Financial Planning is the process of establishing financial goals and creating ways to reach them. Certified financial planners examine the assets of their clients and suggest what kind of steps they need to make in order to meet their goals. They take a broad approach to financial advice, which distinguishes them from other professional advisors. For example stock brokers , insurance agents, accountants, attorneys , and real estate agents only look at one aspect of a persons finances while a financial planner has to become familiar with all the persons finances.
Financial planners advise their clients on many aspects of finance. Certified financial planners do not work alone. They meet with their clients" other advisors, such as attorneys, accountants, trust officers and investment bankers. By doing this a financial planner is helped to fully understand their clients" overall financial picture. After meeting with the client and their other advisors they analyze all the data and make a report that outlines the clients future and goals. This report details the clients current income, financial objectives , investments, expenses, tax returns, insurance coverage, retirement programs, estae plans, and other important information. Even after all this is done the plan must be monitered and reviwed peridocly so that the neccessry sjustmennts can be made. .
People need financial planners for different things. Some want life insurance, college savings plan, or estae planning. Sometimes these changes are triggered by changes in people lives, such as retirement or evn a change of jobs. A financial planner must have interpersonaol and good communication skills because even the best financial plan can be rejected if it was poorly presented to a client. The job of a financial planner relies on the clients, because if there are no clients then there is no buismness. Many people think that they sdo not need a financial planner to tell them what they can and cant buy so this makes the job that much harder.
In my family, my father and mother work together as a household fiancial management team. ... After having accounted for, the next important act is to plan savings from family outings, movies, partying and outdoor leisure activities. ...
After having children it became fiancially challenging as a young adult.The daily spending is no longer dinner, movies, electronics and things I enjoy. ... Now when my friends give me a call to go out for the day or night, I have to make plans for my children, if possible, and getting a day to myself rarely happens. ...