# Any financial planners here?



## mike85 (10 September 2008)

Hey guys and girls,
Just a quick question...
I am about half way through my second semester at uni, doing a double major in economics and financial planning. This semester i have a unit called economic techniques and i just cant get my head around it.
It is basically using calculus to solve economic problems...
My lecturer continues to tell us thats if we don't like it then we shouldn't be doing finance because this is what we will be doing everyday....
So i was just curious as to whether there is anyone here working in the financial planning industry that could clarify if this is the case?
If so i may think of changing what i am currently doing....
If not i will just keep at it...
thanks


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## lioness (10 September 2008)

mike85 said:


> Hey guys and girls,
> Just a quick question...
> I am about half way through my second semester at uni, doing a double major in economics and financial planning. This semester i have a unit called economic techniques and i just cant get my head around it.
> It is basically using calculus to solve economic problems...
> ...




Dont bother completing it, I expect massive job losses for financial planners once this bear market takes years to recover, there won't be any jobs for them anyway. Don't waste your time.


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## Largesse (10 September 2008)

he is talking tripe

Financial planning isnt about maths, its about finding the best solution for your client given the options available. Thus a good "general knowledge" of markets/products/taxation is ideal.

all the calculus is for Quant analysts etc

your lecturer is just bignoting himself. 

FWIW, im final year commerce student myself

and my sentiment mirrors Lioness' re: future job prospects.


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## wayneL (11 September 2008)

Largesse said:


> he is talking tripe
> 
> Financial planning isnt about maths, its about finding the best solution for your client given the options available.








No it's not. Unless the FP is in the minority that charges fee for service, it's about selling the maximum amount of financial product without falling foul of the regulator.


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## trading_rookie (11 September 2008)

> Dont bother completing it, I expect massive job losses for financial planners once this bear market takes years to recover, there won't be any jobs for them anyway. Don't waste your time.




How so? If anything there will be more need for Financial Planners to convince the public that they’re needed especially now that most ppl’s superfunds have returned -ve growth, but as any good planner worth his salt will tell you the rate of return is still +ve over the 5 yr period ;-) Anyone here a member of a ‘company’ retail superfund is still paying retention payments to financial planners.

Why wouldn’t you want to be a planner when “Financial planners are receiving special retention payments worth up to 300K as their clients investment portfolio’s and superfunds post some of the heaviest losses this decade following the global credit crunch. The payments are being made by banks and wealth managers, which are spending millions of $’s to acquire financial planning dealer groups in an effort to boost sales of their products.”  

Why AXA paid $150M for Genesys Wealth Advisors and is offering great incentive for it's employees to hang around...


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## Kauri (11 September 2008)

sell them anything they wiil swallow... the only important part of the course is how to maximise trailing commissions... without that the industry would collapse..

Cheers
.............Kauri


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## Temjin (11 September 2008)

The market for financial planners has definitely slowed down, but they aren't the ones who are feeling the worst, it's the STOCK BROKERS who are. 

Gloom and Doom is also the bread and butter for financial planners. If someone is in financial trouble, they will SEEK advices. Fee for service FPs can still thrive in times like this, they just change their advice strategy to maximising tax advantage, budgeting and debt management. 

Unfortunately, you can't blame for the general bias against financial planners who are on pure commission based. There will be some who are more focused on the strategy and charge only per hour basis just like any other professionals.


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## prawn_86 (11 September 2008)

lioness said:


> Dont bother completing it, I expect massive job losses for financial planners once this bear market takes years to recover, there won't be any jobs for them anyway. Don't waste your time.




Ok heres a few things to counter this (ill-thought) comment:

FPs do not only deal with the stock market, therefore a bear market does not directly impact, only indirectly

FPs deal with all sorts of things, such as estate planning, basic budgeting, retirement, wealth protection, income generation etc etc so there are plenty of opportunities to pick an area you like.

As (If) the economy worsens, then there is a good arguement that more people will seek financial advice as they look to protect/diversify their wealth.

In the next 10 years over half of the countries FPs are plannign to retire. Over the past 10 years, the number of people using FPs has grown (not sure of %). Supply decreasing, demand increasing, you do the economics...


Im a penultimate yr finance student and have already had 3 unofficial job offers from FP firms. They are screaming out for them, its just if you want to do it or not.


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## wayneL (11 September 2008)

The decent FPs here in the UK are still going very well for all the reasons Prawn said.

The sales forces (such as bank based and commission only FPs) are suffering however.

Anyone looking to get into this, go for quality, don't just be a ****ing salesperson.


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## mike85 (11 September 2008)

Thanks for all of your comments guys.
The conversation has kind of drifted from the original question lol, but it's all good. It has given me a few more things to think about.
Thanks again
Mike


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## boags (18 December 2008)

mike85 said:


> Hey guys and girls,
> Just a quick question...
> I am about half way through my second semester at uni, doing a double major in economics and financial planning. This semester i have a unit called economic techniques and i just cant get my head around it.
> It is basically using calculus to solve economic problems...
> ...




Calculus might be needed in economics, but not financial planning.


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## MRC & Co (18 December 2008)

mike85 said:


> Thanks for all of your comments guys.
> The conversation has kind of drifted from the original question lol, but it's all good. It has given me a few more things to think about.
> Thanks again
> Mike




lol, that's what I thought.

As for your Q, your lecturer is an idiot.  You won't need great math, unless, like Largesse says, you want to be a quant.


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## Temjin (18 December 2008)

boags said:


> Calculus might be needed in economics, but not financial planning.




And for OP's information, excessive calculus in economics is what caused the latest global financial crisis. 


See below,


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## awg (18 December 2008)

mike85 said:


> Hey guys and girls,
> Just a quick question...
> I am about half way through my second semester at uni, doing a double major in economics and financial planning. This semester i have a unit called economic techniques and i just cant get my head around it.
> It is basically using calculus to solve economic problems...
> ...





I am not a FP and have never formally studied any similar subject.

But ask yourself, what FP problem cannot be dealt with using PERCENTAGES.

anything more advanced would only be appropriate for hedge fund/derivative management, and they would use computer programs anyway.

maybe dont bring down your marks with a too hard subject

brush up on your sales skills instead

the best ones still get me in, even though I try to resist


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## long88 (29 April 2009)

Mike,

If calculus can help me see what will happen in the future, i will be the first to sign up on your course.

Would he be better off teaching you how to become financially free ?

I am doing enginerring/comp sc, and i am back to basics again doing all of these economics stuff, and learning with my hard earned cash.

So good luck on you, in which you are at least in the right direction. 



mike85 said:


> Hey guys and girls,
> Just a quick question...
> I am about half way through my second semester at uni, doing a double major in economics and financial planning. This semester i have a unit called economic techniques and i just cant get my head around it.
> It is basically using calculus to solve economic problems...
> ...


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## clayton4115 (29 April 2009)

I am a qualified financial planner, I did a double major in accounting and financial planning, I wish I pursued accounting instead of financial planning as now I realize financial planners are just sales people ready to make as much commissions as possible,

I am doing paraplanning and I enjoy it but hate to sell stuff to ppl

Just for you to think about.


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