Practical Wealth - CFP Certified Financial Planner Certification Training

Practical Wealth - CFP Certified Financial Planner Certification Training Certified Financial Planner (CFP) certification program is a globally recognized training program for financial planners. II. III. IV.

Practical Wealth is an education provider appointed by Financial Planning Association of Malaysia (FPAM) & Islamic Banking & Finance Institute Malaysia (IBFIM) to provide the Certified Financial Planner (CFP) & Islamic Financial Planner (IFP) programs. Currently, it is recognized in 26 countries and is the prerequisite for financial planners to be licensed by the Securities Commission of Malaysia

and Bank Negara Malaysia

About our training:

I. PURPOSE
We train with the purpose of producing financial planning practitioners, not just to pass the CFP examination. INDEPENDENT
Practical Wealth is not affiliated with any financial planning company. Hence, we do not promote nor recruit students to join any financial planning company. CONTINUITY
Our training and supports do not end after our students have completed the CFP Certification Program. We continue to train and coach them until they can be on their own and lead others in their team. EMPOWERING
We empower our students with practical knowledge gained from our real-life experience and research.

Certified Financial Planner (CFP) Certification ProgramLooking for a CFP program that provides practical applications of...
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.

CERTIFIED FINANCIAL PLANNER (CFP) CERTIFICATION PROGRAMThe CFP credential is more than a qualification to apply for the ...
19/08/2024

CERTIFIED FINANCIAL PLANNER (CFP) CERTIFICATION PROGRAM

The CFP credential is more than a qualification to apply for the FARL and CMSRL.
It is a unique training program that gives you the technical know-how to enable you to pursue a career as a certified financial planner.
Each module is meticulously designed to guarantee that you have all the knowledge necessary to become a fully qualified financial planner.
A large portion of the technical knowledge covered in the syllabus is not present in the training courses offered by insurance firms and unit trusts.

Throughout the program, our trainers will
1) Simplify difficult subjects so you can learn them more quickly.
2) Fill in the gaps found in the textbook's contents.
3) Extend the scope of the syllabus.
4) Focus on teaching practical knowledge.
5) Include real-world examples that are not found in textbooks.

Some of the effects of skipping some CFP modules are:
1) Exams for Modules 3 and 4 will become harder to pass
2) Unable to pursue a career as a certified financial planner.
3) Building and integrating financial components become difficult.

For more information about our CFP program, please visit our website https://www.practicalwealth.co/ Or contact us at 012-818 280

How to develop an insurance and estate plan?Insurance and estate plans are not about selling insurance products. It is a...
28/03/2024

How to develop an insurance and estate plan?

Insurance and estate plans are not about selling insurance products. It is about taking care of all insurable risks and managing a person’s estate efficiently.

It involves understanding a person’s situation and developing a personalized plan addressing all of his needs.

In this CFP Module 2 training program, candidates will be taught how to develop personalized insurance and estate plans and prepare them for the examination.

This program is designed for practitioners in the financial planning industry, such as life insurance agents, general insurance agents, unit trust agents, real estate agents, bankers, etc.

For more information and enrollment, please contact us at 012-818 2805 or visit our website https://www.practicalwealth.co/

The journey to financial freedom starts with planning our career and lifestyle.Want to achieve financial freedom? Start ...
16/09/2022

The journey to financial freedom starts with planning our career and lifestyle.

Want to achieve financial freedom?
Start with planning your career and lifestyle.
Your income and lifestyle set the tone for your financial health.
Investing is essential but not the key determinant.

Want to protect your lifestyle against inflation?
Start with planning your income and expenditure.
Make sure your after-tax income grows faster than inflation.
Make sure your lifestyle expenditure does not go higher than your take-home income.

Your active income is your primary source of wealth.
If you do not take care of it, you may not be able to absorb the effect of inflation.
If you do not have a significant jump in your income, you may not be able to cover the jump in your household expenditure due to a change in your financial responsibility.

Investing helps to grow and preserve the future purchasing power of your savings.
But it does not help you cope with the current effect of inflation.
Withdraw investment returns during the accumulation phase to cover the effect of inflation?
Do you want to trade growth for income?
It is less damaging to adjust our lifestyle than to let go of the compounding growth.

If you want financial freedom, start by asking yourself what you need to do to advance your career.
It matters how much you earn and what you do with it.
If you have been told that “it does not matter how much you earn, but how much you keep,” change this quote to “it does matter how much I earn, spend and keep.”

Without a healthy cash surplus, how can anyone dream of accumulating wealth and generating a passive income?
So, what must you do to advance your career and increase your income?

Premium paid for key-man insurance on a director's life who owns shares in the company is an allowable expense - sorry w...
01/09/2022

Premium paid for key-man insurance on a director's life who owns shares in the company is an allowable expense - sorry wrong advice.

"Your legacy plan is not tax deductible. Key-man insurance is tax deductible. I can deduct the premium paid as company expense".

A former student of mine who works in a bank called me last night to clarify if a director of a controlled company can deduct the premium paid as an expense for his key-man insurance, as promoted by an insurance agent.

The sales idea used by some insurance agents is to sell key-man insurance to company directors cm shareholders of controlled companies and treat the premium paid as a deductible expense. This purchase will lower their profits and tax payable. When the insured event (death/TPD) happens to the director, the sum insured will be paid to the company, where the benefits will eventually go to his family.

