Here’s the definition of financial planning, as expressed in the CFP Board’s updated Code and Standards published in October 2019:
“Financial Planning is a collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice that integrates relevant elements of the Client’s personal and financial circumstances.“
Do the words “collaborative”, “maximize”, and “life goals”stand out to you? That’s what financial planning is all about.
What financial planning is NOT about is gaining permission to spend money. Nor is it something only wealthy people do.
These are unfortunate misunderstandings of what financial planning is and who it benefits. Those working to build wealth, as well as those who are already higher net worth can benefit from sound financial planning.
When approached correctly, financial planning is comprehensive, professional wealth management.
Another misconception is what type of advisors are financial planners. Job titles and professional designations in the financial industry are quite confusing. Yet, there is an important distinction between investment-only advice and financial planning.
Financial planning is the hub of comprehensive wealth management
There are seven key areas of planning we place our focus; at a high level, they are:
Financial planning is really about understanding your values, your financial purpose, and what you want for yourself. Clarity around what’s most important to you brings empowerment in your financial choices.
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