Follow All The Steps Of Financial Planning Process For Attaining Best Results

The financial planning process is a step-by-step process or rather it should be done step-by-step for best results. Those who don’t it methodically, they fail to plan properly. For example, financial planning starts with clearly establishing and defining the client and planner relationship.The financial planning company should clearly explain and document the services that it provides to clients and should define its responsibilities during the financial planning engagement. Payment terms should be cleared to both the parties, the client and the service provider. Both the parties should agree on how long the professional relationship should last and on how decisions will be made. Now, once the contract has been signed, the financial planner should ask for information about client’s financial situation. Client and the planner should mutually define personal and financial goals, understand time frame for results and discuss. 

The financial planner should gather all the necessary documents before giving the advice client needs. Then comes the analysis and evaluation stage where the financial planner should analysethe client’s information to assess the client’s current situation and determine what he or she must do to meet the goals. It is then when the financial planner should offer financial planning recommendations that address client’s goals, based on the information provided. The planner should go over the recommendations with client so that client can make informed decisions. The planner should also listen to client’s concerns and revise the recommendations as appropriate.

 The client and the financial expert should agree on how the recommendations will be carried out. The planner may carry out the recommendations or serve as a coach, coordinating the process with client and other professionals such as attorneys, accountants or stockbrokers. And last but not the least, is the monitoring of progress towards goals. If the planner is in charge of the process, he or she should report to the client periodically and adjust the recommendations, 

Online Financial Planning Is So Much Quicker And Easier

Online financial planning is a fairly new concept but it is soon catching up with Indian customers too. As Indian customers have switched to Internet for every small little need that they have, they also look out for options in place of regular, full-time financial planners who charge heavy fee in return of their services. Fee is still a bearable part as long as you are getting a good and a genuine financial advisor but finding somebody who is really genuine and good at his or her work is a challenging task. The advent of online financial planners has solved all these worries. Now, there is no need to run around and hunt for a money market expert. You can just sit at home, log in and start working with your online financial planner. 

Online financial planning covers almost all the aspect of life, such as college funds, estate planning, insurance investments, long-term investment management and retirement. As you log in to some updated financial planning software, you can analyse your financial situation and run scenarios to cover ‘what if’ questions about your financial future. The concept of online financial planning is beneficial for those customers who don’t want to relay too much of their personal and professional income details to any third party. The information that you enter in the site are stored securely. The best part is that it saves time. As you deal with a traditional financial planner and ask for some past or present numbers or some calculations that might be helpful for you in taking investment decisions, your financial planner is bound to ask some time. But this is not the case with your online financial planner who provides you updated data on all your cash inflow and outflow. There is no need to rely on somebody else for getting your details. Isn’t that so much quicker and easier.

Online Financial Planning Is Open To All And Is For All

The online financial planning services were started with an aim to help common men and women with their finances. There were days when financial planning was considered a service for a handful of big, hefty and rich clients. And there were solid reasons behind it. First, only rich people had money to invest and secondly, the service rates of wealth management firms or financial advisory firms were so high that only wealthy individuals could afford personal financial planners. But as times changed and the technology made its way in the financial services industry, few brains came up with the idea of providing online financial planning services to one and all and that too at affordable rates. Also, with the increase in disposable income of middle-class working men and women, people felt the need of hiring somebody who can assist them plan their disposable finances. In addition to this, as people became more and more technology savvy, it eliminated the need of full-time advisors. Most of the information is available through online resources and people are more than happy to access all there details at the click of a button rather than going to the offices of their advisors. Neither does most of the individuals have time nor do people want to go through all the hassles. Why not use the easy and good form of online financial planning rather than hiring a full-time advisor who are manipulative and act pricey at times. 

There are a couple of online financial planning service providers who offer diversified portfolio for investments. They also offer recommendations on life goals, insurance, loans, expenses and tax. All this is done via virtual meetings which are much more productive as compared to when you spend half of your spare time in driving to the advisor’s office and looking for the parking. And needless to mention that online financial planning is much cheaper than your full-time financial planning. Calculate and see for yourself!