My Best Career Move

By : By Betty Anne Flynn, CFP

I had been offering financial advice to members for many years, in the credit union where I worked, on matters such as investments, RRSP’s, budgeting, mortgages, loans, leases, estates, powers of attorney, personal income taxes, education planning as well as many more financial services and products. I had heard so much positive feedback, through colleagues in the financial industry, about the Certified Financial Planner courses and I was skeptical as to whether the courses would actually help me. I felt I already had a vast amount of knowledge that I had gained over my then 20 year career.

I decided to try the first CFP course to see whether it was of any value. I was astounded at the new information to which I was being exposed, like the effects of inflation and taxation on investments, time value of money, tax efficient strategies for investing, estate issues, income attribution rules and the list goes on. I was immediately able to apply this new education to helping members and I found myself dealing with situations and scenarios that in the past I would have had to refer members elsewhere for advice. The education that I was receiving was taking me to a whole new level in the professional services that I was able to offer.

I earned my CFP designation in late 2004 and it was one of the best moves I had made throughout my career. My CFP designation boosted my confidence, which in turn enhanced my love of the job. It was so rewarding to see the relief and the peace of mind members felt when their financial affairs were put in order, especially in areas in which they had little or no comprehension.

I looked forward to new challenges, especially being called upon to help out in difficult situations. I remember sitting with one woman whose common-law husband had died suddenly in a car accident. He had no will, their assets were not joint, and to further complicate matters he was in the middle of administering his father’s estate. My member assumed that she was automatically entitled to his assets and his father’s assets and I still remember the shock on her face when I informed her of what she was and wasn’t entitled to and that she needed an estate lawyer immediately. She refused to believe what I was telling her and after she finally visited a lawyer, my advice to her was confirmed.
I was better equipped in analyzing loans for self-employed members, by being able to calculate key ratios in relationship to their financial statements. I was able to advise members on better investment strategies based on tax advantages. I especially embraced having to research answers for members in areas where I wasn’t 100% sure, as this is what the CFP courses instilled in me. With virtually each member that I met I was able to offer advice that in the past I would not have even considered touching upon. And soon members were referring family members and friends to me. Before long I had my own base of members whom I met with on a regular basis to review their finances.

I was at crossroads in 2007 when my credit union amalgamated with another credit union and I had to make a decision as to the role that I wanted to play in this new entity. After much consideration I decided to resign from the only full time job I had even known in order to start up my own financial planning business. This choice would not have been even remotely possible without my CFP designation and I cannot express how thankful I am for enrolling in the courses and seeing them through until the end to earn this professional designation.