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FINANCIAL LIFE PLANNING

Financial Planning is defined as “Financial Planning is the process of meeting life Goals through the proper management of finances.”


One of the important and critical steps in the process of Financial Life Planning is Goal Setting.  It needs holistic approach to discover aspirations as well as need to adopt the life style which will be sustainable in longer term. One needs to think about non financial things affecting the lifestyle. It is about simplifying the lifestyle, spending quality time with family, changing own habits, nurturing the hobbies. During this process one understands money and the meaning. Money no more remains the end but becomes means to leave a sustainable and fulfilling lifestyle. Other financial goals can include buying a home, saving for your child’s education or planning for retirement. Financial Planning is important as each financial decision affects other areas of finance.


Financial Planning helps to organise finances, improve cash flow, lower personal income tax, plan for retirement, plan for children education, improve performance of the portfolio, enough insurance with minimal cost etc.


In India stock broker, insurance agents and mutual fund distributor etc act as Financial Planners. Most often they are more interested in selling a particular product under broader spectrum of Financial Planning. However, Financial planners is the person who helps to set and achieve their long-term financial goals  through investments, tax planning, asset allocations, risk management, retirement planning and estate planning etc. He may consult various intermediaries for certain matters, but he the one who provide an integrated service to the client to help him to achieve his goals. Bases on the fees there are three types of Financial Planners viz. fee only planners, commission only planners & fee and commission planners.


The financial planning process consists of six steps as below

  • Establishing the relation
  • Data Gathering and Goal setting
  • Identification of financial problems
  • Preparation of written alternatives and recommendations
  • Implementation of agreed recommendations
  • Review and revision of the plan

Various services covered under Financial Planning are, 

  • Investment planning : Planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment  and spending
  • Child Education and Marriage : Make necessary provision considering inflation for education fees and marriage expenses.
  • Retirement Planning : Planning to ensure financial independence at retirement.
  • Risk Management and Insurance Planning : Managing cover for Life Risk, medical expenses, householder and vehicle risks etc,
  • Cash flow and Liability Management : Maintaining and enhancing personal cash flows through debt management and lifestyle management.
  • Tax Planning : Planning for reduction of tax liabilities and freeing up of cash flows for other purpose.
  • Estate planning : Planning for intergenerational transfer of wealth and management of trust, writing of wills etc.

Nilesh Shah There seems to be lot of money waiting on the sidelines but when the correction comes and there is negativity around, they may like to time it better, said Nilesh Shah, Managing Director, Kotak Mahindra AMC.
Tue, 26 Sep 2017 12:29:22 +0530


Here#39;s a fundamental check on markets by UTI MF#39;s Swati Kulkarni Watch the interview of Swati Kulkarni of UTI MF with Prashant Nair and Ekta Batra of CNBC-TV18. She shared her reading and outlook on the market.
Mon, 25 Sep 2017 14:06:05 +0530


Mahesh Patil Mahesh Patil of Birla Sun Life believes that the Street currently could be reacting to cues such as higher current account deficit (CAD), pressure on the rupee and developments around fiscal deficit as well.
Fri, 22 Sep 2017 10:31:54 +0530


Here is a fundamental view on the market from Sunil Subramaniam Watch the interview of Sunil Subramaniam, CEO at Sundaram Mutual Fund with Prashant Nair and Ekta Batra on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Tue, 19 Sep 2017 12:25:49 +0530


Shweta Jain SIP work irrespective of market sentiment. Marry the SIP with your financial goal and you are home.
Tue, 19 Sep 2017 09:50:25 +0530


Sunil Singhania Says economy will continue to grow and that will drive up the equity markets going forward.
Mon, 18 Sep 2017 10:16:49 +0530


Rajeev Thakkar Among the new theme that they have added is Facebook, which is an international stock, said Rajeev Thakkar, Chief Investment Officer and Director, PPFAS MF.
Fri, 15 Sep 2017 16:24:18 +0530


Joydeep Sen Only a fund with a relatively smaller corpus size can be quickly repositioned; a large fund will have the baggage of existing portfolio which should not be disturbed.
Thu, 14 Sep 2017 09:53:45 +0530


Vaibhav Agrawal Unlike other instruments like PPF, NSC and Long term deposits, an ELSS is a long-term wealth creator due to its consistent equity exposure.
Tue, 12 Sep 2017 11:26:33 +0530


Harsha Upadhyaya Kotak MF’s Upadhyaya said that September and December could be slightly better quarters due to GST-hit sectors seeing some recovery.
Tue, 12 Sep 2017 10:27:33 +0530


Lack of jobs in economy a worry; may see job growth once GST effect reduces: Axis MF In an interview to CNBC-TV18, Chandresh Kumar Nigam, MD CEO of Axis Mutual Fund, spoke about his reading of the market and his outlook on inflows into equity mutual funds (MFs).
Thu, 07 Sep 2017 14:23:12 +0530


Anand Radhakrishnan To celebrate the Mutual Fund Day that falls on every 7 day of the month, CNBC-TV18 spoke to Anand Radhakrishnan, CIO- Equity, Franklin Templeton Investments. Last month mutual funds saw a record inflows to the tune of Rs 20,000 crore.
Thu, 07 Sep 2017 12:13:40 +0530


S Krishna Kumar Companies such as Bajaj Finance and Capital First, among others, have been able to innovate, use technology, disrupt markets and gained advantage among competitors to pursue higher growth.
Thu, 07 Sep 2017 12:02:14 +0530


Joydeep Sen The average SIP size is Rs 3,250 and the month-wise collection through SIPs is just under Rs 5,000 crore per month now. It shows investors are walking in the right direction.
Thu, 07 Sep 2017 11:03:32 +0530


Hybrid funds - A balanced approach to investing Balanced, MIPs, Equity Savings and Dynamic Allocation are categorized as Hybrid funds
Thu, 07 Sep 2017 10:53:29 +0530

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