Graduates in the News: Ian Wood, MFA, RWM

Ian Wood, Assistant Vice President, Business Development, at Cardinal Capital Management, Winnipeg, is a graduate of Knowledge Bureau’s Master Financial Advisor (MFA™) and Real Wealth Manager (RWM™) programs. He says that his Knowledge Bureau education has helped him differentiate himself from his competitors, by providing him with a more detailed understanding of tax and financial planning topics. Here’s his story.

Ian shared his thoughts with providing insight on how his educational path with Knowledge Bureau began: “I started by taking the Real Wealth Manager course through Dynamic Funds as a way of earning some Continuing Education (CE) credits. Then I met Evelyn Jacks at a presentation that she did at the Winnipeg Estate Planning Council, and she encouraged me to complete the Master Financial Advisor designation. I’ve since done so, and I re-wrote the RWM to get that designation as well.”

Ian pointed out that the courses challenged him and put his skills and training to the test. “I learned there is a big difference between understanding the theory behind how tax planning works, and the actual implementation of that information into a tax return. I had years of experience taking other courses and training, and I understood the theory and how things worked. However, implementing it … I had no idea. What I found difficult at first was figuring that out. I knew how this should work but I had no idea what line number I was supposed to go to. I had very little practical experience in the real world, other than my own return, and I’m too young for splitting pension.”

He also outlined how the technical skills learned in the courses helped him offer better counsel and advice to his clients, using a more holistic approach: “What surprised me about the courses was the outcome. I found that understanding the mechanics of the tax return significantly improved my ability to communicate my tax planning strategies.”

He added: “It also helped when my clients were dealing with other advisors, such as a tax preparer. The tax preparer did not understand what I was talking about, and was not familiar with my strategy. Now, I can guide the tax preparer, rather than dealing with an impasse.”

Ian provided a common example: “RRSPs, for example, is a big one. I am confident when I say, ‘you don’t have to claim it all this year, you can carry it forward with a Schedule 7, and this is where you include it in your tax return.’   My new understanding of the mechanics made it significantly easier for other advisors to implement my advice because I was confident I knew how to explain it.”

When asked the following questions, here’s how Ian replied:

How did you feel when taking the courses?

“At first, I felt a bit overwhelmed realizing how little I knew. Every time I start a course I realize I don’t know everything. I would say, ‘Oh my goodness, how am I ever going to remember all this?’ But the materials were well organized, and the resources were easy to use, I quickly became comfortable with the materials. I just completed my CFP and my CLU, so I am used to spending a little bit of time every day studying. I was able to move through the Knowledge Bureau courses quickly not because they were easy but because I was able to maintain a quick and steady pace.”

What did your family think about the amount of time spent?

“My family has always been supportive of my studying. I made sure to spend time studying in the early morning or later in the evening, so it would impact as little as possible on my ability to spend time with my 8-year-old son and my 10-year-old daughter. I just made sure I did a little bit every day.”

What are your future goals?

“Each of my designations has different requirements so I’m very aware of earning my CE credits. Eventually I may consider the TEP designation, which is Trust and Estate Planner. This is a higher-level designation so typically people spend 10 years or so working in the field of trusts and estate before they consider the designation. For now though, I want to stay current and provide good advice to my clients.”

What is the glimpse of wisdom you can share with our readers?

“If, instead of spending hours each evening watching television, you allocate as little as 30 minutes a day to self-improvement, where could you end up in a year from now? “

Some of Ian’s list of professional credentials include: CFP, CLU, CIM, MFA, RWM. Congratulations on your completion of these programs, Ian; and your ongoing commitment to continuing education to become a leader in your field!

Interview by Nancy Folliott, Assistant Manager of Publishing.

Additional educational resources:

Free trials of Knowledge Bureau courses are available, so try them out for yourself, risk-free. If you work with businesses or offer tax preparation services, we also recommend attending the CE Summits this November for valuable insights into year-end planning processes.

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