Personal Financial Analysis Techniques for Client Acquisition and Retention (FATCAR)
The finance industry is highly competitive and Financial Adviser Representatives (FARs) still depend on sales. As a consequence of this, money becomes the main focus as loyalty is thrown out the window. Financial Statement Analysis could be a great technique to combat this. It is a course that helps FARs prepare personal financial statements for clients, analyze them and then suggest necessary changes in order for their clients to improve their current situation and reach their financial goal.
According to IBF Singapore, all FARs have to undergo Continuing Professional Development (CPD) courses in order to keep up with the latest industry developments. FARs have to take part in courses in order to update their practices and provide better services. Depending on the course, every FAR has a mandatory number of hours to attend. Every person that considers themselves to be an FAR as of January 1, 2016 have to take up a course. Depending on the type of representative, courses have mandatory hours lasting anywhere from 4 hours to 18 hours.
Financial Statement Analysis is a valuable course that every FAR must consider. The technique can be used to gain new clients and retain them. The longer an FAR retains a client, the more loyalty and trust is formed. As a result of a good client-adviser relationship, competition is shut out and client retention improves. Moreover, referrals also come into the picture once an FAR turns into a valuable asset.
A SWOT analysis of a client’s statements can result in an FAR identifying key points of strengths and weaknesses. FARs can also identify new opportunities through analysis. The analysis will also enable FARs to make recommendations for maintaining a client’s financial position and improve on their weaknesses. New opportunities can be capitalized upon by clients, with the help of effective FARs. Financial planning is the key for a client’s financial growth.
Our program can help FARs get ahead of the competition. We provide FARs the knowledge they need to compile individual, detailed financial statements. Financial planning and its benefits are also covered along with the necessary tools for financial analysis. A SWOT analysis is often supported by other techniques like trend analysis and comparative analysis. We give FARs the opportunity to learn techniques that will help them set up a framework for analysis that promotes finding data and focusing on the facts.
We make sure that FARs are given the case studies and situations that will allow them to see the results of certain actions as well as debate their own possible solutions. This will teach them to use their tools in an efficient manner and understand the consequences. Basic tools like MS Excel and templates for forming financial statements will also be taught. Overall, the key takeaway from this course is the ability of FARs to acquire and retain clients on a regular basis. Financial planning is another key takeaway from this course.
- Grasp the objectives of financial planning and comprehend the effects of financial statement analysis on these objectives.
- Gain knowledge of the aging lifeline financial planning model
- Learn the value of personal financial statement analysis
- Understand the basic components of financial statements
- Recognize problems faced during the construction of financial statements and resolving them
- Learn how to construct financial statements and analyze them on MS Excel
- Comprehend the basic processes and required frameworks for financial analysis
- Learn the framework and processes for financial ratios analysis
- Make meaningful recommendations to clients
- Create a financial plan for clients to overcome weaknesses and problems recognized during analysis
- Uncover client needs through analysis
- Provide new cross-sell and upsell opportunities for clients
- Apply proforma financial statements as a tool for sustainability
- Assess the depth of a client’s financial health through multiple scenarios
The knowledge and skills will be delivered through:
- Structured lecture
- Case studies with discussions
Duration of Course: 1 Full Day (7.5 Training Hours) + Certificate of Attendance
Course Fee: *Special Price* for Corporate Students: Call us to find out!
1) IBF-FTS funding (must pass assessment for claim) - up to 90%*
OR 2) Skills Future Credit – up to S$500 credits*
* 90% funding is applicable for Singaporean aged 40 and above. 50% funding is available to all other qualifying applicants. Term and conditions apply. Please refer to the official website for full details.
Course Facilitator: Mr. Ronald Wong