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Concept
Financial planner
Summary
A financial planner or personal financial planner is a qualified financial advisor. Practicing in full service personal finance, they advise clients on investments, insurance, tax, retirement and estate planning.
As a general rule, a financial planner’s work can:
integrate into the range of professional services (eg: lawyer, accountant); or
integrate into the offer of a range of financial products and services (eg: financial advisor, insurance agent); or
not be integrated into other products or services, providing stand alone financial planning.
Financial planning should cover all areas of the client's financial needs and should result in the achievement of each of the client's goals as required. The scope of planning would usually include the following:
Risk management and insurance planning: managing cash flow risks through sound risk management and insurance techniques
Investment and planning issues: planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment and spending, including managing for risk-adjusted returns and to deal with inflation
Retirement planning: planning to ensure financial independence at retirement including 401Ks, IRAs etc.
Tax planning: planning for the reduction of tax liabilities and the freeing-up of cash flows for other purposes
Estate planning: planning for the creation, accumulation, conservation and distribution of assets
Cash flow and liability management: maintaining and enhancing personal cash flows through debt and lifestyle management
The personal financial planning process is described in ISO 22222:2005 as consisting of six steps:
Establishing and defining the client and personal financial planner relationship
Gathering client data and determining goals and expectations
Analysing and evaluating the client's financial status
Developing and presenting the financial plan
Implementing the financial planning recommendations
Monitoring the financial plan and the financial planning relationship
In many countries, there are no requirements (no legal framework) regarding the use of the title of 'financial planner'.
Official source
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