The Financial Planning Process
The financial planning process consists of the following six steps as described below. It is so much more important and relevant in light of the Proposed financial Advisory and Intermediary Services Bill 2000.
The financial planner should clearly explain or document the services to be provider to the client and define both his and the client's responsibilities. The financial planner should explain fully how he will be paid and by whom. The financial planner and the client should agree on how long the professional relationship should last and on how decisions will be made.
The financial planner should ask for comprehensive information about the client's financial situation. The financial planner and the client should mutually define the personal and financial goals of the client, understand the client's time frame for results and discuss the client's risk profile and risk tolerance. The financial planner should gather all the necessary documents before providing the client with advice.
The financial planner should analyse the client's information to assess the client's current situation and determine what the client must do to meet their goals. Depending on what services the client has asked for, this could include analysing the client's assests, liabilities and cash flow, current insurance coverage, investments or tax strategies.
The financial planner should offer financial planning recommendations that address the client's goals, based on the information provided by the client. The financial planner should go over the recommendations with the client to help the client understand them, so that the client can make informed decisions. The financial planner should also listen to the client's concerns and revise the recommendations as appropriate.
The financial planner and the client should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as a "coach" to the client, co-ordianting the whole process with the client and other professionals such as an insurance agent, investment adviser, attorneys or stockbrokers.
The financial planner and the client should agree on who will monitor the client's situation and adjust the recommendations, if needed, as circumstance require.
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Financial planning is a means of determining one's present and future financial needs and trying to budget and allocate financial resources to take care of both present and future needs. Financial planning helps one to set a goal for saving or building up the financial resources needed for the future. For any investor, knowledge of financial planning is a must.
Absolutely not. TIP members are not above the guidelines. Nor are Supervisors for that matter. You need to follow the guidelines regardless of your role on the site.
A couple just starting their lives together need to plan for the future, so financial planning is crucial. Planning for the purchase of a home or the start of a family require advance planning so money will be available when needed.
These are the guidelines that you need to follow with the Honda. You can find all of them in the user manual.
Northern Rock provides savings and retirement accounts, mortgages and insurance policies. Their financial planning department can help you decide what services you need.
Wachovia offers a wide range of financial services. From savings accounts to home loans to college planning, money markets to automobile loans to retirement they are the one stop shop for any type of financial planning you may need.
TDAmeritrade offers many useful, helpful tips on their website that you may use for financial planning. If you need financial planning help, TDAmeritrade's website may be useful.
A financial planner is the one who deal with different personal financial issues by making a financial plan that includes cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners). In order to become a financial planner, you'll need to get a college degree but it doesn't mean that it must be a finance-related course. The important thing is it is an accredited university. After getting your degree, you are now qualified to take a certification course. Once you get certified, your are now required to take a CFP Continuing Education every year or binannual depending on the state you work in.
It is very important to follow the diabetes treatment guidelines set by your doctor. He will advise you on a diet and exercise plan. You will need to monitor your blood sugar levels at home.