What is Financial Planning?

Financial Planning is not just for the wealthy. It is a process that everybody should follow in order to get the most out of their life.

Financial Planning involves working out what’s most important to you and your goals in life. Then, by adding timescales and costs, we can work out where you want to be by planning your finances accordingly.

The International Standard ISO 22222:2005 (Personal Financial Planning: requirements for personal financial planners) defines six steps in the personal financial planning process, as follows:

  1. Establishing and defining the relationship between the client and the personal financial planner
  2. Gathering client data and determining goals and expectations
  3. Analysing and evaluating the client’s financial status
  4. Developing and presenting the financial plan
  5. Implementing the financial planning recommendations
  6. Monitoring the financial plan and the financial planning relationship

By matching your finances to your goals you will:

  • Have a much clearer view of where you are going in life
  • Reduce the stress involved and
  • Be in control, on track and have peace of mind

For more information take a look at the tips and tools as provided by the Institute of Financial Planning by clicking here.

Lance Baron

Certified Financial Planner (CFP) based in East Sussex, UK. We support people in Southeast England with more than £500K to invest by building a financial plan that will help them live the life they want… until age 100