Financial Planning

Author: Warren McKeown; Mike Kerry; Marc Olynyk; Diana Beal
Publisher: John Wiley & Sons
ISBN: 9780730302940
Published In: July 2011
Format: Paperback , 653 pages
Jurisdiction: Australia ? Disclaimer:
Countri(es) stated herein are used as reference only

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Financial Planning has been thoroughly revised to reflect the legislative and regulatory changes that affect the Australian financial planning industry. This new edition considers a number of reforms introduced as a consequence of the global financial crisis and the Henry Review on taxation reform. The text continues to present a comprehensive introduction to financial planning decisions, services and products, risk management and the importance of long term strategic financial planning and life-long management.

The text is the new edition of what was previously titled Personal Finance which has been a market leading textbook in the area of financial planning for 10 years. As more and more Australians look to financial planners for information and guidance on investment opportunities, and short-term and long-term financial planning goals, this new edition reflects the financial planning industry need to ensure that its members are accredited and comply with industry recognised professional and ethical skills.

Features:
- Illustrative examples appear in all chapters and provide practical workings of financial planning options and methods.
- The accessible, easy-to-read style makes it ideal for non-business students.
- Personal Finance Bulletin, Professional Advice and Industry Insight vignettes highlight professional issues, relevant financial services and products, and new trends. These chapter vignettes also establish the importance of making sound professional judgements.
New to this Edition:
- Extensively revised to reflect the regulatory structure and compliance requirements incorporated in the Corporations Act 2001 and the Financial Services Reform Act 2001.
- Ch 1 Personal Financial Planning has been thoroughly updated to consider the impact of the global financial crisis on the Australian financial environment industry and the management of risk.
- The Australian taxation system and the recommendations of the Henry Review of 2010 are discussed in chapter 3 Taxation Planning. The chapter explains the taxation implications for income splitting, income versus capital growth, negative gearing and remuneration planning.
- Ch 4 Investment choices is a new chapter that considers the general attributes of investors, investment classes available, and the relationship between risk and return.
Preface xiii

Acknowledgements xvii

1 Personal financial planning 1

2 Financial planning skills 45

3 Taxation planning 85

4 Investment choices 135

5 Direct investment — fixed interest and shares 171

6 Direct investment — property 215

7 Managed funds 253

8 Leveraged investments 297

9 Consumer credit 335

10 Risk management and insurance 371

11 Superannuation 417

12 Retirement planning 457

13 Social security 495

14 Estate planning 535

15 Development of a statement of advice 569

Glossary 635

Index 645
WARREN McKEOWN was the Senior Lecturer and Course Director of Financial Planning at RMIT University for 11 years where he devised and taught the range of fi nancial planning subjects in the undergraduate Financial Planning degree program and also subjects in the Masters of Financial Planning program. He is currently a Teaching Fellow in Financial Accounting at the University of Melbourne.
He has degrees in economics and education and a business master’s degree by research. He has 22 years experience in fi nancial planning as a Chartered Accountant and as a Certifi ed Financial Planner. He maintains a small client base to ensure that his financial planning skills are up to date.
Warren prepared materials and presented workshops in fi nancial planning for the Personal Financial Planning and Superannuation segment of the CPA program for over 10 years. He was also a panel member of the Financial Industry Complaints Service (now Financial Ombudsman Service) and currently is a subject expert for the Ethics, Professionalism and Compliance module of the FPA’s CFP program.

MARC OLYNYK is a Senior Lecturer in Financial Planning within the School of Economics and Finance at La Trobe University and has a signifi cant amount of experience working in a number of different positions within both academia and industry in the areas of superannuation and retirement planning, financial planning and accounting. Marc is currently responsible for coordinating the undergraduate and postgraduate fi nancial planning discipline at La Trobe University. Marc is a member of the Institute of Chartered Accountants in Australia and the Financial Planning Association of Australia. He was previously a member of the Advisory Panel of the Personal Financial Planning and Superannuation segment of the CPA program and has been a regular contributor of examination questions in financial planning to both the CPA and the FPA.

MIKE KERRY is currently a Director of DeakinPrime. Prior to joining DeakinPrime he was a Senior Lecturer in Financial Planning in the Faculty of Business and Law at Deakin University. Mike has been instrumental in the development and growth of both the undergraduate and postgraduate Financial Planning programs at Deakin University. He has also been extensively involved in the development of fi nancial planning curricula for the university’s commercial clients. Mike’s research interests include retirement planning and the use of computer-based technology to enhance planner–client communication. Mike has a Bachelor of Commerce and a Master of Finance (Honours) from the University of Melbourne. Mike is also a Fellow of the Certified Practising Accountants of Australia and a Financial Planning Specialist.

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