This document is a sample Prior Learning Summary. The sample student, "M.L.," has summarized learning from two quite different subject areas including one work-related and the other involving community service. Her discussion of the Critical Competencies, in Part II, covers both subject areas. M.L.'s complete portfolio (including cover letter, table of contents and all supporting documentation) was 35 pages in length. The credit awarded in this particular case completed the student’s remaining upper-level requirements for the Bachelor of Arts, General Studies.
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Communication Abilities
I am able to relate complex financial terms and concepts to my clients, many of whom have very little financial background or education. I often use drawings or draw verbal comparisons to something that the client is familiar with in order to explain my point. Examples of my drawings that I use to illustrate financial concepts can be seen in the sample financial plan (item B, pages 19-21 in the documentation section) enclosed. When I meet with clients it is important that I learn what their priorities and goals are regarding their money, as well as what their current situation is.
By using the Goals and Concerns card, as well as the PFR (item B, pages 22-24 in the documentation section) in an effective manner, I am able to better understand my clients and do a good job for them. Some sensitivity is needed in requesting private financial information from clients as well as convincing them to share their personal values and goals regarding money. Effective communication is very important at this juncture.
By utilizing a written financial plan (item B, pages 12-18 in the documentation section) I am able to analyze a client’s current situation and communicate my recommendations in a way that both the client and I can refer back to. As a part of my volunteer board of directors position with Victoria Community for BC Children’s Hospital, I have had the opportunity to speak to the media to promote our Easter Egg Hunt and also to raise awareness about our local fundraising board and the needs of the hospital through discussing our own family’s experience at BC Children’s Hospital. This is evident in the media coverage our Easter Event received. (Items J, K, L, pages 38-40 in the documentation section; film clips on CD).
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Information Organization.
I work as an Associate Financial Planning Consultant as part of a two-person team. Together my partner and I manage the financial affairs of over 750 clients. Those clients hold more than 36 million dollars in investments with us. (Item A, page 11 in the documentation section confirms these numbers.) Other consultants within our company often approach my partner and I to take care of their business for them when they are on holidays or ill. Our peers respect our organization system and they know they can trust us to maintain their business while they are away. In order to keep 750 clients organized, a “system” of organization is needed. Clients are put on a rotating call schedule with high value clients on a higher call rotation than lower value clients, files are put together in a prescribed manner so that finding certain information in a file is consistent across the client base. It is important to have our files in immaculate order with all client contact recorded as we are subjected to quarterly file quality control spot checks locally and annual file audits from the B.C. Securities Commission. Because of the highly confidential nature of the client information we hold, I am unable to provide physical proof of this organizational system, however, Item A, page 11 in the documentation section refers to my organizational ability. We also use a computer calendar system to schedule appointments, reminders of special dates, as well as to filter information so that we may target clients of a certain gender, age group or geographical area.
In Planning and implementing the partner program for the International Crime Stoppers Conference (see item H and I, pages 33-37 in the documentation section), organizational skills played a large part in the success of the event. As Co-chair of the program, we had over 120 partner delegates attend a three-day action packed agenda of sightseeing and socializing. The group planning the next conference asked to use our planning outline and timeline to plan their partner program.
The First Annual Family Easter Easter Egg Hunt for B.C. Children’s Hospital drew unexpectedly large crowds and was a huge success. This is evident in items J, K, and L, pages 38-40 in the documentation section. Over 800 people attended the event. The planning fell to myself and one other person. Planning, advertising, securing donations and implementing the program put my organizational skills to the test!
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Problem Solving/ Decision Making Skills
Financial planning is, in effect, problem solving. I collect financial information from my clients, analyze it and suggest actions that will improve the client’s situation. This is evident in the enclosed sample financial plan (item B, pages 12-27 in the documentation section). I assist my clients in making informed decisions regarding their financial futures. This sometimes involves some tricky mediating between partners whose values or goals regarding money may differ. People's finances are of a highly personal nature and discussions regarding money are often emotionally charged between spouses. Being able to gracefully maneuver the conflict and coach clients to a mutually acceptable plan of action (as illustrated in item B in the documentation section) is one of the most rewarding parts of my career!
