What is Financial Planning?

I thought it wise to share with you what a financial planner actually does, because in my experience most people either have misconceptions or just don’t know.

I like to think of financial planning as the process where the client and planner get together to initially discuss the clients’ current situation. The financial planner and client then explore what’s important to the client and what their future goals, aspirations and objectives are. The planner then works out a strategy to meet these objectives and prepares a ‘blueprint’ known as a Statement of Advice or Financial Plan. Normally this covers retirement planning, eg. Informing a 40 year old of the steps required for him to retire at their preferred age of 60 with a retirement income of $75,000, in today’s dollars.


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