|
Comprehensive Financial Planning
Proper Financial Planning is the process of meeting your life goals through the proper, formal management of your finances. Life goals depend on the individuals but can include buying a house, saving for your child’s education, planning for retirement or estate planning.
The financial planning process consists of six steps that help you take a “big picture” look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.
The six step financial planning process is as follows:
- Establishing and defining the client-planner relationship
- Gathering client data, including goals
- Analysing and evaluating your financial status
- Developing and presenting financial planning recommendations and/or alternatives
- Implementing the financial planning recommendations
- Monitoring the financial planning recommendations
|
