Page 8 - PR Communication Age January 2016

Step 4: Constructing a financial plan based on the under-
uct selling to understand and service the core needs of
the client;
9. Education planning for kids and the family members.
4. The process of Personal Financial Plan-
ning:
The personal financial planning process is generally ac-
cepted as precisely in a six-step process as follows:
Step 1: Setting goals with the individual's preferences in this a stock broker who is generally concerned with the invest-
step (that is usually performed in conjunction with Step [2])
is meant to identify where the person wants to go in terms
of his/her finances and life.
Step 2: Gathering relevant information on the client. This
would include the qualitative and quantitative aspects of
the person's financial and relevant non-financial situation.
Step 3: Analyzing the information - the information gath-
ered is simply & typically analyzed so that the individual
person's situation is properly understood. This includes de-
termining whether there are sufficient resources to reach
the individual's i.e. the client's goals (as observed by a Pro- tional differences.
fessional Financial Planner) and what those resources are.
“Everything you do or say is public relations.”
8 PR COMMUNICATION AGE January 2016
Copyright@ The Insurance Times. 09883398055 / 09883380339
standing of what the individual/client wants in the future
and his/her current financial status, a roadmap to the
individual's/client's goals is drawn to facilitate the achieve-
ments of those/their goals.
Step 5: Implementing the strategies in the plan guided by
the financial plan, the strategies outlined in the plan are
implemented using the resources allocated for the specific
purposes.
Step 6: Monitoring implementation and reviewing the plan.
The implementation process is closely monitored by the
Financial Planners to ensure that the plan stays in alignment
to their clients' goals.
Periodic reviews are undertaken by the professional finan-
cial planner to check for misalignment, maladjustment and
also for the changes in the client's situation. If there is any
significant change to the client's situation, the strategies
and goals in the financial planning are revised accordingly.
5. Job function of a Financial Planner:
A financial planner specializes in the planning aspects of
finance, in particular personal finance, as contrasted with
ments, or with a life insurance intermediary who advises
on risk products.
Financial planning is usually a multi-step process, and in-
volves considering the client's situation from all relevant
angles to produce integrated solutions. The six-step finan-
cial planning process has been adopted by the International
Organization for Standardization (ISO).
Financial planners are also known by the title financial ad-
viser in some countries, although these two terms are tech-
nically not synonymous, and their roles have some func-
Although there are many types of 'financial planners,' the
term is used largely to describe those who consider the
entire financial picture of a client and then provide a
comprehensive solution. To differentiate it from the other