A financial planner works with clients to help them manage their money and reach their long-term financial goals. They advise and assist clients on a variety of matters, from investing and saving for retirement to funding a college education or a new business while preserving wealth.
Financial planners must have a thorough knowledge of personal finance, taxes, budgeting, and investing. They may specialize in tax planning, asset allocation, risk management, retirement planning, or estate planning. Many financial planners draw their clients from a particular population, such as young professionals or retirees.
The Certified Financial Planner Board of Standards (CFP Board) describes financial planning as “a collaborative process that helps maximize a client’s potential for meeting life goals through financial advice that integrates relevant elements of the client’s personal and financial circumstances.”
Some financial planners specialize in one area such as retirement savings but many offer a holistic approach that considers the client’s overall …