5–11 October is a big week for financial planning globally, including the CISI’s Financial Planning Week, World Financial Planning Day, and World Investor Week
by Bethan Rees
The CISI's Financial Planning Week is an annual campaign that aims to educate consumers and help them improve their financial fitness, reports Hannah Godfrey for Professional Adviser.
Qualified professionals offer free confidential hour-long sessions, which Godfrey reports are worth up to £500. Financial Planning Week 2019 saw more than 50 firms offer consultations, while 200 ‘ask a planner’ questions were presented to the CISI.
Jacqueline Lockie CFP™ Chartered FCSI, CISI head of financial planning, is quoted in the article. She says: "Our financial planner professionals are particularly conscious this year how many families across the nation will have had their lives impacted by Covid-19, either through illness, bereavement, facing unemployment or other challenging job situations."
Professional Adviser article
Australian Financial Planning Week
In Australia, the Financial Planning Association (FPA) is using Financial Planning Week to emphasise the difference between advised and non-advised consumers during the Covid-19 pandemic, writes Tahn Sharpe in an article for Professional Planner. He reports that advised Australian consumers have not been as impacted financially compared to non-advised consumers.
The FPA's inaugural Money and life tracker: Covid edition research is accompanied by a statement from its chief executive, Dante De Gori, who, according to Sharpe, identifies two groups among Australians – people who have lost income and used their savings to get by, and people who saved money because they were in a position of financial control, or cautious for the future.
De Gori is reported as saying: "One thing that stood out was that those who had a financial planner by their side were able to cope more confidently than those who didn’t." The FPA report surveyed 2,000 Australian people. Some 70% of respondents believe they could have done better, or done something differently to improve their financial position since the pandemic began.
The survey also shows that while 80% of respondents haven't engaged with a financial planner, 13% of them are now considering it. The majority of people who said this are in the "wealth accumulation stage", writes Sharpe. This is said to be between 35–55 years old.
Professional Planner article
World Investor Week
World Investor Week is an initiative by the International Organization of Securities Commissions that involves securities regulators on six continents promoting investor education and protection. In the US, for example, the Securities and Exchange Commission (SEC) announced that "staff will engage with main street investors to emphasise the importance of two particularly relevant investing topics", reports Mondo Visione. These topics are 'planning for unexpected challenges' and 'investing for the long term in uncertain times and market volatility'.
The article says that SEC staff will highlight investing fundamentals, such as saving early and investing for the future, and doing a background check on an investment professional pre-investing.
“During World Investor Week, we will continue to promote key principles that drive investor satisfaction and success – focusing on long-term investing; understanding key financial concepts such as diversification, compounding and limiting fees and expenses; and asking questions to and conducting research on your financial professional. The importance of these principles has been demonstrated by the challenges many investors have faced this year," SEC chair Jay Clayton is quoted.
Over the course of the week, SEC staff reach out to investors and distribute materials to emphasise saving and investing basics, including how to avoid fraud, such as Covid-19 scams.
Lori Schock, director of the SEC’s Office of Investor Education and Advocacy is quoted in the article. She says: "Now more than ever, it’s important to be smart with your money when planning for your financial future, to research every investment opportunity so you don’t become a victim of fraud, and to understand the risks when considering putting your money into the latest investment craze."
Mondo Visione article