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‘Ask an Agent’- What’s Financial Planning?

If you were to ask ten people to define financial planning, you would likely get ten different answers. For the sake of mutual understanding, we’ve defined financial planning as the practice of understanding what a client wants to achieve during their lifetime and helping them to make informed decisions to get there. In short, the first benefit of financial planning is the ability to expand your value. Proper planning tends to make one make better decisions regarding their finances. They are also more likely to reach goals. Those who use financial planning have more peace of mind regarding their investments and retirement accounts. 

 Typically, advisors have a set series of objectives in order to provide the high level of advice and service that clients expect. A few of these steps include but are not limited to getting to know the client’s personal and financial situation, which includes assets, liabilities, current and future income, current and future expenses and lastly current and future goals. This information is usually gathered in the discovery meeting, and with this information a formal plan can be established. 

Identifying personal goals and objectives, in addition to retirement include other types of goals such as: saving for a wedding, college education funds, or even an inheritance. Financial planning is an ongoing process. Plans can be updated and monitored. Some believe that you must have large assets in order to benefit from financial planning, but nothing could be further from the truth. Proper financial planning is not expensive and could prove to be extremely valuable. 

 It’s never too late to start financial planning. Georgia Farm Bureau offers members a professional estate planning service that fits very well with a financial planning strategy. Contact an agent today to start planning for your future. 


Content provided by: Terry Manuel, Bulloch County Farm Bureau Agency Manager