From all of us at ILScorp, we wish you a happy, healthy and prosperous 2015! Thank you for your support over the past year, and we look forward to working with you in 2015.
The ILScorp offices will be closed today and will re-open on Friday, Jan. 2 at 8 a.m. PST.
Happy New Year!
To our Customers, Business Associates, and Friends: All of us at ILScorp wish you peace and happiness this Holiday Season.
Our thoughts turn gratefully to those who have made our progress possible, and in the spirit we say, simply but sincerely… Thank YOU and may your New Year be pleasant and prosperous!
The ILScorp offices will close at Noon (PST) on Wednesday, Dec. 24 and will re-open on Monday, Dec. 29 at 8 a.m. PST.
We hope that you can enjoy the holidays with loved ones, wherever you are celebrating!
Happy Holidays!
Read moreIt’s Party Time!
Source: Financial Planning Standards Council – www.fpsc.ca
Research shows that Canadians with financial plans feel they are saving more, living well, and experiencing higher levels of overall contentment in their lives. The Value of Financial Planning, a three-year longitudinal study which included close to 15,000 Canadians, was commissioned by FPSC® and the Financial Planning Foundation.
The study revealed that, regardless of net worth, Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional well-being than those who do no planning or only limited planning. Those with comprehensive plans felt more on track with their financial goals and retirement plans, felt they had improved their ability to save in the past five years, felt more confident that they could deal with financial challenges in life and felt better able to indulge in their discretionary spending goals.
Financial planning is a process that sets you on a course toward achievement of your life goals through the proper management of your financial affairs. Financial planning is more than budgeting and cutting back. The right financial plan balances what you need and want today with the personal goals you have for the future.
A comprehensive (or integrated) financial plan looks at the big picture to consider all relevant aspects of your life, including budgeting, investing, tax, retirement, estate planning and debt or risk management. A professional financial planner will take into account various aspects of your financial situation, identifying and analyzing the interrelationships across sometimes conflicting objectives to help you meet your goals.
The CFP® mark stands for Certified Financial Planner® professional, long recognized as the gold standard in financial planning in Canada. The CFP designation ensures excellence in financial planning through extensive education, a rigorous standardized national examination process, comprehensive continuing education requirements and accountability to FPSC for a code of ethics, practice standards and the rules and regulations of a professional body.
With a focus on all aspects of your finances, a financial planner impacts your financial well-being and your ability to meet life goals, today and in the future. Yet in most Canadian provinces, there is no legislated standard in place for those who offer financial planning services. With the exception of Quebec, people who call themselves financial planners are not required to obtain any credentials whatsoever.
The CFP designation provides assurance that the design of your financial future rests with an appropriately qualified professionals who will put clients’ interests ahead of their own.
Look for the distinctive CFP certification marks after a financial planner’s name. An individual may only use CFP, the words Certified Financial Planner or 
in Canada with the authorization of Financial Planning Standards Council.
Source: Financial Planning Standards Council – FPSC – www.fpsc.ca
Financial planners can help you plan for retirement, find the best way to finance a new home, save for your child’s education or simply help put your finances in order. Whatever your needs, working with an appropriately qualified financial planner is a crucial step in helping you meet short-term and long- term goals that will help ensure your future financial well-being.
Finding the right planner is extremely important because your choice will almost certainly affect the security of your financial future. The following questions will help you interview and evaluate financial planners to find a competent, qualified professional with whom you feel comfortable and whose business style suits your needs.
Don’t be afraid to ask these and any other questions you feel need a full and open answer. Any professional will welcome them. Select the question to find out more about it.
Many people offering financial services call themselves financial planners. However, financial planning is a detailed, comprehensive process requiring hands-on experience and a strong technical understanding of topics such as personal tax planning, insurance, investments, retirement planning and estate planning – and how a recommendation in one area can affect the others.
In addition, with the exception of Quebec, there is no legislated standard in place in Canada for individuals who call themselves financial planners to obtain any credentials whatsoever. Be sure that your planner is appropriately trained, certified and held accountable to professional oversight – as Certified Financial Planner® professionals are today.
