Financial Planning Job profile and Description

Financial Planning is the responsibility of a Financial Planner. A financial planner is a professional who assist people in handling personal financial issues by advising them about proper financial planning. The advice is usually in areas such as investment, risk management, financing education, managing cash flow in a business, planning for succession in business and estate planning. His main line of work involves creating a detailed strategy, which fits each client’s financial goals. This strategy is known as a financial plan. Most people enlist the services of a financial planner when they cannot easily identify a way of balancing their finances, life’s priorities, resources and risks in order to meet their financial goals within a specified time.

Duties and Responsibilities

  • Advising clients about the implication of specific financial decisions
  • Understanding a client’s goal and using them as guideposts for any financial advice that is offered
  • Gathering the necessary data in order to ensure that any advice offered to a client is the best and will expose them to minimum risk
  • Carefully analyzing the clients current resources and using the information gathered as a reality check to the client
  • Determining whether the client has sufficient resources to meet his goals within a specified time limit
  • Envisaging the probable constraints and devising ways of overcoming such should they occur.
  • Considering the client’s current lifestyles and ensuring that the same will be maintained to minimize the chances of the financial plan failing
  • Advising the client on how well to manage the risks posed in the cash flow
  • Advising the client about the best insurance techniques for use in order to reduce risks
  • Formulating a retirement plan for a client
  • Formulating tax plans in order to ensure that the tax liabilities for the client are reduced thus freeing some of the cash that could have been tied up in taxes
  • Formulating estate plans this enabling the client to create, accumulate and conserve assets

Skills and Specifications

  • Attention to detail
  • Good communication skills
  • Analytical mind
  • Good planner

Education and Qualifications

  • A degree in Financial Accounting/Financial Mathematics
  • An MBA
  • A CPA