Many people ask what is a financial planner and what his or her role to them as clients?
A financial planner or personal financial planner is a practicing professional who helps people to deal with various personal financial issues through proper planning, which includes but is not limited to these major areas: cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners). The work engaged in by this professional is commonly known as personal financial planning. In carrying out the planning function, he is guided by the financial planning process to create a detailed strategy tailored to a client's specific situation, for meeting a client's specific goals (see Wikipedia).
Personal financial planning is broadly defined as a process of determining an individual's financial goals, purposes in life and life's priorities, and after considering his resources, risk profile and current lifestyle, to detail a balanced and realistic plan to meet those goals. The individual's goals are used as guideposts to map a course of action on 'what needs to be done' to reach those goals (see Wikipedia).
As what many of the lecturers in 10th RFP program have said, financial planning has evolved in a sense that he/she offer his/her service with much gusto due to the fact that it involves the element of giving advise, becoming a coach and at the same establish a fruitful relationship with a client with rapport. I find financial planning a little demanding with lots of data gathering in order for the client set and accomplish those goals.
Members of RFP Batch 10 are mostly comprised of insurance agents and brokers from big insurance companies, wealth and asset management officers from banks, senior financial executives from major credit card companies, licensed real estate brokers and one licensed stock broker from a well known securities and equities company listed with Philippine Stock Exchange. We all come different industries but we share one common goal in becoming future Registered Financial Planners.
Will update on my next article on Financial Planning because I am still undergoing studies with Registered Financial Planners Institute - Philippines (RFPI-Philippines). if you want to be a Financial planner you may visit their website at http://www.rfp-philippines.com for more details.
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