Commissioner Mentz Publishes – The Wealth Management Handbook & Financial Planning Guide
This is a textbook used for wealth management VIP courses and study. This book contains the fundamentals of financial planning, economics, banking, investments, debt management, risk management, retirement and estate planning. This book has been used for CWM Chartered Wealth Manager training and education for certification courses. This book is also used for ChFM Chartered Financial Manager education and certification training.
In roughly the late 1990s in the United States, there were three main areas of financial planning. The first was banking, the second was investment, and the third was the insurance or risk management part of the financial plan. In the late 1990s, the Glass-Steagall Act was repealed, which allowed investments, banking, and insurance to be combined and offered in a one-stop-shop format from a financial firm.
There are different types of financial planning. The basic areas of financial planning include a small family trying to do a budget, pay their bills, save a little, and maybe have life insurance or basic protection of risk. Then, when you eventually have children, those things change. You might start to save money or invest some. But the problem with investing and saving money is that if you are just putting your money into a certificate of deposit (CD) or something else these days, or putting it into the bank, you are not really going to earn money that will be enough to beat inflation. For the past 50 years, if you wanted to see an investment advisor or a financial planner, they would tell that you need to find ways have your money outgrow the pace of inflation in both the United States and abroad. As you know, a lot of the costs have gone up dramatically in healthcare, education, and even energy over the last 20 or 30 years—those things do change very quickly. Another thing I want to say is that no two families’ or individuals’ challenges are exactly the same with regard to financial planning. That’s what makes financial planning and wealth management so interesting.