- ホーム
- > 洋書
- > 英文書
- > Business / Economics
Full Description
Financial Planning 2nd edition has been thoroughly revised to reflect the changing legislative and professional regulations affecting the Australian financial planning industry, as well as capture the latest developments in teaching and learning design.
Incorporated into this new edition is coverage of the Future of Financial Advice (FOFA),a new chapter on self-managed superannuation funds, and the hallmark strength of the comprehensive introduction to financial planning decisions, services and products, risk management, and the importance of long-term, strategic financial planning and lifelong management.
As more and more Australians look to financial planners for information and guidance on investment opportunities, and both short-term and long-term financial planning goals, this new edition reflects the financial planning industry's need to ensure that its members are accredited and comply with the industry-recognised professional and ethical skills. Financial Planning 2nd edition has been designed to equip students of higher education institutions with the knowledge, concepts and application required to successfully enter the exciting profession of financial planning.
Contents
Preface xiv
Acknowledgements xvi
1 Personal financial planning 1
Introduction 3
What is personal fi nancial planning? 3
Why is personal fi nancial planning important? 4
The role of the fi nancial counsellor 12
The National Financial Literacy Strategy 12
Understanding risk 13
Features of the economic environment 16
The global fi nancial crisis and its impact on Australia 22
The evolution of the fi nancial planning environment 23
The regulatory framework that applies to fi nancial planning 24
What investors and fi nancial planners can learn from history 36
Appendix: The Financial Planning Association of Australia (FPA) 44
2 Financial planning skills 47
Introduction 48
Preparing personal financial statements 49
Financial mathematical skills applied in financial planning 56
Compound interest and the time value of money 57
Nominal and effective interest rates 64
Credit cards 67
Net present value 72
Further applications of the time value of money concept 73
The internal rate of return 73
Fixed-interest securities 75
Effect of tax and infl ation on the rate of return 77
Appendix: Financial modelling 85
3 Taxation planning 89
Introduction 91
The Australian taxation system 91
The components of taxable income 94
Calculation of net tax payable for an individual resident taxpayer 100
Impact of tax on investment income 103
Taxation planning 113
Income splitting 114
Income versus capital growth 115
Tax structures 115
Negative gearing 120
Salary packaging and remuneration planning 120
Goods and services tax 127
4 Investment choices 141
Introduction 142
General attributes of investors 143
Broad investment classes 144
The risk and return relationship 147
The benefits of diversification 151
Recent performance of asset classes 160
General investment strategies 161
Investor behaviour 166
Investment scams 169
Information sources for investment choices 171
5 Direct investment — fixed interest and shares 177
Introduction 178
Cash and fixed-interest securities 179
The nature of and participants in the fixed-interest market 180
Different forms of fixed-interest investments 182
The nature of and participants in the share market 190
The influences on share prices 195
The capital asset pricing model (CAPM) 202
Basic valuation models — the Gordon dividend discount model and the price-earnings ratio 204
Alternative direct investments 216
6 Direct investment — property 223
Introduction 224
Qualities and characteristics of property 225
Different forms of property investment 226
Features and benefi ts of property funds 228
Taxation of property investments 233
Valuation of property investments 237
Advantages and disadvantages of home ownership 240
Financial implications of home ownership versus renting 244
Financing a house purchase 246
Taxation and housing 251
7 Managed funds 261
Introduction 263
Growth and characteristics of managed funds 263
The regulation and structure of managed funds in Australia 266
Investing into managed funds — advantages, downsides and risks 270
Typical fee structures of MISs 275
Selecting a managed fund for investing 277
Management and investment styles 287
Taxation issues for investors in managed funds 291
Measuring returns and analysing the performance of managed funds 291
8 Leveraged investments 309
Introduction 310
Leveraged investing 311
Gearing 311
Income taxes and geared investments 313
Capital gains tax and geared investments 316
Mortgages 318
Margin lending 321
Benefits and risks of margin lending 325
Derivatives 329
9 Risk management and insurance 347
Introduction 348
Risk and risk management 349
Key concepts in insurance 350
Life, disability, trauma and health risks 357
House and contents risk management 380
10 Superannuation 395
Introduction 397
What is superannuation? 397
Why the need for superannuation? 398
The three pillars policy of superannuation 398
The legislative context for superannuation 399
Types of superannuation funds and who provides them 401
11 Retirement planning 441
Introduction 442
What is retirement planning? 443
Individuals' needs in retirement 443
The three phases of retirement 444
12 Self-managed superannuation funds 487
Introduction 489
The history and growth of small superannuation funds 489
Setting up a self-managed superannuation fund 491
13 Social security 533
Introduction 535
History of social security in Australia 535
Rationale underlying the provision of social security 536
Centrelink and the Department of Human Services (DHS) 536
The range of social security benefits 537
Pension and allowance benefit entitlements and eligibility rules 539
14 Estate planning 573
Introduction 575
Obligations of the financial planner 575
The role of a will within estate planning 576
Drawing up a valid will 576
Rights of beneficiaries 581
Contesting a will 581
Dying intestate 583
Estate planning and taxes 585
Capital gains tax 586
The 3-year rule 587
Stamp duty 588
Estate planning and trusts 588
15 Development of a statement of advice 613
Introduction 615
Disclosure requirements for the provision of a financial product 615
Appendix 15A: No advice statement 657
Appendix 15B: Confi dential client questionnaire 658
Appendix 15C: Risk tolerance classifi cations 669
Appendix 15D: Example Statement of Advice 671
Client information 671
Glossary 694
Index 703
