The bewildering array of financial choices facing people, and the hectic pace of life today, make financial decisions more difficult than ever. The prospect of living longer, the uncertainty of investment returns, and the changing economy are just a few of the factors that need to be considered. Financial planners can use the information in this publication to help their clients take a more holistic approach to their finances and together develop a game plan for their future.
Personal financial planning is a process, a series of purposeful and deliberate steps taken to achieve a personal financial plan for an individual or a family. In all, there are seven steps in the PFP process that are discussed in the book. The following four are required:
There are three main actions in the PFP process:
This book discusses and encourages planners to take a holistic approach to life planning, a process that places the client and the client’s desires, dreams, and goals above the financial plan.
PFP services include the following:
The first part of this book provides robust foundational concepts for all areas that must be covered before application concepts are discussed. These include the following:
The second part of this book builds on the foundational concepts to provide a deeper understanding of the PFP body of knowledge and its application, with an emphasis on income tax planning and other PFP topics, including: