The Definitive Guide to Financial Planning

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Financial planning can seem tricky, but it’s similar to making any other plan. You’ve likely made a financial plan at one point or another in your life. It could be for something small such as a new set of golf clubs, or something big, such as purchasing a house. When you decide to create a financial plan, it’s often to reach a particular amount of savings, rather than for a specific purchase. While financial plans vary depending on your unique financial situation, every plan has the ultimate goal of helping them achieve financial freedom.

Our Financial Planning Guide allows you to dive into all the details of financial planning, starting with the definition. It goes on to highlight the differences between financial planning and financial advisory. 

As financial planning is carried out by a planner or advisor, we then detail the qualifications, characteristics, and soft skills you should look for in a great financial planner.

Zoe’s Financial Planning Guide also provides introductory explanations to retirement planning, college planning, estate planning, and more! The best financial plan is one that looks at your finances and life holistically.

A financial plan not only to shows a person where they currently stand and what they need to do to optimize or improve their situation. It also explores recommendations or changes that need to be made to their current situation in order to effectively make progress and realize their goals.

The Certified Financial Planner® Board has created practice standards that look to create a process for financial planners to follow. They include establishing and defining the relationship with the client, gathering client data, analyzing and evaluating the client’s financial status, developing and presenting the financial planning recommendations, implementing the financial planning recommendations, and monitoring the plan.

A financial planner works with their client to look at the bigger picture when it comes to their financial situation. By focusing on your holistic financial situation, they can more easily understand where they can improve and optimize their financial plan to align with their goals. 

Next they work with you to develop unique financial goals to meet both short and long term objectives. Whether it’s saving for a vacation or setting up a trust for future grandchildren, a fiduciary financial planner works with you to ensure your financial goals align with the financial plan set in place. Additionally, they work with you to identify alternative courses of action and best practices for each goal, such as budgeting, family planning, buying a house, college planning, tax strategy, and investing.

Although everyone takes different routes to reach their goal,  there is a general guideline for the financial planning process. There are different factors that will impact a holistic financial plan, such as income, assets, goals, and unexpected expenses. Working with a financial planner can make all the difference in establishing and achieving financial health both now and later. 

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Let us connect you with the most qualified wealth planners