Financial Planning is a process and not a product. It is the process of identifying a person’s or a family’s financial goals, evaluating their existing resources, and designing suitable financial strategies that help in the achievement of those goals.


What Financial Planning Focuses On?

After the setting-up of your financial goals and assessment of your current financial position, financial planning develops and deploys strategies to achieve the following objectives:-

Protecting Your Existing Wealth:

The existing wealth gets eroded on the occurrence of adverse events like job loss, serious accident resulting in disability or death, critical illness paving the way for extraordinary expenses for medical care, theft or fire related to house/shop/office/vehicle, personal or professional liability, etc. The financial planning process strategizes to adequately and properly protect you financially against various kinds of risks.

     Growing Your Wealth:

Saving with discipline and proper investments with right asset allocation, diversification of risk, tax efficiency, portfolio re-balancing or revision of asset allocation whenever required play important role to systematically grow your net worth. The time proven adage, “Don’t put all your eggs in one basket,” is very fitting when building an investment portfolio. The focus is on risk, inflation and tax adjusted returns.

Using Your Wealth:

The wealth so grown is used for funding your financial life goals as and when these fall due, including accumulation of retirement corpus. When you stop working at retirement, your active income stops coming in and expenses like medical and health care start rising. You would like to live comfortably in your retirement years maintaining your current lifestyle meeting out the effect of inflation on expenses then.

Distributing Your Wealth:

Finally estate planning ensures that whatever assets you have at the time of your death are orderly transferred to your next generation without delay and legal hassles, and distributed as per your wishes. You also need to minimize the taxes on your estate in order to maximize the inheritance for your beneficiaries. Properly prepared Will, nominations on deposits, Trust, etc are the strategies used for this purpose.

Components of financial planning>>

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