What is Financial Planning?
Financial planning is a systematic process for identifying, implementing and reviewing strategies to protect and build your personal wealth. An important benefit of financial planning is action. Action does not allow us to waste time and miss opportunity. By planning with a professional your chances for success greatly improve.
Done right, financial planning is a process that helps you figure out where you are financially today and where you want to be in the future, and then helps you determine the best way to get there. The process involves an initial in-depth review of a client’s current financial situation followed by the creation of a roadmap on how to achieve future goals and objectives.
Financial planning is a process that begins with a snapshot of your current situation and the identification of specific goals. Typical goals include buying a house, funding for children’s college education, managing risk, reducing tax liability, retirement planning and estate planning. Possible obstacles to these goals are identified and strategies are developed to improve the chances of meeting the goals. All areas of your financial picture are carefully reviewed. Recommendations are implemented as necessary to improve your situation so that your goals may be realized.
Financial planning is the process of meeting your life goals through the proper management of your finances. Financial planning helps you make advance provision for financial needs that will arise in the future. The objective of financial planning is to ensure that the right amount of money is available in the right hands at the right point in the future to achieve an individual’s life goals.
