CFP Part One
CFP Part Two
CFP Part Three
CFP Part Four
CFP Part Five
CFP Part Six
CFP Part Seven
Let’s look at an overview of what’s required.
Financial planning is like doing a giant 3D jigsaw puzzle. We are trying to get the best all-round fit for the clients’ objectives.
We need a mixture of hard facts and answers to additional questions that will add the colour we need about the clients’ objectives. In short, we need to ask great questions and listen to the answers.
Embarking on the CISI level 7 case study assessment is no easy feat. It isn’t meant to be. After all, it is set at master’s degree level. I often say to my coaching clients, if was easy, everyone would do it and then there would be less value in it; a bit like doing your entry level 4 regulated exams.
Becoming a Certified Financial Planner professional allows you to do two things:
You will be provided with a net worth statement and income tax calculations for the clients current situation. You need to become very familiar with them. Think about the following things:
You also need to be very familiar with how to calculate revised income tax and capital gains tax as necessary. For example, if you find that you need to increase a client’s pension contribution, whether by salary sacrifice or otherwise, this will affect the income tax calculation for that client. This will have a knock-on effect of potentially altering the amount of net disposable income that the clients have to spend on other recommendations that you will make later in the plan. Consequently, if you cannot accurately alter the tax calculations to reflect this sort of change, learn that now.
If you have been unsuccessful in your CISI L7 financial plan submission, please watch this video and go to our Journal page for more articles and videos to help.