See below image for the Steps in financial planning process diagram. 7 Steps: The Financial Planning Process Monitoring Progress and Updating Implementing the Financial Planning Recommendation(s) Understanding the Client’s Personal and Financial Circumstances 1 2 3 4 5 6 7Identifying and Selecting Goals Analyzing the Client’s Current Course of Action and Potential Alternative Course(s) of Action
Successful plans will also require a significant degree of financial planning. Following a 5 step financial planning process should significantly increase the potential of developing a winning financial plan. The goals and objectives will be the guide to the financial plan and should provide a roadmap for your financial future.
The financial planning process is important to understand as it can help you create efficient action items to better your money. This series of steps will be your go-to strategy that outlines how to budget, where to invest, and what other assets can help you achieve your financial goals.