In response to the question, What is Financial Planning?, The Certified Financial Planner Board of Standards, Inc. writes; Ethical, competent financial planners bring together the different parts of a client's financial life to build a road-map for the future.
Planning can address a client’s use of income, retirement planning, college funding, estate planning, overall financial well-being, etc. Through the financial planning process, questions, information and analysis are considered as they impact the client’s financial and life situation.
Financial planning involves a process. It’s a service, not a product. There are seven steps to creating a financial plan: Understanding the client’s personal and financial circumstances, Identifying and selecting goals, Analyzing the client’s current course and consider alternates, Developing recommendations, Presenting the recommendations, Implementing the plan, Monitoring progress and updating.
We believe that financial planning can benefit most all clients. When Financial Planning is combined with Investment Management Services, some call this Wealth Management.
To Catch a Thief