Financial planning is a dynamic process to help you make well-informed decisions about how you allocate your money so that you can achieve your goals in life. The financial planning process will determine where you are now, where you want to be in the future and provide strategies on how you are going to get there. This is what forms your financial plan.
Financial planners advise clients on how best to save, invest, and grow their money. They can help you tackle a specific financial goal—such as readying yourself to buy a house—or give you a macro view of your money and the interplay of your various assets. Some specialise in retirement or estate planning, while some others consult on a range of financial matters.
Don’t confuse planners with stockbrokers — the market mavens people call to trade stocks. Financial planners also differ from accountants who can help you lower your tax bill, insurance agents who might lure you in with complicated life insurance policies, or the person at your local Fidelity office urging you to buy mutual funds.