The Personal Financial Planning Process



Financial planning is a process of determining whether and how an individual can meet life goals through the proper management of financial resources.

The process of personal financial planning typically includes some or all of these six elements or steps:

  1. Establishing and defining the client-planner relationship,
  2. Gathering client data including goals,
  3. Analyzing and evaluating the client’s current financial status,
  4. Developing and presenting recommendations and/or alternatives,
  5. Implementing the recommendations, and
  6. Monitoring the recommendations.

Financial planning generally consists of seven core subject fields:

  1. Financial statement preparation and analysis including budgeting
  2. Investment planning,
  3. Income tax planning,
  4. Education planning,
  5. Risk management,
  6. Retirement planning
  7. Estate planning.

If you are seeking help with your personal financial planning call (727) 744-4818 and speak with Parker Evans, CFA, CFP or David Bennett, CFA, CFP.