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What is Financial Planning?

Financial Planning is the process of planning a person's investments and assets to enable the person to attain his or her financial goals, keeping in mind the risk profile of the person.

Why financial planning?

As the GDP of India has been growing, the income and savings rate of the people has also seen an unprecedented growth in recent years. With an expansion in the number and complexity of financial products and plethora of information available at the fingertips due to the advent of technology, it has become increasingly difficult and crucial to pick up the right instruments and develop an appropriate roadmap that will fulfill one’s financial needs and secure the financial future.[Read More]

In today's world of complex financial instruments and abundance of options, financial planning offers numerous benefits, as follows:

• Systematic approach to goal fulfillment: Financial planning enables the person to take a systematic approach to planning his or her finances and takes the person closer to achieving his or her goals.
• Timely action on shortfalls and surpluses: The plans, when reviewed periodically,enable quick reallocation of funds to meet any deficits towards goal fulfillment while any surpluses generated can be gainfully redirected to appropriate investment channels.
• Consideration of risk profile and financial capacity: When planning one’s finances, the risk appetite of the person, along with the financial capacity of the person to tolerate risk needs to be taken into account. Financial Planning process takes these factors into account, and the investments are planned accordingly.
• Market conditions: Financial planning enables the person to make the most of the market conditions and can help him or her turn market situations to his or her advantage.