Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child's higher education or planning for retirement. The Financial Planning Process consists of six steps
Using these six steps, a person can work out where is he right now with his finances, what he may need in the future and what he must do to reach his goals.
Benefits :-
1. Financial Planning provides direction and meaning to person's financial decisions.
2. Person can also keep himself updated and adapt more easily to life changes and feel more secure that his goals are on track.
Who can practice it ?
A certified financial planner (CFP) is a qualified professional who uses financial planning process to help a person figure out how to meet your life goals.
The Planner can help an individual manage budgeting and saving, taxes, investments, insurance and retirement planning.
The main difference between financial planner and financial advisors (Insurance agent, Mutual fund agent, etc) is financial advisors adopt push their product strategy while financial planners go deep down in understanding the real situation of finances of a person. Planners make and maintain a friendly relation with clients to recommend their suggestions and help client applying these recommendation in proper direction.
So that's it from my side, apart from this if anyone has to add on, your comments / suggestions are welcome.. :)
Keep tracking!
Using these six steps, a person can work out where is he right now with his finances, what he may need in the future and what he must do to reach his goals.
Benefits :-
1. Financial Planning provides direction and meaning to person's financial decisions.
2. Person can also keep himself updated and adapt more easily to life changes and feel more secure that his goals are on track.
Who can practice it ?
A certified financial planner (CFP) is a qualified professional who uses financial planning process to help a person figure out how to meet your life goals.
The Planner can help an individual manage budgeting and saving, taxes, investments, insurance and retirement planning.
The main difference between financial planner and financial advisors (Insurance agent, Mutual fund agent, etc) is financial advisors adopt push their product strategy while financial planners go deep down in understanding the real situation of finances of a person. Planners make and maintain a friendly relation with clients to recommend their suggestions and help client applying these recommendation in proper direction.
So that's it from my side, apart from this if anyone has to add on, your comments / suggestions are welcome.. :)
Keep tracking!
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