Financial Planning Process - What Can a Financial Planner Do

Financial Planning Process Tutorial

On this page you will learn about financial planners and how they can help you with your financial

situations.

When should you hire a financial planner?

If you are going to be a spender, a saver and an investor you probably need to use a professional

financial planner.

If you choose to hire a financial planner please

learn as much as you can about them and how

they operate. There are some good financial

planners and some not so good.

What Can a Financial Planner Do?

The financial planner's job is to evaluate your

financial situation and then make recommendations

to help you reach both your short term financial

goals and long term financial goals.

The Process of Financial Planning

What will happen once I see a financial planner?

Here are the step by step process of financial planning

Step One: The Relationship

You get to know your financial planner. Financial planner gets to know you.

Step Two: Collecting your Information and setting goals

In order to evaluate your finanical situation and to give you personal financial advice, the financial planner will ask you for personal information such as:

Your current income

Your liabilities

Your assets

Your debts

Your insurances

Your savings

Your investments

and many more things

Step Three : The Evaluation

Using the information you provided to your financial planner will evaluate your financial situation

Step Four: Getting your financial plan from the financial planner

Financial planner will design and develop a financial plan for you which will include many recommendations

Step Five: Implement the financial plan

Now that you have the financial plan, you should start implementing it. You usually will have to make adjustments.

Step Six: Monitoring Your Progress

Your financial planner will from time to time review your financial situation and will make recommendation accordingly.

What will the financial planner charge me?

Although some financial planner do charge a fee, usually the financial planning is free if you buy the financial products they recommend for you. Please note that some financial planners only do financial planning and do not give financial advice. However ask your financial planner to be sure.

Next Page - Being Your Own Financial Planner