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AS Chakravarthy NISM Hyderabad : Steps in Financial Planning

AS Chakravarthy NCFM Hyderabad : Stock Market Training Institute


Steps in Financial Planning

Financial planning is the process of managing personal finances so that the current and long-term financial needs are met in the best possible way. It involves looking at the current income and expenses, identifying demand for money to meet goals and making a saving and investment plan that considers the current and future income, expenses, assets and liabilities Financial planning thus involves the following six steps:

1. Establish and define the client-planner relationship:

The planning process begins when the client engages a financial planner and describes the scope of work to be done and the terms on which it would be done.

2. Gather client data, including goals:

The future needs of a client requires clear definition in terms of how much money will be needed and when. This is the process of defining a financial goal.

3. Analyze and evaluate financial status:

The current financial position of a client needs to be understood to make an assessment of income, expenses, assets and liabilities. The ability to save for a goal and choose appropriate investment vehicles depends on the current financial status.

4. Develop and present financial planning recommendations:

The planner makes an appraisal of what is as of now there, and what is required later on and suggests an arrangement of activity. This may incorporate increasing wage, controlling costs, reallocating resources, overseeing liabilities and following a sparing and speculation get ready for what's to come.

5. Implement the financial planning recommendations:

This involves executing the plan and completing the necessary procedure and paperwork for implementing the decisions taken with the client.

6. Monitor the financial planning recommendations:

The financial situation of a client can change over time and the performance of the chosen investments may require review. A planner monitors the plan to ensure it remains aligned to the goals and is working as planned and makes revisions as may be required

AS Chakravarthy NCFM Hyderabad : Stock Market Training Institute