On Saturday, Wednesday 21st August, 2024, we had the privilege of conducting a workshop at the prestigious Aroma College of Commerce. Organized with the support of Dr.Dhaval Vyas and Principal Hitesh Mahulkar, the workshop aimed to introduce the fundamentals of financial planning to an eager group of 25-30 students.
Key Learnings from the Workshop
1. Basics of Financial Planning
At the core of our session, we discussed the essential principles of financial planning. Students learned how to set financial goals, manage expenses, and create a roadmap to achieve their financial goals. We point out the importance of starting early and being disciplined in managing money.
2. Case Study: From theory to practice
We took a hands-on approach to learning by walking students through a story. This allowed them to experience and understand the need for financial knowledge. It was a great experience for the students to get to know something which they hadn’t known before.
3. A 5-Step Approach to Building a Financial Plan
We shared our tried-and-tested 5-step approach to creating a solid financial plan. These steps include:
- Setting clear financial goals
- Evaluating current financial status
- Drawing a strategy for growth
- Implementing the plan
- Monitoring and adjusting the plan as necessary
The students were particularly interested in how simple steps can lead to effective and long-term financial well-being.
5. What Does a CFP Do?
We help all CFP aspirants enrolled with us build their subject knowledge and step towards becoming a subject matter expert by covering areas of wealth creation, investment planning, retirement planning, risk planning, estate planning, and financial planning. As they become the subject matter expert, by default they are prepared to draft a financial plan for themselves and others.
Career Prospects of CFP: Self-Practice vs. Jobs
We also touched on the career prospects available to those who pursue the CFP certification. Students learned about the two primary models:
- Self-owned Practice: Becoming a financial planner who runs their own business, working directly with clients to manage their financial health.
- Jobs in the Financial Industry: The opportunity to work in banks, wealth management firms, or financial institutions where CFPs are in high demand.
It was eye-opening for students to see how CFPs play a key role in the financial services industry, offering both flexibility and growth potential in their careers.
FAQ Session with Students
One of the most engaging parts of the workshop was the lively FAQ session, where we had the opportunity to address questions directly from the students. Their questions ranged from how to get started in financial planning to what resources are available for pursuing the CFP certification. We were thrilled to see their curiosity and excitement about building a career in finance.
This workshop marked a small but significant step in introducing the next generation to the importance of financial planning. If you’re a student or professional interested in learning more about financial planning or CFP certification, don’t hesitate to get in touch with us at House of Financial Planners. Together, let’s build a financially secure future!