As part of the volunteer Parent Advisory Council for our local school district, I have had the opportunity to represent my children's school and voice our P.A.C.'s opinion on various complex issues in the school district. It has often been my role within the district P.A.C. to re-focus the group on the subject at hand and to remind the members of our mandate which is representing our schools, not our own personal opinions.
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Numeracy Skills
As an Associate Financial Planning Consultant I work with and manipulate numbers for a living. I am constantly solving the math problem of how to take limited resources today, protect the client's current lifestyle, but also allow them to plan and achieve security for the future. My numeracy skills are best illustrated by the licensing exams I have written and the two CFP course I have taken. All exams require advanced mathematical abilities as well as the ability to understand abstract mathematical concepts. Compound interest, tax calculations, bond yields and average annual rates of return are but a few of the concepts covered. Items B, C, D, E, F and G pages 12-32 in the documentation section are all evidence of my numeracy skills.
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Critical Thinking Abilities
As has been mentioned earlier, part of the financial planning processes involves analyzing a client’s current financial situation and providing realistic recommendations that are in tune with the client’s values and goals. I then must present my recommendations and the reasons behind them in a convincing manner to my client. This is often a very complex task as can be seen in item B, pages 12-27 in the documentation section. When analyzing a client's financial situation there is often more than one possible route to take. It is my job to assess the information and together with the client, come up with the best possible solution. This solution may not always sit well with my company as it may involve sending the clients business elsewhere or holding off on an action item that will pay a large commission to me in order to put into effect something that is better for the client but does not pay me a large commission. I am ethically bound to serve my clients best interests. Item A, page 11 in the documentation section speaks to my integrity in working with clients.
I am the only member on the Victoria Community for B.C. Children’s Hospital Board to have had a child use the services of the hospital. This unique experience allows me to share a different perspective about our fundraising efforts with my fellow board members and with the community in general. Sharing our family’s personal experiences at the hospital with the media has allowed our board to raise awareness for both the local board and the hospitals needs within our community. Item L, page 40 in the documentation section contains three television interviews.
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Intellectual Maturity
I am constantly reading for work. The financial world is always changing and is very competitive and so studying changes in the industry and being aware of what the competition is doing is imperative. In dealing with 750 clients I am honored to have working relationships with people of many different racial, educational, religious and cultural backgrounds. I am fascinated by and enriched by my clients and their lives on a daily basis. I must exhibit sensitivity to people's differences if I am to be successful in my business. I often work with a client to achieve a financial goal that I personally would never name as a priority. This does not mean I cannot do a great job for my client!
I am aware of my own personal learning style and communication style. I am able to rephrase myself in order to communicate well with people who are different from me.
In my volunteer work with the Crime Stoppers International Conference, Victoria Community for B.C. Children’s Hospital Board as well as the School and District Parent Advisory Councils, I have learned to communicate with and respect the differences of others.
I am a member of a book club. We read a new book each month and meet to discuss it. It is fascinating to learn other’s opinions and points of view regarding the book. Although all 10 of us read the same words, the book usually means something different to each of us. This monthly meeting is something I always look forward to!
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Independent Study Skills
As an Associate Financial Planner my livelihood is largely tied to my ability to initiate action within my clients and within myself. Self-motivation is the key to success. My distance education courses through Athabasca University and the Open Learning Agency have prepared me well for this particular aspect of the business. The independence and flexibility offered by my distance education courses fit well with my personality and lifestyle. My choosing a career that allows for flexibility and independence was a very conscious decision. Within the context of work, I am constantly reading and seeking ways to update and improve my knowledge and skills. I have logged over 180 hours of professional development courses in the least three years. This is verified in item A, page 11 in the documentation section. Items C, D, E, F, and G, pages 28-32 all also speak to my commitment to lifelong learning.
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Applied Knowledge and Skills
The specialized knowledge I have gained from courses I have taken and licenses that I hold (see items C-G, pages 28-32 in the documentation section) are constantly being applied in real life situations. A good example can be seen in the enclosed sample financial plan (item B, pages 12-27 in the documentation section). My knowledge of mutual funds, retirement planning, estate planning, cash management and insurance planning have all been applied to a real situation and used to improve my client’s current and future quality of life.
Name: M.L. August 28, 2001
Student ID# 1000 1234
Degree Program: B.A. General Studies
Credit request: 12 upper-level applied studies credits
The Arts and Science program area is grateful to M.L. for permission to use PLAR application material as an example for other students.