Elements of Real Wealth Management (New Features)
Investment & Retirement, Succession & Estate Planning
By: Evelyn Jacks, Daniel Sonkodi
MFA - Retirement and Estate Planning Specialist
There is much change in the financial services industry. With the introduction of CRM2 in 2016, 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:
- 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.
- 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.
- 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.
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:
- Financial Assessment Calculator
- Income Tax Estimator
- Marginal Tax Rate Calculator
- Investment Income Calculator
- Cash Flow Calculator
- Registered vs Non-Registered Savings Calculator
- Fixed vs Variable Income Calculator
- Tax Efficient Retirement Income Calculator
Marking Guide: Chapters 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.