Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement.
The financial planning process (click link below for chart) consists of six steps that help you take a "big picture" look at where you are financially. These six steps apply to comprehensive financial plans as well as specific areas of financial planning such as retirement or estate planning. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.
The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.
Can You Do Your Own Financial Planning?
Some personal finance software packages, magazines or self-help books can help you do your own financial planning. However, you may decide to seek help from a professional financial planner if:
>you need expertise you don’t possess in certain areas of your finances. For example, a planner can help you evaluate the level of risk in your investment portfolio or adjust your retirement plan due to changing family circumstances.
>you want to get a professional opinion about the financial plan you developed for yourself.
>you don’t feel you have the time to spare to do your own financial planning.
>you have an immediate need or unexpected life event such as a birth, inheritance or major illness.
>you feel that a professional adviser could help you improve on how you are currently managing your finances.
>you know that you need to improve your current financial situation but don’t know where to start.
Click on the following links for useful information on important financial planning issues:
The financial planning process (click link below for chart) consists of six steps that help you take a "big picture" look at where you are financially. These six steps apply to comprehensive financial plans as well as specific areas of financial planning such as retirement or estate planning. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals. 
The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans. 