Planning to Borrow is a three-module continuing education series devoted to the topics of credit and credit management. The series will help advisors:

• gain a better understanding of consumer credit and what lending vehicles are available in the market;
• learn how to better position clients to be approved for credit when they need it; and
• learn how to advise clients to use and better manage credit.

The series is based on revised 2018 edition of “Planning to Borrow – A Practical Guide to Consumer Lending Practices in Canada”, written by Steve Bang, CFP and published by Captus Press. We’re excited to work in partnership with Steve and Captus Press to offer this material as continuing education.

Note that extensive understanding of consumer credit is a new addition to the Financial Planner Standards Council's recently revised Body of Knowledge (BoK) requirements for CFPs. Steve Bang, author of our Planning to Borrow series, served for two years on the volunteer committee tasked with revising and finalizing the BoK. Completion of this series will provide you with a wealth of knowledge in the area of consumer credit while allowing you to meet the new BoK requirement in this area.

Module 3 is based on Chapters 10 through 13, which cover these topics:

• lending institution options, including banks, credit unions, insurance or investment companies, retailers and finance companies, private lenders and payday loan companies;
• how to evaluate unique loan-related products and lending solutions, such as leasing versus buying a car, dealer financing, borrowing to make an investment, borrowing from an insurance policy, and using home equity to finance retirement;
• lending to small businesses and self-employed individuals; and
• how lenders recover borrowed funds from a delinquent customer, the most common reasons customers default on their loans, and the roll of collection agencies.

Students enrolled in Module 3 get access to the eBook version of these four chapters (with the option to print), and must complete a 30-question online quiz to obtain their continuing education credits. While Modules 1 and 2 are not strict prerequisites to taking this Course, Module 3 obviously builds on the earlier modules and taking them first is recommended.

Get more information on Module 1 and Module 2!

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