Experience is an important consideration in choosing any professional. Ask how long the planner has been in practice, the number and types of firms with which s/he has been associated, and how their work experience relates to their current practice. Inquire about what experience the planner has in dealing with people in similar situations to yours and whether s/he has any specialized training. Choose a financial planner who has at least three years’ experience advising individuals on their financial needs. Note: After completing the rigorous education requirements and successfully completing two comprehensive examinations, candidates must demonstrate that they have a minimum of three years’ qualifying work experience before they can apply for CFP certification.
The services a financial planner offers will vary and depend on their credentials, registration, areas of expertise and the organization for which s/he works. Some planners offer financial planning advice on a range of topics but do not sell financial products. Others may provide advice only in specific areas such as estate planning or taxation. Those who sell financial products such as insurance, stocks, bonds and mutual funds, or who give investment advice, must be registered with provincial regulatory authorities and may have specialized designations in these areas of expertise.
The types of services a financial planner provides vary from organization to organization. Some planners prefer to develop financial plans encompassing all of a client’s financial goals. Be sure to work with a planner who considers your overall financial goals, values and attitudes even if they specialize in a specific area such as taxation, estate planning, insurance or investments. As an example, an investment specialist’s portfolio recommendations should consider your investment objectives and risk tolerance, but as well your cash flow needs, tax situation, risk management and estate goals. Ask whether the individual deals primarily with clients with specific net worth, levels of income or investable assets, and whether the planner will help you implement the plan s/he develops or refer you to others who will do so.
It is quite common for a financial planner to work with others in their organization to develop and implement financial planning recommendations. You may want to meet everyone who will be working with you. Financial planners often work with other professionals, including the ones you already use, such as your lawyer and accountant.
Your planner should disclose in writing how s/he will be paid for the services they provide. Understand how your potential planner will be compensated and choose whatever model works best for you. Planners can be paid in several ways:
While the amount you pay the planner will depend on your particular needs, the financial planner should be able to provide you with an estimate of possible costs based on the work to be performed. Such costs would include the planner’s hourly rates or flat fees or the percentage s/he would receive as commission on products you may purchase as part of the financial planning recommendations.
>Ask the planner – regardless of fee structure – if they have a written professional obligation to put your interests ahead of their own. For example, CFP® professionals must annually attest to a code of ethics that clearly states your interests will always come first.
Financial planners who sell financial products such as securities and insurance or who provide investment advice must be regulated by provincial regulatory authorities. They may also subscribe to a code of ethics through a professional association. Others who are members of the accounting and legal professions are usually members of professional bodies that govern their fields. Planners who hold the CFP credential are subject to internationally recognized professional standards of competence, ethics and practice that are set and enforced in Canada by Financial Planning Standards Council (FPSC®).
It is a fair question to ask if a prospective financial planner has ever been the subject of disciplinary action by any regulatory body or industry association. You can verify the answer by contacting the relevant organization. Ask the financial planner whether s/he subscribes to a professional code of ethics such as the FPSC Code of Ethics for CFP professionals. Find a Certified Financial Planner® professional
Ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
FPSC Accredited Continuing Education Courses for Certified Financial Planner Professionals and FPSC Level 1™ Certificants
The chocolate bars, candy corn and sugar high will all eventually fade away, but the release of educational, instructional and accredited new courses from ILScorp is here to stay!
Maybe it’s something to do with our own sugar high, but ILScorp is ecstatic to announce the release of another new course, Introduction to the Claim Process and Claim Handling Techniques!
The Introduction to the Claim Process and Claim Handling Techniques is text-based, includes 5 lessons and takes approximately 2 hours to complete.
Course learning objectives:
This course includes references from insurance experts regarding effective claims processing. It draws on tips, suggestions and recommendations they provide that are designed to ensure the smooth handling of claims. It also reviews common law duties that generally apply when handling insurance claims. This course is not intended to provide legal advice but to convey limited information regarding legal principles which apply during the claims process.
Finally, Introduction to the Claim Process and Claim Handling Techniques, is included as part of all ILS General CE Course Subscriptions and all ILS Adjuster CE Course Subscriptions! Now that’s sweet! (like candy) Sink your teeth into it today!
