Financial planning is a profession that helps individuals and families plan for their financial
futures. Financial planners will assess their clients' financial goals and help them develop a plan
to achieve those goals. They may advise clients on a wide range of financial decisions, including:
- Setting financial goals: Financial planners work with their clients to identify their long-term
short-term financial goals.
- Creating a budget: Financial planners help their clients create a budget to manage their income
expenses and stay on track towards reaching their financial goals.
- Developing a saving and investing plan: Financial planners can help clients develop a plan for
saving and investing that aligns with their financial goals and risk tolerance.
- Managing debt: Financial planners can help clients develop a plan to pay off their debts and
- Planning for major life events: Financial planners can help clients navigate complex financial
situations, such as buying a home, getting married, or starting a family.
- Managing retirement: Financial planners can help clients plan for retirement by assessing their
retirement needs, developing a retirement savings plan, and selecting the appropriate retirement
- Financial planners may also help their clients with tax planning, estate planning, and risk
There are several career paths that a financial planner can take. Here are some common options:
- Starting a private practice: Many financial planners start their own private practice, offering
financial planning services to individual clients.
- Working for a financial planning firm: Financial planners can work for a financial planning
where they may work with a team of financial planners and support staff to provide financial
planning services to clients.
- Working for a bank or other financial institution: Financial planners can work for a bank or
financial institution, where they may provide financial planning services to the institution's
- Working for a brokerage or investment firm: Financial planners can work for a brokerage or
investment firm, where they may help clients develop investment portfolios and provide other
financial planning services.
- Working in a corporate setting: Financial planners can work in a corporate setting, where they
provide financial planning and analysis for the company or its employees.
Most financial planners hold a bachelor's degree in a related field, such as finance, economics, or
business. Many also hold a certification, such as the Certified Financial Planner (CFP) designation,
which requires a bachelor’s degree and passing an exam. Financial planners often command a slightly
below average salary when compared to other careers in the finance industry.