Financial Learning Center

What is Financial Planning?

Financial planning is the comprehensive evaluation of an individual’s financial position, long term financial goals, and strategies to achieve those goals. Financial planning can include any of the following pieces:

  • Budgeting
  • Investing
  • Saving for major purchases
  • Saving for college
  • Retirement planning
  • Managing debt
  • Financial risk management
  • Insurance planning
  • Estate planning


What is a Financial Advisor?

A financial advisor is a professional who provides information, guidance, and other services to clients seeking assistance with one or more aspects of their financial situation. Financial advisors often have unique and valuable insights to offer based on their years of experience and familiarity with various aspects of personal finance.

Do I Need a Financial Advisor?

Strictly speaking, no. Individuals who feel confident managing their own finances may not need a financial planner, but even if you feel you have a solid financial plan, it never hurts to meet with a professional. A financial advisor will provide a fresh perspective and new ideas to enrich your current plan.

What Should a Financial Plan Include?

Your financial plan should be as unique as you are. There are no hard and fast rules about what needs to be in a financial plan, but many people address the following topics with their financial plan:

  • Retirement income
  • Insurance coverage, including life insurance
  • Saving for emergencies
  • Saving for education — for yourself or your children
  • Saving for large purchases
  • Debt management
  • Estate planning
  • Creating a personal budget


Copyright © 2024