The financial planning services firm endeavour to coordinate different elements of your finances with the aim of building, protecting, and maximizing your net worth. They provide useful advices regarding various financial issues like investment, retirement planning, financial protection, estate planning etc.
In fact financial planning services firms follow a particular process for the purpose of managing your finances so that you can achieve your long-term financial goals. The financial planning process may include the following six steps…
1. Present financial situation monitoring: First of all, the financial planner assesses your present financial situation by collecting certain information regarding net worth and cash flow statements, tax returns, insurance policies, investment portfolios, pension plans, employee benefit statements etc.
2. Financial Goals and objectives identification: The financial planning services firm helps to identify both financial and personal goals and objectives. Your goal may include financing your children’s foreign education or making a home etc. Your goal should be specific, realistic, measurable and time bound
3. Problem Identification: The financial planning services firm identifies different financial obstacles in achieving financial independence. Such as your problem area can include too little or too much insurance coverage, inadequate cash flow or a high tax burden.
4. Plan Designing: The financial planner provides written recommendations and alternative solutions.
5. Plan implementation: Your financial planner executes the recommendations to reach the desired goals and objectives.
6. Periodic review: Lastly your financial planner provides periodic review and revision of the plan to ensure that the financial goals are achieved.
So, after this six step process you can experience a well managed financial plan so that you can achieve your financial goals and objectives and financial planning services firms provide professional help for the same.
ahaa1life
November 10, 2009 at 9:26 am
Your public library. The first book I would recommend is called "The Automatic Millionaire". It is nothing groundbreaking or new. I can't believe this guy got rich off of writing these books. I would never buy one of his books. But I read them at the library. It is full of 100% common sense. Very important common sense. Follow it.
Don't try anything that involves "tricks", paying someone else to predict the future for you, or anything like that. (You can predict the future just as well as the professionals.) Personal finance is indeed 100% common sense.
Meowmix
November 10, 2009 at 9:30 am
Experts say that you need to figure out what you spend each month and then times that by 6. Because they say you need to have atleast 6 months of bill money in the bank in case you lose you job.
Soon to be married
November 10, 2009 at 9:59 am
You should interview several candidates before making a decision since it is a very important relationship you will be entering into. During these meetings or interviews be sure to ask each one of them how they get paid. You want to know the answer and see how they answer the question. You need to be aware that some of them may be willing to sell you a product that might not be the best fit for you because it gives them the biggest commissions. These are the ones you want to avoid.
Make sure you know what your financial goals and needs are before meeting with anyone, you don't want to have someone else decide your priorities.
Good luck.
ps2754
November 11, 2009 at 10:54 am
Take your pick.
a) No discipline.
b) No education in finance — a product of our public schools.
c) No goals for the future — just live for today.
d) All of the above.
Lord ah Mercy!!!
November 11, 2009 at 6:10 pm
If you are just starting out, consider contacting larger financial companies- investment firms like Smith Barney, Merrill Lynch, etc. or insurance companies like MetLife, Pru or John Hancock.
These companies will train you, get you licensed (for securities and insurance) and help you start your career. You may find that you really enjoy working for a big company- there are some benefits- or you may find after a few years that you would like to be on your own. That's what I did and have been successfully self-employed since I was 26 years old. (I'm 38 now.)
Radhakrishnan M
November 11, 2009 at 10:05 pm
http://www.boddunan.com/component/content/article/6-other/260-financial-planning-and-its-requirement.html?directory=3
FINANCIAL PLANNING AND ITS REQUIREMENT
Business & Finance
genny f
November 12, 2009 at 4:05 pm
First of all if you are like Rob d and believe that something is free you will lose more than you would make. The free services are offered by people who want to sell you something. They make a lot of money off of what they sell. The advice they give is not with your interest in mind.
There are many fee based planners that do the job right. There are also CPA's with the PFS designation that sell advice without selling insurance or investments.
You want an independent adviser who can start and finish the plan with you in mind.
John S
November 13, 2009 at 1:28 pm
I set up his budget form (modified to our specific bills) on Excel. Now that was about 4 years ago.
Now he has software (about $25) available on his website or subscribe to My Total MOney Makeover section of his website and you can do the budget there (link below). Or Crown Financial (originally started by the late Larry Burkett who Dave gives a lot of credit to) has budgeting forms and online software. (Link below) Crown also has software (last link)
Both would be the best way to stay completely in line with Dave's principles. Both of the on-line subscriptions have free trial periods.
dapackrule2000
November 13, 2009 at 4:00 pm
Francis has an advantage.
They should be specialized.
Francis should make the financial statements and Phil should answer the phones.