Financial Planning (FIP)

Students will be introduced to the financial planning profession, the process of financial planning, and the six financial planning areas. They will focus on collecting and analyzing an individual’s personal and financial information in support of making recommendations to improve the individual’s current and future financial circumstances. An emphasis will be placed on improving the client’s cash flow and net worth through the appropriate use of credit facilities.

Students will acquire the knowledge required to engage in the retirement and education planning process, as well as planning for individuals with a disability. Students will produce financial planning projections and make recommendations related to an individuals objectives in these areas. Emphasis will be placed on the registered plans available that individuals can use to achieve their objectives.

Students will acquire the foundational knowledge about personal income taxation that is expected of financial planners. Students will cultivate an in depth knowledge of the income tax assessment rules for individuals, including the types and taxation of different types of income, available tax deductions and tax credits, and foundational income splitting opportunities, that will aid them in identifying and making financial planning recommendations to individuals.

This course provides students with the knowledge and skills required to engage effectively in the risk management, insurance, and estate planning processes expected of professional financial planners. Students examine the risks that individuals and families face throughout their lives and evaluate strategies to protect personal, family, and financial well-being. Students also explore estate planning principles, including wealth transfer objectives, estate preservation strategies, beneficiary designations, powers of attorney, wills, trusts, taxation considerations, and charitable giving. Through case studies and practical applications, students assess clients risk management and estate planning goals, needs, and priorities and develop recommendations that help mitigate risk, protect assets, and support the achievement of personal and financial objectives.

Students will acquire the knowledge required to conduct detailed investment planning. An emphasis will be placed on creating an investment plan for an individual, including determining the individuals risk tolerance, creating a suitable asset allocation and choosing appropriate investments for the individuals investment portfolio, presenting the recommended investment plan to the individual, and completing the administrative forms required to enact the investment plan.

Students will acquire the knowledge required to conduct advanced financial planning as a CFP professional. An emphasis will be placed on four areas, including registered plans, taxation, law and insurance.

Students will synthesize the technical knowledge they have learned in the other financial planning courses contained within the Financial Planning (FIP) program. Students will cultivate skills that align with The FP Canada Standards Council Financial Planning Practice Standards.

Students will gain knowledge of how the human brain makes decisions, including how heuristics, biases, and values, attitudes, emotions and disorders related to money impact an individuals decision making process. Students will develop the behaviour and communication skills required by financial planners to foster trust and build relationships, motivate individuals to carry out financial planning recommendations, and deal effectively with an individuals resistance to change.