In a strategic sense, financial planning is a broad term for a professional service that can help you better understand your saving and investment goals. These targets may include the preservation of capital, wealth creation or the establishment of future income streams for retirement through superannuation or investments. Risk management strategies and taxation advice also typically fall under the banner of financial planning.
Alternatively, financial planning is about assessing your financial situation, determining objectives and formulating financial strategies that help you achieve financial and lifestyle objectives. In a perfect world, financial planning should become a continuous activity where your goals and objectives are reviewed regularly and performance measured against specific devised targets.
While budgeting, record keeping, income and net worth statements plus credit and debt management normally fall under the banner of "financial counselling", successful financial planning also involves the mastery of these skills and disciplines.
Given the massive breadth attached to the field that is financial planning, it is unlikely any single person can cater to all your personal financial needs. So financial planning will often involve a financial adviser working with other professionals.
The Financial Standard Investment Leadership Awards recognise investment strategies that showcase qualities investors are looking for in an investment manager. What makes these awards different from others? ... Watch video
Fund of the Year AustralianSuper Best in Show - MySuper Lifecycle Sunsuper for life Best in Show - MySuper Product AustralianSuper Best in Show - Workplace UniSuper Best in Show - Personal AustralianSuper ... Watch video
Research reveals true value of advice7 April 2021, 12:42pmUnadvised Australians are open to receiving financial advice, according to an IOOF survey, which also highlighted the qualitative benefits that improve lifestyles and overall wellbeing. Read more
ESG managed accounts on the rise7 April 2021, 12:05pmFinancial advisers are turning to managed accounts when looking to implement responsible investment solutions for their clients, new research shows. Read more