GFSC The Psychology of Financial Planning - Manage Your Money

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Category: Business & Fin..

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Manage Your Money is an interactive software tool that allows the average individual, regardless of financial or professional background(s) to create an objective (rather than subjective as seen through the eyes of someone else) personalized financial plan in the comfort of their home or office. Manage Your Money, is Canadian based, however, the fundamental principals of financial planning, regardless of the country you live in, is always the same. Yes, maybe some of the terminology may be different, as an example in Canada, we have RRSP's as a retirement vehicle, in the USA, its called a 401K...but at the end of the day, whether you live in the USA, or England and or Australia, the fundamentals never change. As a matter of fact, I challenge consumers internationally to download and create their financial plan, using our Canadian based technology...maybe with enough interest we will customize for it for your country.

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Slide 1:

Presented By: The Business Development Team Global Financial Software Corporation www.moneymapcanada.com The Psychology of Financial Planning Introducing Manage Your Money ™ Your Money Map To Success ©GFSC 2012

The Psychology of Financial Planning:

The Psychology of Financial Planning People often go to planners with the expectation that they’re going to be helped through their emotional dilemmas and then are traumatized when they’re not. Dr. Kathleen Gurney Ph.D. Definition of Financial Planning Financial Planning is a systematic process whereby structure, discipline and process helps consumers take control of their personal finances and maximize their existing financial resources by utilizing financial tools and strategies to achieve their financial goals.

The Psychology of Financial Planning:

The Psychology of Financial Planning OUR AGENDA Demystifying Financial Planning Introducing: Manage Your Money ™ Manage Your Money ™ FP PLATFORM Q & A

The Psychology of Financial Planning:

The Psychology of Financial Planning MISDIRECTION For decades we’ve been looking at financial planning from the bottom up as opposed to the top down. For decades we’ve been misled to believe that financial planning are only for the affluent. In reality every Canadian, whether were starting out, single parent, approaching retirement or retired needs financial planning

The Psychology of Financial Planning:

The Psychology of Financial Planning INDUSTRY STATISTICS Less than 5% of Canadians have an organized financial plan Only 1 in 2 Canadians own personal life insurance Of those who may have life insurance, only 13% are adequately insured Only 1 in 3 households are financially conscious Less than 5% of Canadians are retiring in comfort Every after tax dollar we earn is used to service thirty cents in debt (not including principal mortgage)

The Psychology of Financial Planning:

The Psychology of Financial Planning OUR ECONOMIC ENVIRONMENT We are living in an era of high taxation Canadians have never been as indebted as we are today Savings levels are at an all time low Costs of post-secondary education are escalating Inadequate saving levels leads to increasing drain on the economy Canadians are not PLANING TO FAIL… WE ARE FAILING TO PLAN…

The Psychology of Financial Planning:

The Psychology of Financial Planning WHY DON’T WE PLAN? As a society, we are reluctant to face financial reality We were never given the opportunity to properly plan Advisor-Controlled financial plans were too robust and inflexible We’re so focused on the volatility of the stock market that we miss out on great long-term opportunities Financial Plans were perceived to be too charty, cumbersome However, we CAN’T MANAGE WHAT WE CAN’T MEASURE

The Psychology of Financial Planning:

The Psychology of Financial Planning DEMYSTIFYING THE MISDIRECTION Last year in North America over 1 million 1/4 ” drill bits were sold Yet, NO ONE wanted a 1/4” drill bit If this statement is true...then what? What attributed to this? Was it aggressive and sexy marketing campaigns? Was it massive distribution systems? Or…. Was it their competitive pricing policy ? Answer on Next Slide 

The Psychology of Financial Planning:

The Psychology of Financial Planning MISDIRECTION REVEALED The reason that over 1 million 1/4” drill bits were sold is that over 1 million North Americans... wanted a 1/4” hole ...plain and simple...they wanted a HOLE! If this statement is true...the reasoning behind misdirection is true Consumers are focused on the misdirection of their financial lives We should be focused on the bigger picture that’s delivers long- term results

The Psychology of Financial Planning:

The Psychology of Financial Planning WHAT CANADIANS DESIRE Financial Clarity – I want a clear picture Financial Direction – I want my path mapped out Financial Destiny – I want to realize my goals and objectives Financial Freedom – The day I choose to work or not Financial Ownership – I need to be more involved

The Psychology of Financial Planning:

The Psychology of Financial Planning INTRODUCING MANAGE YOUR MONEY ™ Global Financial – Your Money Map To Success A Step By Step Guide to Personal Financial Planning MYM ™ allows you to create an objective financial plan In the comfort of your own home or office MYM ™ is user friendly, educational and is now available to ALL Advisors and their clients…