Financial planning refers to a process whereby a financial professional partners with individuals, families and/or businesses to help them accomplish their stated financial goals and objectives. Financial planning typically involves addressing several key financial areas such as income planning, debt management and reduction, investment planning and management, tax planning, estate planning, long-term care expenses, and retirement income planning and asset decumulation.
Financial planning allows individuals and families to work in a proactive fashion, increasing the likelihood that their financial goals and objectives will be met. Proper financial planning can not only help people to achieve financial goals, but can reduce stress within households and relationships and can also work to brace against unforeseen financial circumstances; job loss, disability, death.