It sounds like a good idea compared to paying the premium using your own money, where you are only eligible for tax relief up to RM3,000 a year.

But the Income Tax department knows this and has disallowed premium paid as a deductible expense for key-man insurance on a director's life who owns shares in the company in a public ruling published in 2003.

So be wise and check with your tax auditor regarding tax-deductible expenses.

Practices and sales ideas applicable in other countries are not necessarily applicable in Malaysia due to restrictions in our laws. So do not accept everything insurance agents say without checking because many do not know the income tax law and laws related to companies and the payment of insurance money in Malaysia.

CFP M4 Exam Result.
20/07/2022

CFP M4 Exam Result.

Can we enroll in your CFP Module 3 training? We failed our Module 3 exam.This was a request that I received after the CF...
23/06/2022

Can we enroll in your CFP Module 3 training? We failed our Module 3 exam.

This was a request that I received after the CFP result was released on Tuesday, 21/6. They took the program under another training provider.

At my training center, we have three trainers.
I am proud to announce that we have found a way to train our students to maintain an above 90% passing rate.

Whenever students fail the examination, we will find out why they fail.
If it is due to our weaknesses, we want to know so we can rectify them.
If it is due to other reasons, we will try our best to help.

These are the replies I received from my students who failed:

Student 1
"This month is the busiest month. And during exam week was the busiest week for me. No rest. 1 day before m3 exam also got kursus. So actually i've not enough time to do revision."

Student 2
"2 of my staff left . No maid at home . Tough time to take care the office n house."

At my center, our commitment is to train our students until they pass all the examinations. We do not charge our students for re-attending the training.

So the above scenario where students have to enroll to resit the training with another education provider does not occur at my center.

For more information about our CFP training, don't hesitate to get in touch with me.

You may also contact my trainers.
1) Lee Khee Chuan KHEE CHUAN LEE
2) Avril Yap Avril Yap

21/06/2022

CFP June 2022 Exam results
M1 - 3/4 passed
M2 - 15/15 passed
M3 - 8/9 passed

09/06/2022

The meaning of financial planning - in case you were misinformed.

Financial planning is not about having an investment plan, protection plan, estate plan, retirement plan, tax planning, and debts management plan. These are the main components of a financial plan.

Financial planning is about taking a person from their current financial state to a desired financial state. The process of taking a person to the desired financial state is the 6-steps financial planning process (the latest version is 7 steps).

It guides financial planners
1) To uncover the financial needs and understand the desired financial state,
2) To discover where they are now financially, the gaps, the resources that they have to reach the desired state, and factors that might stop them from getting to the desired state,
3) To evaluate and choose only the most appropriate options for that person, integrate them into a plan, to ensure everything is working seamlessly and efficiently, and no area is being overlooked,
4) To have an integrated action plan with an implementation timeline and a monitor system to regularly review the progress and the appropriateness of the action plan

Ultimately, it is to enable people to have the resources to take care of themselves and their families financially in all possible circumstances, both in the present and in the future.

So what you should be learning in the Certified Financial Planner (CFP) Certification Program is the 6-steps financial planning process, not just the various components of a financial plan. For his reason, the whole final module of the CFP Certification Program is dedicated to the 6-steps financial planning process.

Looking at how the CFP syllabus is being designed, you will notice it has the following sequence.
1) The nature of a financial plan and an introduction of the 6-steps financial planning process - an overview with the end in mind (Module 1),
2) Factors affecting a financial plan and people financially (Module 1),
3) Time Value of Money - the tool that you need for planning and constructing a plan (Module 1),
4) Main components of a financial plan - tax planning, risk management, estate planning, investment planning, and retirement planning (Module 1 to 3),
5) 6-steps financial planning process to apply and integrate all the components into a cohesive financial plan (Module 4).

If you have completed the CFP Certification Program and still think that financial planning is about having each of the components separately, you have missed the main objective of the CFP Certification Program.

08/06/2022

Needs Identification Process.

“Can you advise me whether to add my bonus and increment into my retirement portfolio? My unit trust consultant said the market is cheap now as it has corrected by about 13%”.

This is one of the questions one of my clients asked when she was being referred to me. She is a Pharmacist in her early 30s.

As I talked to her, I noticed she did not know much about her financial needs, except saving for retirement, buying medical insurance, life insurance, and getting her will written.

During the fact-finding conversation, I discovered that she has parents to take care of in about 7 to 10 years when they both retire. She also has a brother whom she may need to care for if something happens to her parents.

When I identified a few expenses that she may have to bear in the future, she was surprised and disappointed that she was not informed earlier. She, however, felt grateful because she could now do something about them.

The Needs Identification Process is the first step in the financial planning process to understand a person’s circumstances, uncover their needs and turn them into a set of goals. It is a critical step because what we discover in this process will determine the scope of our financial plan. A missed goal or need is a hole in that financial plan and can potentially destroy everything we have planned.

In my training, I teach my students the Need Identification Process to enable them to go beyond the list of goals provided in the textbook. It enables them to uncover unspoken needs, which are not common to everyone but exist because of the circumstances that we are in. The goals provided in the textbook are universal goals applicable to almost everyone, but in practice, most people have needs that are unique to themselves only.

Have you listed down all your future financial needs? It is important to pre-empt our future needs so that we do not get caught off guard.

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Kota Kinabalu
88000

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