Financial
Education
Opening
the Doors to Financial Literacy
A study of 500 consumers highlights the need for multi-channel learning
about financial matters. Despite new technology, newspapers and magazines
are still a solid method for getting financial information to the average
consumer. Still, people remain the best means of reaching other people.
Plan Member Education Needs Not Yet Met
A careful look into the market for independent education programs for
plan members in defined contribution plans and group RRSPs. The study
identified the size of the market and the ideal targets, as well as
identifying pricing for success. A careful analysis of potential course
content also pointed to the series of programs most likely to meet employee
needs, as well as strategies for encouraging plan members to take part.
60% Consumers Not Reached Now
Financial literacy studies show that 60% of adults can't deal with
the kind of information that most financial institutions provide about their
products. Our work with the Investor Education Fund of the OSC addresses
this problem and is looking for solutions. After hours of face-to-face
interviews with consumers, we are now talking to their advisors and
surveying hundreds of consumers to learn about the questions they really
want answered.
Targeting & Communications
The main aim of this work is to complete the identification of target groups
needs and then identify delivery methods for communications. The also
involves testing the content and impact of messages designed to raise
product awareness among target groups.
Response to Triggering Life Events
Most people only look at their financial situation when a life event forces
them to make decisions. In-depth personal interviews coupled with statistical
analysis of comments in transcripts highlights the main issues faced at
these times and the information people need to make decisions. Results show
how education matched to decision paths and literacy levels can help people
make better decisions.
Consumer Views of Financial Planning
A large-scale survey of mid-upper income households identified their needs
for financial planning, their understanding of what is currently available
and the gaps in service. Barriers to using a planner were discussed including
cost and convenience of access. A complementary study identified consumer
needs for financial planning by analyzing the content of articles/books
that people choose to read on planning, in order to ensure that training
of financial planners covered issues of key importance to consumers. A
later study identified the questions that people have about financial
planning and helped identify information and educational material that
could meet their concerns.
Investment Education
Brondesbury looked at market willingness to use different media for education
including online courses, CD-ROM delivery and less sophisticated methods.
Our most recent study dealt with the preferences of a cross-section of
consumers, while a study last year focused on a specialized course offered
by the an educator for the securities industry.
What do 401k plan members need to learn
This study combined research reports and Internet sources to identify
the content that plan members need to learn. Reference to “safe
harbor” legislation and educational mandates formed part of the
background.
Financial Planner of the Future
This study had three components. It began with a set of opinion leader
interviews that examined how consumer needs for financial planning would
change over the next five years, as well as changes in the work itself.
We also identified the type and amount of learning of different topics
that it would take to prepare a financial planner in this changing environment.
The ideal identified by opinion leaders was compared to current course
offerings to identify remediation needs. This was balanced with a content
analysis that identified consumer issues based on the books and magazines
they read. Ultimately, the results of this study formed the basis for
a later study that set the criteria for licensing financial planners.
Stockbroker of the Future
This study began with a set of opinion leader interviews that examined
how demands for investment advice would change over the next five years,
as well as changes in the work environment itself. We also identified
the type and amount of learning of different topics that it would take
to prepare an investment advisor in this changing environment.
Evaluating the Canadian Securities Course
A survey of 5,000 students led to a review of the Canadian Securities
Course. The review included looked at student background and objectives
as a starting point. It then evaluated the course textbook, workbook,
assignments, supplementary materials and the exam. We also evaluated CSI
service and support, as well as overall value for money.
Evaluating Courses for Securities Professionals
Evaluated the balance of course content and delivery methods for several
professional courses geared to securities professionals. These included
investment management, portfolio management, financial planning and wealth
management.
Securities & Life Licensure – Prospects for Convergence
Looked at the two disciplines and their training, as well as the prospects
for convergence in licensing. A more detailed review looked at positioning
of major educational providers in both areas, and based on brand quality,
examined the ability for training providers to “cross-over”
to the other business line.
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