A financial planner or personal financial planner is a professional who prepares financial plans for people. Managing cash flow, retirement plans, investment strategies, financial risk, insurance policies, tax, estate and business succession plans are the criteria or area of expertise of a financial planner.
Role of a financial planner is to optimize the revenue of his client by structuring some brilliant, cost effective strategies. It often happens that people confuse financial planners with stockbrokers. Financial planners are way different than these brokers as a matter of fact they also differ from the guy who helps you in lowering your tax bill – called an accountant. Insurance agents might allure you in with complicated …show more content…
You can always ask your peers for recommendations. Before finalizing your finance guy, do a complete background check, know what kind of financial services does he specializes in. Know about his credentials, certificates or any special achievements. Don’t be shy to ask for a sample finance plan this is important because everyone has their own approach towards financial management. To be honest, it depends on the nature of the advisor whether or not he entertains such requests.
10.2 Scope
Financial planner is expected to optimize his strategies to meet client’s financial needs. He should be skilled and smart enough to accomplish client's goals. The scope of planning would usually include the following -
Risk Management and Insurance Planning – Using risk management and insurance techniques to manage cash flow.
Investment and Planning Issues – Planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment and spending, including managing for risk-adjusted returns and to deal with inflation.
Retirement Planning – Planning to ensure financial independence at retirement including 401Ks, IRAs …show more content…
It works with several financial institutions. Individual consumers have the liberty to join the service by signing in. Users say it's easy to upload their spending data and analyze where their money is going.
3) Geezeo offers its monetary management tools through banks and credit unions; it doesn’t entertain new consumer customers from January. But if your bank or credit union uses the program, you might enjoy using Geezeo to set goals and track your spending habits.
5) Penny minder is ideal for families with multiple spenders as it gives access to users to glance at other family members' spending and jointly manage a household budget effectively.
6) You Need a Budget deals with those customers who have to pay off their debt. The tool encompasses the user to determine and manage their monetary insights on monthly basis, and then helps them make adjustments if the limit is exceeded.
7) Buxfer's simple design is appealing. It syncs your Google and Facebook accounts with its website. It also has an easy tool for people who share expenses, for example flat