Helping You Achieve Your Life Goals
Financial Planning is a process of setting financial goals and creating a strategy to achieve them. It involves assessing your current financial situation, identifying your short-term and long-term goals, and developing a plan to help you achieve those goals.
The process also includes monitoring your progress and making adjustments as needed. Whether you would like to save money to buy a home, start a family, fund education or retire comfortably, financial planning can help you achieve financial wellbeing.
Financial Planning can cover a wide range of topics, including budgeting, saving and investing, managing debt, planning for retirement, and protecting against financial risks. By understanding your current financial situation and your short- and long-term objectives, a CERTIFIED FINANCIAL PLANNER professional can work with you to create a financial plan that provides a road map to help you achieve your life goals.
Many people worry about having enough money put away for a rainy day, what would happen if they were unable to work, how their family might manage if something happened to them or how they will fund their retirement.
The good news is that those who get professional financial advice are more likely to feel financially resilient. Overall, financial planning is a comprehensive and holistic approach to managing your money, and it can help you feel more in control of your finances and better prepared for the future.
FAQs
FPSB India is the leading financial planning body in India and is dedicated to establishing, upholding and promoting professional standards in financial planning throughout India.
What is the primary role of the FPSB? ›
FPSB is the global authority for financial planning, and leads the professional financial advice space globally. FPSB leads a global network of professional financial planning bodies offering programs in financial advice and financial planning in the public interest.
What is financial planning in simple words? ›
Financial planning is the process of assessing the current financial situation of a business to identify future financial goals and how to achieve them. The financial plan itself is a document that serves as a roadmap for a company's financial growth.
What is a financial planning CFP Board? ›
Financial planning involves looking at a client's entire financial picture and advising them on how to achieve their short- and long-term financial goals.
How important is a financial advisor with a CFP? ›
A CFP® professional is prepared to adjust your financial plans as you make adjustments to life's never-ending changes. Working with a CFP® professional provides peace of mind, as she or he is trained to guide you through the daunting process of pulling your financial life together into a clear picture.
How to become a certified financial planner in the USA? ›
CFP® Professional Requirements
- Complete a CFP Board Registered Education Program. ...
- Sit for the CFP® exam. ...
- Hold or earn a bachelor's degree from an accredited university or college within five years of passing the CFP® exam. ...
- Demonstrate financial planning experience. ...
- Pass CFP Board's Candidate Fitness Standards.
The steps in the Financial Planning Process typically include: (1) gathering financial information, (2) setting financial goals, (3) analyzing the financial situation, (4) developing a financial plan, (5) implementing the plan, (6) monitoring the plan, and (7) making adjustments as needed.
Who governs the CFP? ›
CFP Foundation is governed by a Board of Directors, which includes the commissioners of the ten FBS Conferences and the athletics director at the University of Notre Dame.
Who are the primary regulators of the financial planning profession? ›
At the federal level, the Securities and Exchange Commission (SEC) is the agency that's primarily responsible for regulating financial planning professionals. The Financial Industry Regulatory Authority (FINRA) also plays a part in enforcing federal regulation guidelines.
What are the 5 steps of financial planning? ›
Plan your financial future in 5 steps
- Step 1: Assess your financial foothold. ...
- Step 2: Define your financial goals. ...
- Step 3: Research financial strategies. ...
- Step 4: Put your financial plan into action. ...
- Step 5: Monitor and evolve your financial plan.
Use this step-by-step financial planning guide to become more engaged with your finances now and into the future.
- Assess your financial situation and typical expenses. ...
- Set your financial goals. ...
- Create a plan that reflects the present and future. ...
- Fund your goals through saving and investing.
The CFP® Certification Examination assesses your ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations. The exam content requires the use of critical thinking and problem-solving ability, with less emphasis on factual recall or recognition.
What does a CFP get you? ›
CFPs who provide holistic planning can help you to create and maintain a financial plan by determining your financial goals and discussing your current financial situation and appetite for risk. They can also advise on retirement planning, saving for short- and long-term goals, choosing investments and tackling debt.
What does a CFP do on a daily basis? ›
According to the Institute of Certified Financial Planners, planners spend the majority of their time, in descending order, advising clients on the following: investment planning, retirement planning, tax planning, estate planning, and risk management.
What is the function of CFP? ›
A CFP advises individuals on managing their finances and investments and creating a financial plan for their future. They work in areas including investment planning, estate planning, tax* planning, insurance, and personal cash flows.
