My friends and I usually have interactive discussions, brainstorming on how each of us, interpret proper financial plannning for our clients.
I extract the terminology of “financial planning”, in the coursebook CFP module 1.
Financial Planning is the process of meeting an individual’s life goals through the proper manageent of his finances, and involves
1) gathering relevant information
2) setting life goals, examining his current financial status
3) coming up with a strategy or plan for how he can meet his goals given his current situation and future plans.
All in all, there are
797 6 steps to the financial planning process.
Talk cock with client Establishing and defining the relationship with the client
Build Rapport With Client Gathering client data
3) Analysing and Evaluating the client’s financial status
4) Developing and presenting the financial plan recommendations
Prepare a 30 page financial report Implemementing the financial planning recommendations
I subscribe to these principles when a client is entrust on me.
There are many modes, ways, a proper financial planning can be conducted, and this is the most accurate way.
This is the status quo.
I will share more with you SOON!