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Certified Financial Planner CFP

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Certified Financial Planner CFP

CFP is recognized in 27 countries. WHO SHOULD ENROL?
1. Investment Consultants
2. Insurance Advisors
3. Bankers
4. Real Estate Agents
5. Counselors
6. Lawyers

CERTIFIED FINANCIAL PLANNER (CFP) is a financial practitioner's certification program to enhance financial planners' advisory skills and enable them to construct integrated financial plans. Practical Wealth is an education provider appointed by the Financial Planning Association of Malaysia (FPAM) to provide the Certified Financial Planner (CFP) Training program. In Malaysia, it is recognized by t

he Bank Negara Malaysia (BNM) and Securities Commissions of Malaysia (SC) for obtaining financial planner's licenses, namely FAL/FARL and CMSL/CMSRL. At the end of the program, you will:
1) Acquire the ability to effectively identify, quantify and prioritize clients' financial needs and goals.

2) Acquire the ability to develop and optimize financial solutions and formulate integrated action plans to achieve goals.

5 REASONS TO CHOOSE CERTIFIED FINANCIAL PLANNER (CFP CERT TM ) TO BUILD YOUR FINANCIAL PLANNING CAREER:

1) GLOBAL STANDARD FOR FINANCIAL PLANNING
CFP is the global standard for financial planning recognized in 27 countries.

2) CROSS COUNTRIES OPPORTUNITIES
CFP enables you to practice financial planning or gain employment in other countries.

3) ACCESS TO CLIENTS IN OTHER COUNTRIES
CFP recognition enables you to expand your client base outside of Malaysia.

4) RECOGNIZED BY THE SECURITIES COMMISSION & BANK NEGARA MALAYSIA
CFP is the prerequisite for the Capital Market Services License (CMSL/CMSRL) and Financial Advisor License (FAL/FARL).

5) OPPORTUNITIES TO LEARN FROM THE INTERNATIONAL COMMUNITY
CFP enables you to grow and learn from over 203,000 CFP Professionals worldwide. Accountants
7. Human Resource Managers
8.

11/11/2024

Excellence in CFP Education.
We received recognition from the Financial Planning Association of Malaysia for our contribution towards the best CFP training in Malaysia.
Thank you to all trainers and students for making this possible.

28/09/2024

Certified Financial Planner (CFP) Certification Program

Looking for a CFP program that provides practical applications of financial planning principles?

The goal of the CFP program is to equip participants with the ability to become proficient in creating financial plans.

However, not every CFP training provides sufficient depth and hands-on practice to develop financial plans. Some merely teach theories and replicate the contents of textbooks.

Outside the program, people do not normally share their technical expertise unless you join their business group or pay a hefty fee to learn from them.

At Practical Wealth, we aim to equip our students with the essential planning skills and provide them with sufficient hands-on experience in developing plans so that they can independently and confidently develop financial plans after completing the program.

Hence, throughout the CFP program, we will
1) Teach them the financial calculations and technical knowledge necessary to develop financial plans.
2) Guide them to apply the financial planning principles with real-world examples that are not found in textbooks.
3) Simplify complex subjects so they can learn them more quickly.
4) Extend the scope of the syllabus necessary to develop plans and fill in the gaps found in the textbook.

For further details, reach out to us at 012-8182805.

27/03/2023

CERTIFIED FINANCIAL PLANNER (CFP) is a financial practitioner's certification program to enhance financial planners' advisory skills and enable them to construct integrated financial plans.

5 reasons to choose CFP
1) Global standard for financial planning
2) Recognized in 27 countries.
3) Cross countries’ opportunities
4) Recognized by the SC and BNM
5) Opportunities to learn from the international community

Why choose Practical Wealth?
1) We train you to become a practitioner.
2) We teach applied knowledge instead of theories.
3) We use Real-Life examples to understand their applications.
4) We simplify complicated subjects to accelerate understanding.
5) We provide useful applications not found in the textbook.
6) We provide hand-on practice.
7) We have a record of high exam passing rate.

Our CFP training fee starts from RM870 per module

For further information, please contact us
Mobile: 012-8182805
E-mail: [email protected]

17/02/2023

Topic: Insurance - A very useful financial tool but if not used correctly, it can be your ticket to financial ruin.

Part 1: What is insurance?

Insurance is a funding arrangement between a policy owner and an insurance company.

It is a financial instrument designed to minimize the impact of financial losses due to unfortunate events that are beyond our control.

In this arrangement, the policy owner is required to fulfill certain responsibilities in order for the insurance company to discharge its responsibility to pay the claim.

