YBC Academy : What is Financial planning?

In my first article about financial planning, I covered the most common perceptions of financial planning, the beliefs that many people have as soon as the words financial planning or financial advisor are mentioned.

A lot of the problems with these perceptions is that they aren’t always founded on fact. So this week, I am going to break down what financial planning actually is and what a financial planner is.

For me, financial planning is about finding out about the client – what they would like to achieve and how we can put a plan in place to make those dreams a reality.

When meeting a client for the first time, I think it’s important to not have any perceptions or preconceived ideas of what the client is looking for and likewise, it is important not to assume the best solution for them before knowing their circumstances.

This is because in the initial stages, an advisor will not be able to advise without knowing more about the client. The products that we have at our disposal, are merely tools that enable us to do our jobs; they are completely irrelevant until we understand the needs of the client and their goals for the future.

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