What are the Duties of a Financial Planner

A financial planner is a professional who helps a person deal with his/her financial issues. A financial planner helps a person in areas such as personal financial planning, investment planning, risk management and insurance as also his/her cash flow management.

Duties of a Financial Planner

A financial planner guides an individual to take his/her major financial decisions. He helps the individual understand the consequences of each of his/her financial decisions.

A financial planner helps an individual assess his/her financial assets, determine his/her financial goals and consider his/her economic resources to take investment decisions.

The duties of a financial planner include setting financial goals with the client, gathering the client's financial information, analyzing it and designing a financial plan for the client. It is a financial planner's duty to implement the planned financial strategies and monitor the client's financial decisions.

A financial planner helps the client in risk management by assisting him/her in choosing suitable insurance schemes. He helps plan for future by providing well-suited investment options. A financial planner helps the client ensure financial independence on retirement, by helping him/her with choosing the proper retirement investment plan. A financial planner will advise the client on how to reduce his/her tax liabilities and enhance cash flows. A financial planner also deals with the conservation and distribution of the financial assets of his/her client.

Job description of a Financial Planner

A financial planner studies the different aspects of the financial picture of his/her client and provides a suitable financial solution. Some financial planners deal with the various facets of personal finance, while others specialize in fields like risk management or retirement planning.

The job of a financial planner can be described by means of a 6-step process given by the ISO. The first step is of setting financial goals with the client. The second step includes the gathering of relevant financial information from the client. The third step is of analyzing the gathered information, which is followed by the creation of a financial plan. The last two steps include tasks such as implementing the plan's strategies and monitoring the implementation of the plan.

Financial planning is one of the most speedily growing industries as it deals with the management of the most important means of living, which is money!