Eng 1510 - Financial Planning - Profession Paper

Karen Robinson

ENG 1510

November 27, 2010

Financial Planning

As the economy is not what it used to be, people have turned to financial advisors for help in their financial situations. People choose to use an advisor when experiencing financial mistakes or just for managing their money. Many financial advisors choose financial planning as a career to help people out of financial problems and to help people use their money effectively.

As a financial planner is there to help with money situations, they are also there to help with the future. Jane states that many people ask the question of whether they can retire soon, when can they retire, and will they outlive their money. For a financial planner the solution is planning. Jane has worked through these questions by first goal setting, managing cash flow, completing a retirement projection, investment review, reviewing insurance needs, and analyzing the data. When the data has been reviewed, the financial planner then can estimate when the client may retire in the future. All of these steps are to ensuring the client of when they can afford to retire and if they need to reevaluate their financial status.

As financial advisors are there to help people in need, Jane states that although everyone has their own values and beliefs, financial advisors are to take an oath insuring that their values will not interfere with the clients best interests. Not only does a financial advisor put their values second, they also provide a second opinion if needed. As an hourly planner they respond to all of the clients needs and offer comprehensive planning and any other project work as needed. Jane stated that financial planning is based on the client and the client only.

Education for financial planning includes a college degree, complete the American College Certified Financial Planner program and to pass the two-day comprehensive exam to become a certified Financial Planner. Jane states that education will vary depending on the area of specialty that each planner would like to practice. Some areas of practice include middle income clients, couples/individuals needing budget/cash flow help, pre and post retirement planning for individuals and couples, financial planning for single women, financial planning for unmarried couples, business owners, second opinions, and financial education.

Jane states that a financial planner and the work that they provide depend on the business in which they are employed by. Not all financial advisors practice all of which they are educated on through college. Hours and how many days a week a financial planner works also depends on the business in which they are employed with. Jane may work fewer days during the summer than during the school year but not all financial advisors have a work schedule