code of Ethics, but only has authority over CFP professionals

Page 21: Steve planning presentation mar 11

CFP® Professionals Are…

• Competent• Met high standards of Education, Examination, Experience

• Ethical• Abides by the CFP Code of Ethics, enforced by FPSC • Committed to putting your interest first, every time

• Current• Keeps up-to-date through mandatory Continuing Education

Page 22: Steve planning presentation mar 11

What Certified Financial Planners Know About • CFP professionals have education and experience in

addressing these areas, and how they fit together: • Tax Planning• Retirement Planning • Estate Planning• Asset Management (including investments)• Financial Management (managing “Day to Day”)• Risk Management (including Insurance)

Page 23: Steve planning presentation mar 11

CFP® Professionals Make A Difference!

Stay on track!

76% who deal with a CFP professional reported feeling more "on track" with their financial affairs

Yet only 35% of people receiving no professional advice said they feel “on track”.

Page 24: Steve planning presentation mar 11

Next Steps

• The next step is to see how this all fits together for your unique personal situation.

• Let’s get together to introduce you to “Values Based Financial Planning®” and the “Financial Roadmap®”.

• These tools will give you a solid foundation on which to build a solid financial plan.

The Financial Road Map® is courtesy of Bill Bachrach, Bachrach & Associates, Inc., Values-Based Financial Planning  www.valuesbasedfinancialplanning.com. © 1996-2002 Bill Bachrach. All rights reserved. The Values Based Financial Planning Book® is courtesy of Bill Bachrach, Bachrach & Associates, Inc., Values-Based Financial Planning www.valuesbasedfinancialplanning.com. © 1996-2002 Bill Bachrach. All rights reserved.

Page 25: Steve planning presentation mar 11

Resources at www.fpsc.ca

• Find a CFP Professional• A searchable database of CFP professionals. Preview practice

profiles, areas of specialty and compensation structures

• Check a CFP Professional• Is your current or prospective planner a CFP professional?

• 10 Questions to Ask Your Planner• Make sure you are asking the right questions! Print this and

take it with you to the initial meeting

Page 26: Steve planning presentation mar 11

Contact us with questions…

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

7001 Mumford Road, Tower 1, Suite 312

Halifax, NS, B3L 4N9

P 902 446 4563

F 902 446 4565

1 877 256 6435

C 902 209 0676

www.stevecox.ca

[email protected]

Page 27: Steve planning presentation mar 11

DISCLAIMER

• Desjardins Financial Security Investments Inc. (DFS Investments) & Desjardins Financial Security Independent Network (DFSIN) are not providing the financial planning service and will not be supervising this activity. You should not rely on DFS Investments or DFSIN for review of the plan. DFS Investments and DFSIN is neither charging nor being paid any fees for this service and will not be liable for any errors or omissions. This Financial Planning Service is done solely through S. Cox & Associates Wealth Management Inc.

Page 28: Steve planning presentation mar 11

Disclaimer

• Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Page 29: Steve planning presentation mar 11

THANK YOU!

Questions?

CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planners Standards Council is the marks licensing authority for the CFP Marks in Canada, through agreement with FPSB. Copyright © 2009 Financial Planners Standards Council. All rights reserved.