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.
Submitted by tom on
So what is the cost of having a retirement that is essentially free of financial risk?
A recent New York Times story (click here to read) discusses the most recent iteration of Boston University Professor Laurence Kotlikoff's ESPlanner financial planning software.
The term financial advisor actually covers a huge number of fairly distinct disciplines. Financial planning and annuity product sales, for example, are very different fields.
In most instances, the financial planner and the person who handles the annuity purchase are the same. However, this does not have to be the case.
A simple way to think about this would be to consider the opposite of each of the points in the previous chapter:
