Our class had the privilege of hearing Matt Colvin from Raymond James speak on his experiences as a Certified Financial Planner. Mr. Colvin did a great job illustrating why people need financial planners in today’s economy. His illustration included three “buckets”. Bucket one was pensions. Bucket two was government Social Security. Bucket three was personal savings. He explained that pensions, which were once a person’s main source of retirement, are now becoming extinct. He then went on to say that the future of our Social Security program is unknown; therefore, it is not wise to rely upon that for retirement. That left us with one bucket to plan for our client’s retirement, personal savings. People need Certified Financial Planners to make expert decisions that will grow their retirement nest egg. Mr. Colvin said that there is a science to financial planning as well as an art. The art of being a CFP is designing a unique plan rather than a standardized product.
Mr. Colvin has made a niche for himself in two areas: retirement and generation wealth management. Generation wealth management is the practice of moving money from one generation to another in the most tax efficient manner. An exciting thing about becoming a Certified Financial Planner now is that the largest, wealthiest segment of the United States population is retiring and they need professionals like us to protect their wealth.
I asked a question about whether or not experience in accounting will suffice as experience to become a CFP. He said it certainly is. I was very glad to have asked that question. A question was asked regarding what kind of internships he held before realizing he wanted to be a CFP. He said that he worked for a law firm and Northwestern Mutual. The exciting thing about working for Northwestern Mutual was that they paid for his insurance license. Another questions asked what how does he accommodate for his clients losses. He explained that investments are never a sure thing because of the rises and dips in our economy but it is always wise to stay in the market because eventually gains and losses will even out.
Overall I feel that Mr. Colvin did a wonderful job covering all bases of what it entails to be a financial planner. I certainly suggest that he be asked to speak to more classes at LSU.
Mr. Colvin has made a niche for himself in two areas: retirement and generation wealth management. Generation wealth management is the practice of moving money from one generation to another in the most tax efficient manner. An exciting thing about becoming a Certified Financial Planner now is that the largest, wealthiest segment of the United States population is retiring and they need professionals like us to protect their wealth.
I asked a question about whether or not experience in accounting will suffice as experience to become a CFP. He said it certainly is. I was very glad to have asked that question. A question was asked regarding what kind of internships he held before realizing he wanted to be a CFP. He said that he worked for a law firm and Northwestern Mutual. The exciting thing about working for Northwestern Mutual was that they paid for his insurance license. Another questions asked what how does he accommodate for his clients losses. He explained that investments are never a sure thing because of the rises and dips in our economy but it is always wise to stay in the market because eventually gains and losses will even out.
Overall I feel that Mr. Colvin did a wonderful job covering all bases of what it entails to be a financial planner. I certainly suggest that he be asked to speak to more classes at LSU.