What is Comprehensive Financial Planning Process - Basics?
Administrator 01-09-2017 01-12-2017
Comprehensive Financial Planning is done by taking the family as the end beneficiary of the whole process. Financial Planning is the process of achieving your financial goals through the optimum utilization of your finances. This ensures better control of the life situation of the family. These plans are constructed after analyzing your family, dependents, income, expenditure, assets, liabilities, career plan, your needs and aspirations. Some factors important for Comprehensive Financial Planning.
The government does not regulate Financial Planners as Financial Planners; instead, it regulates Planners by the services they provide. For example, a Planner who also provides insurance transactions is regulated as an insurance agent. As a result, the term ‘Financial Planner’ may be used inaccurately by some Financial Advisors.
To add to the confusion, many Financial Advisors like accountants and investment Advisors can also offer Financial Planning services. To be sure that you are getting Financial Planning advice, check that the Advisor gets remuneration from planning for your family, even without selling you other products.