Definition

Financial planning is the course of establishing how and whether one can meet life goals through appropriate management of financial resources. It is a process and not a product. Sometimes it might lead to recommendation of a product. But financial planners are not product sellers or order-takers. Planners assist people to achieve their financial objectives by building a complete, comprehensive plan that focus on client’s concerns.


Why people do not plan?

Why people don’t plan can be of tons of reasons, including the following

• Feel they don’t have sufficient assets or income for financial planning
• Think their financial situation is in good condition
• Do not want to talk about unpleasant events, such as death, disability, unemployment or property loss
• View financial planning as expensive

Failure to plan ahead also cost money. The result of not planning include

• Insufficient protection against catastrophe events like death, disability, serious illness, motor accident, lengthy unemployment
• Not enough money for retirement or for family’s educational needs
• Inability to reach financial goals in life

Why you need help?

Most people have incomplete skills in making systematic & informed decisions for their own finance status. That is where financial planners will come into the picture by incorporating elements of counseling, risk management, education, investment, retirement planning.