The responsibilities of a policy owner:
1) Tell the whole truth when applying to transfer the financial burden to an insurance company (Doctrine of utmost good faith).
2) Maintain the policy by paying premiums continuously or for an agreed period

The responsibilities of an insurance company:
1) Provide details about the insurance policy.
2) Manage premiums received according to industry best practices to ensure it has the financial strength to pay all claims.
3) Honor claim by policy owner when at least one of the predefined events occurred and fulfilled the required conditions.

When applying for insurance, why is it imperative to tell the truth?
1) This is to enable the insurance company to determine how much you need to contribute to the arrangement.
2) It is also to make sure your insurance company cannot find a reason not to pay you when you make a claim later.

08/02/2023

Can you afford to buy a RM100,000 car?

Down payment 10%
Loan 90%
Interest 3% per annum
Monthly repayment
9 years 1,566
7 years 1,919
5 years 2,553

One of the most common mistakes people make in managing their finances is to measure affordability based on their monthly loan repayment.

The affordability of a service should be based on the total cost over time and how it will impact other aspects of our lives.

If we base our affordability on the maximum loan tenure, we will be locked down for longer than necessary and something else will have to give or be sacrificed.

It will affect the availability of funds for other purposes and needs, such as personal development, caring for other family members, investing, etc.

So when someone is high on monthly debt repayments and needs to take care of other needs, they will normally borrow from their credit cards or cut less urgent needs.

This is how credit card debt begins to accumulate.

Debt restructuring and refinancing are useful for temporary relief. But if the root of the problem is not addressed, they will soon be back at the same level of debt as before.

Debt is a reflection of what we do, our habits, our thoughts, our perspective on life, and the situation we are in.

So to manage debt effectively, we must dig deep into the root cause and develop a solution from there.

Ad hoc or unsystematic solutions rarely solve our debt and cash flow problems.

That is why real financial planning starts with understanding our situation and requires that we consider all things before developing any solution.

05/02/2023

Our salaries and increments are not the reason we are poor.

We are poor because we chose a lifestyle that exceeds our means.

We aren't poor because of our low salaries and increments. As a matter of fact, Malaysia is comparable to many other countries in terms of salary as compared to our cost of meals.

We do not have enough money for our lifestyle because we subscribe to services beyond our means. Many even call on the government to reduce prices so that they can continue to enjoy some of these services.

Let's take a look at transportation, a service that none of us can live without. Our public transportation is far from adequate to provide the connectivity that we need. Some places even do not have public transportation. So without a car, we will have to walk which exposes us to criminals and will take much longer to get to our destination

Therefore, owning a car is a necessity. Let's look at a scenario where a Malaysian owns a Honda CRV for a period of 10 years. How much do you spend on transportation in order to have the convenience of travelling from one place to another?

Costs associated with transportation are not limited to the purchasing cost and loan interest. It includes fuel, road tax, car insurance, tyres, batteries, parking, tolls, trains, car wash, re-painting, etc.

In this example, the total transportation cost for a Honda CRV is estimated to be around RM225,955, or over RM22,595 per year.

If a person's take home income (net of mandatory deductions and income tax) is RM100,000 a year, that figure represents 22.5% of his income. How can we not struggle financially to meet other living expenses if we spend more than 20% of our income on transportation alone?

In fact, the recommended allocation for transportation is 10% of our income, so that it does not exceed 40% for both accommodation and transportation.

The question is how to reduce our transportation costs without affecting our lifestyle?

Can we really live a meaningful life within our means?

06/01/2023

ARE YOU A FINANCIAL PLANNER OR PRODUCT ADVISOR?

Having a financial planning credential (CFP/RFP/IFP/Shariah RFP) or financial planner license (CMSRL or FARL) does not make you a financial planner.
Offering multiple services and products does not make you a financial planner either.
You can have all the above and still be a product advisor, selling financial products based on their features and what the product can do.

So what makes you a financial planner?
It is not what you have but what you do.

Do you provide sufficient insights and alternatives for your clients to make informed decisions?
Are you impartial and develop recommendations based on your client's interests, needs, goals, and priorities?
Do you integrate the recommendations and provide cash flow projections?
Do you follow the financial planning process as expounded by the FPSB?

There is nothing wrong with providing a single solution/addressing a single need.
Not everyone needs a comprehensive financial plan.
Sometimes a simple plan is sufficient.

But do you put your client's interest first?
Do you advise them based on their needs and priorities?
Do you address the root cause of their problems and help them to take control of their finances?
Do your recommendations improve their financial wellness and net worth?

Your clients can differentiate a financial planner from a product advisor.
So please be true to what you call yourself.
Honesty is an inseparable trait of a trustworthy financial planner.

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Unit 8-1, Level 8, Suria Sabah Shopping Mall
Kota Kinabalu
88000

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