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 that help you take a 'big picture' look at where you are currently. 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 process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.
Financial Planning provides direction and meaning to your financial decisions.
Financial planning offers a coordinated and comprehensive approach to helping you achieve your personal and reasonable financial goals. Building, managing and preserving wealth is not an easy task. Selecting appropriate investments is simply one ingredient in the recipe for an effective financial plan that should also include retirement and estate planning. An experienced financial planning team will help you to:
- Identifying your goals
- Understand your current financial situation.
- Develop a plan that addresses your goals with risk tolerance in mind.
- Implement and monitor the financial plan
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