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Financial Planning

Financial Planning is the process by which a financial planner assists an individual to achieve long term financial goals through investments, tax planning, asset allocation, risk management, retirement planning and estate planning.

In the US and Australia, Financial planner are indeed recognized and respected as professionals and where being a professional is described as being part of " a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public as possessing special knowledge and skills in a widely recognized body of learning derived from research, education and training at a high level, and who are prepared to apply this knowledge and exercise these skill in the interest of other”.

Financial planning involves some important steps:

  • Clarify the client’s present situation by collecting and assessing all relevant financial data, such as lists of assets and liabilities, tax returns, records of securities transactions, insurance policies, wills and pension plans.
  • Analyzing the client’s current situation and negotiating realistic goals. These may include providing for the children's education, supporting elderly parents or relieving immediate financial pressures which would help maintain the client’s current lifestyle and provide for retirement. These considerations are important in determining the best financial planning strategy.
  • Identify your client’s goals and objectives, which includes short term, medium term & long term goals ; most important of which is retirement planning
  • Identify financial problems that can create barriers to your client’s financial independence - such as too little or too much insurance coverage or a high tax burden. The cash flow may be inadequate, or the current investments may not be winning the battle with changing economic times. These problem areas must be identified before solutions can be found.
  • Based on the risk profile of the client plan & provide a long term investment strategy to help achieve those goals
  • Provide periodic review and revision of your plan to assure that the goals are achieved to account for changes in your client’s life and fluctuating economic conditions.

IFAN helps its Associate to embark on this journey of Financial Planning with the help of simple but intelligent tools on its platform to complete the entire financial planning process in a structured & professional manner.



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