Financial planning is a process that determines how you can best meet your life goals through the proper management of your financial affairs.

Key to effective financial planning is the ability to take into account all relevant aspects of your financial situation, and to identify and analyze the interrelationships among sometimes conflicting objectives. It is this unique integration of knowledge and skills across a broad range of topics that distinguishes professional financial planning from other related financial advice.

The Six Step Financial Planning Process

Financial planning consists of the following six distinct steps. When it's comprehensive financial planning guidance you want, these are the steps that should guide your planner. Be familiar with them. They'll help you get the most out of the process. And remember, it's this big-picture approach that sets financial planners apart from all other financial advisors who may have been trained to focus only on one aspect of your finances.

The Six Steps:

1. Establish the client—planner engagement

2. Gather client data and determine your goals and expectations

3. Clarify your present financial status and identify any problem areas and opportunities

4. Develop and present the financial plan

5. Implement your financial plan

6. Monitor the financial plan

For more details on each step click here

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