What is Financial Planning
Financial planning is investigating and deciding on the best way to make your money work for you. This is done by working out what you want to achieve, how you might achieve it and understanding any problems you might encounter along the way.
To assist you with this, a professional financial planner may offer advice on investments, estate planning, retirement planning, taxation and risk management and use a step by step process to help you work out what you may need to do now and in the future to reach your financial goals.
Financial planners determine a client's short, medium and long-term aspirations then work on an agreed financial plan to meet individual needs. They have strong people skills and are good listeners.
You and your financial planner will review your plan regularly to keep it on track and up-to-date with the economic climate and your changing lifestyle.
A financial planner can offer general wealth-creation advice and assistance across all financial markets, or specialise in areas such as:
- Retirement planning
- Estate planning
- Small business financial management and planning
- Trusts
- Investing on the stock market
- Debt and risk management
- Core and life insurance
- Managed investments, securities and futures markets