If the very idea of financial planning makes you break out in hives, you’re not solo. According to the new study found that perceived financial well-being — feeling secure about not only depended on your current situation but how well you have to plan for the future and holds the key to your overall well-being. Your financial security can affect you as strongly as job satisfaction, relationship stability, and physical health and much more thinks.
A financial advisor provides you with financial advice or guidance to you for personal finance. Financial advisers can provide many different services which are helpful to your business. Financial advisor suggests your best investment to your business or course of action for you, with the help of that you select appropriate investments for you.
Financial Planners are professionals who will have done the certification, have learned strategies and have gone through in-depth knowledge to understand how to achieve client financial goals in the future.
Just like MBA CA, CS and other professional certifications, there exist a certification course for Financial Planning which is also known as CFP (Certified Financial Planner). CFP is topmost certification in Financial Planning and it is recognized worldwide in the majority of the countries.
The 6 steps of Financial Planning
- Setting goals with the client
- Gathering relevant information on the client
- Analyzing the information
- Constructing a financial plan
- Implementing the strategies in the plan
- Monitoring implementation and reviewing the plan
- No Personal Touch
- Lack of quality
An Independent Financial Planner has more flexibility to make a financial plan which will be more effective for you. So if you want to add want to restructure something totally or some extra part to financial plan it’s possible with an independent financial planner.