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The Financial Planning Process in The Bahamas. By Bridgette Francis Americas Geographic Focus Group of the Financial Planning Association. The Bahamas. Introduction.

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the financial planning process in the bahamas

The Financial Planning Process in The Bahamas


Bridgette Francis

Americas Geographic Focus Group of the Financial Planning Association

  • There is no Financial Planning Association in the Bahamas. While there are accounting and banking associations, there is no history of a financial planning association.
  • Unofficially, the Financial Planning Process has been conducted by Bahamians for generations.
  • The profession of Financial planning is new to the Bahamas, which is a country that has its exchange rate equivalent to the United States Dollar.
  • The Bahamas, which is a chain of islands with its closest tip 50 miles southeast of Florida, can benefit from a Financial Planning Association.
  • Population (est. 2008): 309,156
  • Median age (males): 27.9 years of age
  • Median age (females): 29.5 years of age
  • Life expectancy at birth: 65.78 years
  • Literacy rate: 95.6%
  • GDP Purchasing Power Parity: $8.779 billion
  • GDP Per Capita Income: $28,600

Source :CIA World Factbook

major industries
Major Industries
  • Tourism
  • Banking
  • Fishing
  • Construction
the traditional financial planning process
The Traditional Financial Planning Process
  • Buying and Investing in Real Estate
  • Saving Accounts is held by most working Bahamians.
  • However, according to annual reports, few Bahamians have a savings account of more than $1,000( One Thousand Dollars).
  • Borrowing for College.
  • Health and Life Insurance.
  • Participating in Asue, which is a savings plan where a group of People agree to pay a certain amount of money each week or month to the savings plan. Then, each week or month, a lump sum of money is paid to one individual until each individual receives a lump sum payment.
channels for financial planning
Channels for Financial Planning
  • As more Bahamians received an international college education in major developed countries, more innovative products started to be introduced to Bahamian families.
  • Most financial planning in the Bahamas takes place at banks and insurance companies in the Bahamas.
  • Most individuals who provide financial advice in the Bahamas receive a regular salary.
  • Financial Advisors Providing advice to companies and international investors may request commission in their contracts.
  • There is great need for an official Financial Planning Awareness in the Bhamaas
financial services provided
Financial Services Provided
  • Annuities
  • Trusts
  • Mutual Funds
  • 401 K Plans
  • Defined Benefit Plan(Mostly Retirees who worked for the Bahamas Government Service Retirees
  • Mortgages
  • Insurance
  • National Insurance Monthly Payments( Similar to Social Security) for Retired Citizens over 65 years of age.
advantages of financial planning
Advantages of Financial Planning
  • Highly Skilled Workforce
  • Modern Telecommunications and Infrastructure
  • Different Regulatory Bodies (a)Financial Intelligence Unit, Central Bank of The Bahamas, b) Office of the Registrar of Insurance Companies, and c) the Securities Commission of the Bahamas).
  • Tax Free Environment
  • International Airlines
challenges to financial planning
Challenges to Financial Planning
  • The Organization for Economic Co-operation and Development, which is an international organization of some of the most powerful industrialized countries, maintains a “ Black List” of countries that are uncooperative to the sharing of tax information on international investors.
  • The Bahamas Business Guide, B2B LTD. stated that the Bahamas was blacklisted by the Financial Action Task Force in 2000 for being a non-cooperative and harmful Tax Haven.
  • The Bahamas International Stock Exchange, which was started in 1999, has few investors
  • According to Bahamas Financial Services Web site, the Bahamas has now appeared on the “Grey Listing” of countries by the Organization for Economic Co-operation and Development in 2009.
  • The Bahamas Financial Services Website describes Grey Listing as meaning that a country has agreed to implement tax sharing agreements but has not met the OECD standards of implementation.
personal contribution
Personal Contribution

Wish to make more Bahamians aware of

the Financial Planning Association.

  • Utilize knowledge gained in education planning from the Certified Financial Planning Program to help make the dream of a college education a reality for more Bahamians.
  • Share with fellow Bahamians how estate planning, income tax planning, risk management, and education planning are done in other countries.
  • As the Bahamas faces numerous international financial regulatory challenges, the need for a financial planning association has emerged so that the Bahamas keeps its competitive edge in the financial services industries.
  • More Bahamians need to understand the concept of financial planning.
  • Being the first Bahamian selected to serve on the Americas Geographic Focus Group, I hope to help my country’s citizens learn more about the financial planning association and the way the economic health of Bahamians can be improved with proper financial planning.
  • Bahamas on OECD BlackList(2009,April 3).Retrieved April 3, 2009 from Bahamas Financial Services.Com:
  • “Bahamas.” CIA The world Factbook,4 Dec. 2008.
  • Exuma, Bahamas-Beach(Online Image)n.d. Retrieved May 29,2007, from
  • Common Data Bahamas Map, Retrieved May 30,2009 from Lippert International:http://