What is the financial planning process?

Financial planning is defined as “the process of determining whether and how an individual, family or company can meet financial goals through the proper management of financial resources.” Financial planning integrates the financial planning process with the financial planning subject areas in six steps:

  1. Understand you and your current situation
  2. Set goals and objectives
  3. Identify critical success factors and barriers to achieving your goals
  4. Identify possible strategies 
  5. Implement the agreed strategy
  6. Continually review and monitor your strategy

A financial planner’s goal is to give you the best possible advice you need to understand your aims in life and your current situation. Your financial planner should explain the process they will follow, find out your needs, and then make sure they can meet them. You can ask about their background, how they work and what you will be charged. 

Your financial planner will work with you to develop your financial plan. They will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies, and will make recommendations based on this. Feel free to ask questions throughout the process. 

Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, your financial planner will work with other specialist professionals, such as an accountant or solicitor. If your circumstances, lifestyle or financial goals change (which they likely will), your financial planner will work with you to review your plan and make amendments where needed. 

Introductory meeting

Your introductory meeting is an opportunity to make sure that you feel comfortable with the financial planner’s credentials and that you get on well. Financial planning is a long-term relationship, not just a one-off meeting. 

Ask questions of your financial planner and make sure they are listening to you and clearly explaining where they can add value and where they can’t. Ask about their experience in dealing with people in similar financial positions and whether they have any specialist training. 

Want to learn more about financial planning? Subscribe to our events and we’ll let you know when our next webinar or seminar is on. 

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