What is Financial Planning?
Financial Planning is defined as the comprehensive method that aims to achieve the life goals of an economic unit*, through the proper management of its finances.
*Economic unit can be a business, a family or an individual.
is not a product
but a complete method.
Financial planning is a process because it manages the client’s financial interests holistically, coordinated and over time
It consists of specific steps and helps the financial planner to accurately determine the goals and wishes of his client
It is dynamic because it evolves, adapts and changes to follow each stage of a customer’s life
It is important because when one has a financial plan they can more easily make wiser decisions
It started in America in the late 1960s by a small group of people in the wider economic space, with a vision and concerns about the future of their work and better service to their clients, who, with this movement as their starting point, created a profession .
Today it is an institution that has demonstrated spectacular results both for the clients-consumers and for the financial advisors who apply this method. It has already been placed among the first positions of the professions in terms of prestige.
In Greece, it appears in the 1990s, it is adopted and implemented after special training of insurance consultants, by very few companies. Then, for a short time, it fades and comes back to the fore with the establishment of the HFPA in 2010.
Work incapacity cover
Repayment of Inheritance Taxes
Preservation of assets
Basically, Financial Planning answers and provides solutions to questions such as:
What is my current financial position?;
What are my goals?
How can I plan the safest path to the future?
How can I manage my funds efficiently?
How can I protect my family from the unexpected?
How will I ensure the standard of living I dream of after the end of my professional career (retirement)
How can I secure my children’s education?
How can I cover my housing needs?
How can I ensure repayment of any inheritance taxes?