Programs & Courses

Elements of Real Wealth Management

By: Evelyn Jacks, Daniel Sonkodi

Elements of Real Wealth Management

PROGRAM: RWM™ Certification Mark
 

There is much change in the financial services industry.  With the introduction of CRM2 , advisors are under more pressure to disclose fees and create unique value propositions to retain clients.   At the same time, markets are volatile and taxes continue to be the largest single lifetime expense for affluent households. 

Competent wealth managers, therefore, are in high demand but while there are many advisors at work in the financial services industry today, few possess the unique skills and processes required to truly distinguish their practice from the rest.   This course shows advisors how to provide exceptional value through optimised planning to help their clients and family succeed at every important lifecycle stage, to achieve, maximize and preserve their wealth.

In this course, you will learn what we at Knowledge Bureau refer to as the Elements of Real Wealth Management™, a unique and specialized approach which can be readily integrated into your professional practice as you progress through this program. This defined process for building relationships with your clients will enable joint decision-making that results in the creation of sustainable wealth through the execution of tactical plans for the accumulation, growth, preservation and transition of capital on a net, after-tax basis.

WHY THIS COURSE IS TIMELY:

More than ever, clients expect to receive advice that is relevant both for today’s environment as well as for the long-term. They are looking for a “wealth manager” to connect the dots between the various “silos” of expertise they may be paying for. Above all, they are looking for someone they trust to provide direction for making important financial decisions about their income and their capital, now and in the future.

As their trusted advisor, you will help them accomplish this by means of a professional, multi-disciplinary and multi-generational practice, one that is client-centric, and at the same time places you, the advisor, in a key position within the planning discussion. This course will take you beyond the traditional scope of product placement, into an environment where you can integrate the kind of value-added long-term guidance, planning and leadership that will distinguish your practice.

CONTENT DESCRIPTION AND KEY CONCEPTS:

Real Wealth Management has three critical components which integrate traditional planning processes with income, tax and estate planning:

  1. Real Wealth Management requires an ongoing focus on the elements of accumulation, growth, preservation and transition of wealth in making decisions about income and capital at each stage of life.
  2. Creation of Purchasing Power, defined as what you have left after tax, after costs and after inflation, requires a focus on the sustainability of capital in order to fund future lifestyles.  What matters is what you keep, rather than what you have. Therefore, advisors must focus on strategies to minimize taxes and costs while anticipating the long-term impact of inflation to effectively manage and minimize risk to savings. Truly wealthy people have peace of mind, attainable through a focus on sustainable wealth over time.
  3. Real Wealth Managers provide fully integrated, multi-generational advice by developing relationships with a multi-disciplinary team of professionals who can work together under one strategic plan toward client goals using three common analysis tools: The Net Worth Statement, the tax return and the financial plan.

CERTIFIED SKILLSETS:

Participants in this course will have a sound working knowledge of the principles of Real Wealth Management - the four elements: accumulation, growth, preservation and transition- and how to apply them to joint decision-making using the Real Wealth Management Process.  Using sophisticated tax-efficiency calculators, which integrate tax and financial planning in a client-centric manner within the context of ongoing economic circumstances, students will learn to analyze income and build capital pools with sustainability in mind.

  • Section A: Chapters 1 to 4: In this section, we will lay the foundation of Real Wealth Management by thinking of the work advisors do from a uniquely different perspective: how to help clients achieve affluence in the way they use their money, based on their trigger questions leading to financial decision-making.
  • Section B: Chapters 5 to 8: In this section, we explore the four elements of Real Wealth Management in-depth as part of a strategic process of accumulating, growing, preserving and transitioning wealth throughout a lifecycle approach.
  • Section C: Chapter 6 to 11: In this section, we take this information and formulate it into specific practice management strategies so that you can begin to implement these concepts into your practice today with a view to multi-generation wealth management.

Practice Management Thesis: Comprehensive real life case studies appear throughout the course using professional software designed to integrate tax-efficient wealth management processes in a multi-stakeholder approach to financial decision-making. Students will be asked to demonstrate the skills and concepts taught throughout the course using these practical tools.

ADDITIONAL KNOWLEDGE BUREAU RESOURCES:

EverGreen Explanatory Notes – a comprehensive tax research library featuring personal and corporate tax topics and links to CRA resources and the Income Tax Act.

Knowledge Bureau Calculators - Client Relationship Toolkit:

ACCUMULATION GROWTH
Income Tax Estimator Take Home Pay Calculator
Financial Assessment Calculator RRSP Savings Calculator
  Registered vs Non-Registered Savings Calculator
  Investment Income Calculator
PRESERVATION TRANSITION
Tax Efficient Retirement Income Calculator Tax Efficient Assets Transfer Calculator
Marginal Tax Rate Calculator Donations Savings Calculator
Fixed vs Variable Income Calculator Trust Tax Estimator
CPP Income Calculator  
Debt Reduction Solutions Calculator  
Cash Flow Calculator  

 

Examination - Marking Guide: Modules end with multiple-choice and true-to-life scenarios found online which test the practical application of the key concepts covered in the course.  After the PMT, a final exam is written.   Actual time spent is influenced by factors such as the student’s background and individual learning style.

MARKS ALLOCATION:

Quizzes 50%
Case Studies 25%
Final Exam 25%
Passing Grade 60%
Honours Achievement 90%

 


CE Credits

CE Credits
Knowledge Bureau 30 CPE credits
IPBC 30 CE credits
PBA 30 CPE credits
AIC 31722 - LC - 11 hours

Table of Contents

Module 1:
Defining Real Wealth Management
Module 2:
The Strategic Approach in Real Wealth Management
Module 3:
The Costs of Building Wealth
Module 4:
Objective-Based Planning and Joint-Decision Making
Module 5:
Managing Sources of Income and Capital
Module 6:
The Real Wealth Management Process
Module 7:
Elements of RWM: Accumulation
Module 8:
Elements of RWM: Growth
Module 9:
Elements of RWM: Preservation
Module 10:
Elements of RWM: Transition
Module 11:
Leading the Real Wealth Management Strategy
PLUS:
PMT – practice management thesis – develop a real wealth management plan in a case study approach featuring Knowledge Bureau client relationship toolkit – 15 outstanding calculators that answer the families “trigger questions” about financial decisions they need to make
PLUS:
Examination – conveniently taken online in the comfort of your home or office

What Graduates Say

The RWM theories are a systematic way of looking at the financial planning process, that takes into account a lot of the key aspects that are left out of many financial planning discussions. David R., BC
My objective in taking this was to continue learning so that I can better serve my clients with simple sound advice that works.  My objectives were met with a very simple and clear process that has proven results. Rodney J., BC
A well-organized and comprehensive course written in simple, easy to understand language. The audio presentation is excellent as well. I have learned the principles in real wealth management, its process and applications. I liked all the different calculators to assist in financial decision making. I enjoyed the audio presentation that outlines each lesson's key learning objectives, which is an excellent supplement to the knowledge journal. Excellent tax research explanatory notes Richard L., ON
I was looking to learn and build upon my skills to assist my family in our current and complex situation. This course has provided me with clarity and focus towards reaching our goals.   Kareen R., ON