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International Financial Planning is the Future

Jae young Yang - CFP KoreaBy Jaeyoung Yang, CFP

Every day, your location becomes less and less important. In the past, people lived in a region, and it made up their entire world. A person’s location no longer restricts them from experiencing the rest of the world. Our environment is constantly changing, due to the development of vehicles, ships, airplanes etc. These inventions allow significantly affected human relations, travel, and the economy. Land phones, hand-held devices, computers, and most importantly, the internet, have made it possible for people to communicate with other people, who they wouldn’t have been able to communicate with otherwise. With the help of computers, people can now acquire information from all around the world and smart phones have made the internet easily accessible.

The Information-Sharing Age

While the development of transportation, the internet, and smart phones have made accessing information very easy, it has posed some difficulty to professionals. These advancements are a threat to the group of people who make their money from exclusive, valuable information. We are indeed in the information-sharing age and everyone across the world has access.

Thus, financial planners ought to be aware of this trend of information-sharing and adapt their services to it. The financial products handled by financial planners such as beneficiary certificates or securities are not just traded within a country but across borders. Furthermore, these products can be developed to create demands in other countries. For example, a retirement can be planned in another country, so countries must collaborate with each other on a variety of tax issues.

International Finance

These days, coordination among financial products such as retirement and inheritance products are prevalent. Financial planners with myopic, simple knowledge and experience are not likely to attract clients. To succeed, they will need to obtain a wider range of expertise and work experience. They ought to understand international trends relating and be able to identify domestic equivalents of financial products, for people who are arriving or departing the country.

With the increase in life expectancy, there has been an increased demand for financial and non-financial goals for older clients. In order to help clients achieve non-financial goals in retirement planning, financial planners need to have information on-hand about other countries, as travelling is a common interest of this group.

International Knowledge will Benefit Your Services

It would also benefit planners to gain direct or indirect experience of financial planning in other countries. They could do this by surfing the internet, attending international conferences, or participating in exchange activities. This knowledge/experience would complement the local knowledge they have of their own countries. For example, if financial planning in a certain country lacks business succession planning experience, planners can look to books and case studies from other countries with a lot of history and experience for direction.

In short, financial planners who accept and move forward with the globalized world will be able to provide clients with better service because they will have better, more well-rounded information and experience.

1 comment to International Financial Planning is the Future

  • Jerry De Courtney Odle

    Hi Mr Yang

    I represent Hansard International Limited. We are a financial services product provider based in the Isle of Man (UK). I am interested ion developing our business in Korea. Would it be possible to talk with you about this kind of opportunity? I shall be visiting Korea in November and would also like to meet and discuss this business opportunity.



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