Personal financial planning involves the evaluation of a person's current financial position and financial goals leading to a presentation of a plan to achieve those goals. A typical financial plan includes the following:
Financial planners charge clients in one of three major ways: a fee-only basis, a fee-and-commission basis, or on a commission basis.
Currently two professional organizations accredit planners after they have completed certain educational and professional requirements: The College for Financial Planning confers the Certified Financial Planner (CFP) and the American College confers the Chartered Financial Consultant (ChFC) designation. Two major professional organizations are associated with financial planning: the International Association for Financial Planning and the Institute of Certified Financial Planners.
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