Personal Financial Planning (PFPL)
The Personal Financial Planning concentration is for students interested in
meeting the demand for personal financial planning professionals. Financial
planning professionals provide expertise to individual in matters related to
taxes, investments, retirement, and estate planning. They use tools such as
planned giving, life insurance, and wills to assist individuals who face
complex challenges in achieving their financial goals.
Experts predict the greatest wealth transfer in history to occur in the next
twenty years as baby boomers leave wealth to children and grandchildren.
Also, the increasing percentage of the population heading into retirement
has created an increased need for professionals who understand pension
plans and personal wealth management. These forces have combined to
cause more individuals and families to seek professionals for help in
financial matters. In addition, practicing financial planners are themselves
aging as a group and increasingly face situations where those with the skills
and knowledge required to deliver service to clients may be invited to join an established practice.
Contact: Larry Wood (403) 220-7167
Common Myths about Personal Financial Planning
#1 Financial planners only deal with investments
A financial planner may decide on a specialization that requires making investments; however, areas of specialization
like retirement planning, taxation, or estate planning are equally important and equally viable. All financial planners
should have a solid base knowledge of general finance (assets & liabilities, cash flow, and budgeting), taxation (ordinary
and investment income tax planning), securities (analysis and portfolio construction), risk management (insurance and
asset protection), retirement planning (pension plans), and law (estate planning).
#2 Financial planning is only for the wealthy
Financial planning is about helping people of all income levels achieve short-term and long-term financial goals. Many
financial planners charge by the hour, ensuring they are free to give unbiased advice on specific issues.
#3 The only jobs available are commission based
Even for career paths characterized by commissions, many opportunities are available that offer a salary during the
period of time a new professional is getting started.
Profile of a Personal Financial Planning Graduate
PFPL graduates are able to:
 help clients identify long-term financial planning goals
 understand the various aspects and tools of financial planning
 collect information required to develop a financial plan
 identify potential opportunities and constraints and assess collected
information to formulate strategies
 synthesize information to formulate and evaluate strategies to develop a
financial plan
Related Organizations
Financial Planners Standards Council (FPSC)
FPSC continues to develop and regulate standards that are relevant to the
current financial planning needs of Canadians. Financial planners who have
earned the CFP designation adhere to a rigorous set of uniform and relevant
standards.
The PFPL concentration prepares students to take the Certified Financial
Planner (CFP) exam and allows them to challenge the exam portion of the
designation directly.
To learn more visit: www.cfp-ca.org
Institute of Advanced Financial Planners
The Institute of Advanced Financial Planners and its hallmark professional
designation, the R.F.P. (Registered Financial Planner) represent the highest
standard of excellence in the competency of financial planning. The Institute
exists to provide a level of assurance and peace of mind to the public when
they are seeking advisors capable of delivering advanced financial planning
solutions. To learn more visit: www.iafp.ca
Student Club
Association for Risk Management and Insurance (ARMI)
Members of ARMI are provided with unique professional networking
opportunities in risk management and insurance through social events that
bring students together with program alumni and industry contacts. Benefits
include speaker nights, exam review packages, and an annual career day that
sees students job shadowing industry professionals. To learn more visit:
www.ucalgary.ca/~armi
Nature of Work and Types
of Jobs
Benefits Consultant
 assist human resource
departments of businesses to
design and manage programs
of group health insurance
pensions and other employee
benefits
 market a corporation’s
employee base to potential
providers of group insurance
and pension services.
Financial Planner
 help individuals and groups
plan the use of their savings,
income and investments
 examine client’s immediate
and long-term financial
situations
 be familiar with legal
restrictions and laws
concerning retirement plans,
tax shelters, insurance, and
trusts
Potential Positions for
PFPL Graduates
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Agent
Banking/Investment Manager
Benefits Consultant
Broker
Financial Planner
Investment Advisor
Tax Planner