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Monthly Archives: December 2015

THINK LIKE A PLANNER (sm) for CFP (R) Exam Success

Student preparing for the exams

When you use the Keir CFP® Certification Examination Review materials, you will be trained not only for the CFP®  Board exam, but for your career.  The CFP® Board exam is designed to test whether you are ready to use the financial planning process and to think through the issues like a financial planner.  You must learn to THINK LIKE A PLANNERSM.  The Keir Educational Resources materials teach you to use the technical knowledge you have learned and to solve financial planning issues in the organized manner of the financial planning process.

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CFP® THINK LIKE A PLANNER(sm) Talking points

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The THINK LIKE A PLANNERSM Method is a unique study plan developed by Keir Educational Resources to prepare students for the array of questions that can appear on the CFP® exam. This approach does not just prepare students for exam questions that have appeared in the past but gives students the thought processes that will allow them to succeed as the exam changes and new questions appear.  The CFP® exam is constantly changing, so it is important for students to learn the method that will prepare them for the many transformations of questions and the multifarious reincarnations of concepts. The exam preparation of the THINK LIKE A PLANNERSM Method will make students ready for whatever may come their way on the test.

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The 5 Things Successful Financial Advisors Take Very Seriously

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Financial planning professionals who are great at what they do enjoy their work. The most successful financial advisors understand that enjoyment does not exclude taking things seriously.

 

When pundits tell students to follow their passion, they often gloss over a very important component of what passion truly means. True passion for work comes from mastery. And the only way to get really good at something is to work hard and focus.

 

So if you’re working towards a future in this field, it’s definitely smart to learn as much as possible from trained financial advisors who are already successful. With that goal in mind, let’s look at the five things excellent planners take very seriously:

 

1. Character: An advisor who’s committed to long-term success is always going to do what’s best for their clients instead of being influenced by things like a quick payday.

 

2. Collaboration: It’s easy to romanticize the idea of the lone wolf professional. But great advisors know that’s not the best way to work. That’s why they look for opportunities to collaborate and create a positive outcome for everyone involved.

 

3. Commitment: Successful advisors honor their commitments to others. They also make a conscious commitment to putting in the work that’s necessary to find lasting success in this field.

 

4. Consequences: Stellar financial advisors don’t blame anything that goes wrong on other people or the market. Instead, they think through scenarios with the realization that they’re responsible in the event something goes wrong.

 

5. Control: Successful financial advisors who do well understand that they’re in control of things like their daily activities, and not in control of other elements like their clients’ attitudes.

 

How Can Future Financial Advisors Get This Type of Experience?

 

After passion and mastery, the most important requirement for a financial planner is getting the right kind of experience. One of the biggest challenges for upcoming financial advisors is gaining experience from exposure to the situations professional advisors deal with on a daily basis. Although it’s obviously important to pass the CFP®Certification Exam, this exam isn’t simply about regurgitating knowledge. Instead, students who want to put themselves in the best position for future success should use this exam as an opportunity to develop the critical thinking skills of an advisor.

 

With Keir’s THINK LIKE A PLANNERSM study program, students preparing for the CFP® Certification Exam will learn the thought process needed to ace the exam and thrive in the world of certified financial planners. Keir’s THINK LIKE A PLANNERSM Method goes beyond simply comprehension and incorporates analysis, synthesis, and evaluation of information. For any student who wants highly relevant experience for what a future job will demand, our proven method of study is the way to go.

How to Talk About Long Term Care with Clients

 

Long Term Care

 

Nobody wants to get old or require prolonged healthcare. Unfortunately, that’s the reality of life. And given that an increasing number of people will likely require long-term care in nursing homes that are already crowded, this is an issue that financial advisors need to be able to discuss with their clients. Although it can be a delicate and challenging subject, finding the right way to approach this issue can be one of the best things that trained financial advisors can do for certain clients.

 

The Current State of Long-Term Care

 

The issue of long-term care is one that will come to the forefront of national discussions over the next decade. The reason is the increasing number of people who need this care but are unsure how to secure it without completely depleting their funds.

 

Already, many long-term care insurance holders are receiving notices of insurance premiums spiking as much as 40% or even 60%. For reference, many of these policies were bought ten to fifteen years ago. At that time, the average daily cost for local nursing homes was in the $150-$200 range. That average amount has swelled to over $400 every single day, which means many baby boomers are footing bills for over $12,000 a month.

 

 

 

Starting the Conversation with Clients About Long-Term Care

 

Far too many people have found themselves in a position where all their plans implode as a result of someone needing care. Since that’s obviously something certified financial planners want to help their clients avoid, the best way to start this conversation is with two questions: “Do you need it?” and “Can you afford it?”

 

If this conversation leads to a determination that a client does need to plan for long-term care, some form of an insurance policy is generally the best way for clients to get the most value for their money.

 

An increasingly common strategy is for people to use their investment account to pay for a policy. If an account gets a dividend, it can be used as cash in hand to cover any premium hikes that occur.

 

Given that more and more people are going to be actively looking for a way to strategically plan for long-term care, this should be a useful area for financial planning professionals to focus their attention and some of their marketing efforts throughout 2016.