The first female Certified Cash Flow Specialist (CCS), Wendy Kellar, has always been interested in helping her clients gear up for retirement but she says The CCS Designation has helped to streamline the process.
February 1, 2014 (Newswire.com) - The first female Certified Cash Flow Specialist (CCS), Wendy Kellar, has always been interested in helping her clients gear up for retirement but she says The CCS Designation has helped to streamline the process.
Paying down debt is a top priority for Canadians, especially those nearing retirement, according to a recent poll conducted for CIBC (TSX:CM) by Harris/Decima. One of the main obstacles seems to be that many advisors simply do not have the debt discussion with their clients.
Kellar says cash flow planning changes an advisor's process because the work is structured around the client's financial foundation, "By changing the way we collect and analyze client's data at the basic level, cash flow planning opens the door to opportunities you may miss and also omits problems you may have encountered with their financial plan."
In terms of retirement planning, it can be difficult for advisors to help clients to maximize their savings because they may not have a clear picture of how much debt the clients have. Nor do their clients always have a realistic expectation regarding how much money they'll need throughout retirement.
Kellar has always focused her practice on helping clients define their goals for the future but she says cash flow planning helps "fill in the gaps" when it comes to the concrete details. In other words, her clients are able to clearly see how much money they'll need for the future and she can help them achieve their dreams by maximizing their spending and saving.
The Certified Cash Flow Specialist Designation isn't the only one under Kellar's belt. She is also a Certified Health Insurance Specialist. She says the structure of the CCS Designation is unique as "the learned skills are more hands on. We connected with clients and learned through actual cases."
Kellar says the Designation changed her practice because it allowed her to gain confidence and determine which clients she could work with long-term. She says that through cash flow planning she's been able to save her clients anywhere from hundreds each month to thousands of dollars.
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/
CEO of The Money Finder and founder of the CCS
26 Morningfield Lane
Dartmouth NS, B2W 0J6