Wendy Brookhouse, President of Black Star Wealth Partners, has become the first in Atlantic Canada to receive her Cash Flow Planning Designation.
What is cash flow planning? What is the difference between cash flow planning and making a budget?
Those are two questions Wendy Brookhouse, the first advisor in Nova Scotia to earn her Certified Cash Flow Specialist Designation (CCS), will be hearing a lot of.
Cash flow planning is unique because it is based on behavioural spending concepts. The technique allows financial professionals to look at their client's spending and to separate necessary expenses from all other forms of spending. From there, they are able to create plans that allow clients to harness their unintentional spending.
Brookhouse, President of Black Star Wealth Partners in Halifax, says "Cash flow planning simplifies and provides an easy to manage structure, helping clients to pay down debt faster and giving people back the control they feel is missing from their financial lives."
According to a recent poll conducted by CIBC, paying down debt is a top financial priority for Canadians in 2014. Of those surveyed, 47 per cent said they'd met with a financial advisor but only six per cent of those who'd met with a financial professional had discussed debt management with their advisors; enter cash flow planning, where advisors like Brookhouse begin with your financial foundation (debt and spending).
Cash flow planning works with high-income earners precisely because it isn't budgeting, high-income earners don't need or want an allowance, they want financial control.
While the Certified Cash Flow Specialist Designation Program just launched in November 2013, Brookhouse was already incorporating cash flow planning into her financial practice long before the launch, "I have been providing my clients with cash flow planning for quite some time—the peace of mind my clients have after the process, knowing they can achieve their financial goals is amazingly gratifying."
Her philosophy is that it's important for clients to identify their goals so that the cash flow plan is motivational, rather than being restrictive like a budget. Brookhouse says, "Look at the big picture from all angles. Consider what motivates you. Structure your plan around the motivation so that you see the 'win.' If you know what you want, we can show you the how."
Brookhouse also serves on the Certified Cash Flow Specialist Board and is the first board member to receive the designation. As she is licensed in New Brunswick and PEI, she is currently the only advisor with her cash flow planning certification in the Maritimes. Brookhouse is also licensed in Ontario, where she has already been providing cash flow planning services for clients.
The Chair and Founder of the CCS, Stephanie Holmes-Winton says that Brookhouse has been a key influencer on the board since the inception of the program. Brookhouse will continue to offer her input into the development of material to train advisors all over Canada on cash flow planning.
About the CCS
The Certified Cash Flow Specialist (CCS) Designation is the first program of its kind in Canada. It recently launched, November 2013, and there are currently 9 Financial Professionals who have received the CCS Designation. Certified Cash Flow Specialists are tested for competency in the use of cash flow formulas, behavioural spending concepts, debt management, and on the review and creation of written cash flow plans. Designates must meet continuing education requirements as well as follow a professional code of conduct. In order to renew the designation, qualified professionals will have their skills put to the test by completing an annual case study and will be required to prove they are actively and regularly writing cash flow plans for their clients.
The CCS program is managed and owned by The Money Finder. Find out more about The Money Finder http://themoneyfinder.ca/
MBS, CHS, CCS,
President, Black Star Wealth Partners,
3600 Kempt Road, Suite 210, B3K 4X8
CEO of The Money Finder and founder of the CCS
26 Morningfield Lane
Dartmouth NS, B2W 0J6