Need for Financial Advice

Financial Planning is the process by which a financial planner assists an individual to achieve long term financial goals through investments, tax planning, asset allocation, risk management, retirement planning and estate planning. In the US and Australia, Financial planner are indeed recognized and respected as professionals and where being a professional is described as being part of " a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public as possessing special knowledge and skills in a widely recognized body of learning derived from research, education and training at a high level, and who are prepared to apply this knowledge and exercise these skill in the interest of other. Financial planning involves some important steps

	Clarify your present situation by collecting and assessing all relevant financial data, such as lists of assets and liabilities, tax returns, records of securities transactions, insurance policies, wills and pension plans.
	Analyzing your current situation and negotiating realistic goals. These may include providing for your children's education, supporting elderly parents or relieving immediate financial pressures which would help maintain your current lifestyle and provide for retirement. These considerations are important in determining the best financial planning strategy for you.
	Identify financial problems that can create barriers to your financial independence - such as too little or too much insurance coverage or a high tax burden. Your cash flow may be inadequate, or your current investments may not be winning the battle with changing economic times. These problem areas must be identified before solutions can be found.
	Identify your goals and objectives, which includes- Your short and medium term goal Long term goals, most important of which is retirement planning
	Provide periodic review and revision of your plan to assure that you achieve your goals. You should have your financial situation re-assessed at least once a year to account for changes in your life and fluctuating economic conditions.

A well-designed financial plan will help make financial choices easier, providing you with a greater sense of financial security.