Introduction to Practical Financial Counselling

This course will teach you practical steps to help individuals in distress achieve financial wellness through case studies and financial psychology fundementals

Learning outcomes:

Discover the 4-Step process to lead someone from Distress to Financial Wellness

Discover the credit system, debt and latest rules in Singapore

Use practical tools and processes in the engagement process

Understand financial impact of the current health and economic crises

Distinguish between different types of financial services (e.g. credit counselling)

Know the rules of engagement when working with a client in distress

Appreciate role of financial psychology, money behaviour, motivations to change

Distinguish between different types of financial services (e.g. credit counselling)

Learn to work with related financial and non-financial agencies

Program Outline:

Lesson 1: Introduction to Practical Financial Counselling

0900-0930

1030-1040

  • Overview of Current Market Sentiments

  • Financial Counselling & Wellness defined

  • Financial Counselling versus Credit Counselling

  • Framework for Financial Services

Break

Lesson 2: Understanding Money Beliefs and Behaviour

1040-1150

  • How Money Beliefs are Formed

  • From Beliefs to Behaviour

  • Understanding the Personal Financial Survey

  • Accountability and the ‘Project 5-5-5’

  • Case Studies and Exercise

1150-1200

Break

Lesson 3: Blueprint for Financial Wellness

1200-1300

  • Understanding a holistic model (Financial Life Plan)

  • Areas of personal finance that can go wrong

  • Creating a holistic roadmap from distress to wellness

  • Case Studies and Role Play

Lesson 4: Personal Financial Statements

1200-1300

  • Role of Cashflow (Budget) and Balance Sheet (Net Worth) Statements

  • Strategies in Reducing Expenses, Restructuring Debt and Reinventing Income

  • Case Studies and Exercise

Day 2

Lesson 5: Planning and Moving Ahead

0900-0930

  • Importance of Planning in Financial Distress

  • Foundations of Success in the Journey

  • Motivations to Change

  • 5 Stages of Change from Distress to Wellness

  • Case Studies and/or Role Play

Lesson 6: Anatomy of Financial Distress

0930-1030

1030-1040

  • Financial Distress Defined

  • Effects of Financial Distress

  • Signs of Business & Personal Financial Distress

  • Case Studies and/or Role Play

Break

Lesson 7: Understanding the Credit System

1140-1150

  • Lending and Borrowing in Singapore

  • What Affects the Cost of Borrowing

  • Latest Rules on Personal Borrowing

  • Strategies to Restructure Debts

  • Case Studies and/or Role Play

1150-1200

Break

Lesson 8: Processes and Tools

1200-1300

  • 5 General Rules of Engagement

  • 6 Rs of Effective Financial Counselling

  • Financial Distress Agencies in Singapore

  • Journey to Bankruptcy

  • Case Studies and/or Role Play