Financial Planning Defined
Financial planning has been defined to be a comprehensive strategy to integrate an individual's or family's financial goals, including risk management, investment, and tax, and estate planning. Financial planning requires a very personal relationship between the client and the financial planner.
The process begins with gathering information concerning current resources, liabilities, income streams, anticipated future obligations (such as funding higher education for children, or long-term medical expenses), risk tolerance, current asset allocation, assessing the need for long-term care and disability insurance, evaluating current life insurance coverage and future life insurance needs, desired lifestyle at retirement, and the impact of inflation on future wealth requirements.
All recommendations are reviewed to ensure they are appropriate for the clients' needs. All recommendations are made in accordance with FINSA and NYSE compliance practices.
©2008 Ronnie C. McClure, PhD, CPA