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What Does a Financial Planner Do?

  • Posted by Admin
  • On May 27, 2016
  • finance, financial advisor, financial planner, financial planning

When you think of a “Financial Planner”, you probably picture someone who can help you address your financial needs and provide guidance. But what does a financial planner actually do, and how do they help you reach your financial goals? Financial planners educate clients, develop plans to reach client goals, and monitor client assets. Speaking with a financial planner is an excellent way to ensure your money is working in a way that makes sense to you.


What is the difference between a financial planner and a financial advisor?

A financial advisor is any person who makes recommendations related to your finances. They are often selling products on commission, such as stock brokers or insurance agents.


On the other hand, a financial planner is legally permitted to give financial advice and acts as a fiduciary. They are able to work holistically with clients to form comprehensive, customized financial plans. A financial planner will do stock benefits and options planning, insurance planning and risk management, employee benefits planning, investment planning, tax planning, retirement planning, and estate planning. They have a fiduciary obligation and will tailor each financial plan to each individual client’s life goals.


Learn About You

First things first, your financial planner needs to get to know you. The first topics you discuss with your financial planner may not be finances at all, but rather how you live your life and what makes you unique. In order to properly handle your finances and plan effectively for your future, he or she will be listening to what’s most important to you and how you want to live your life. While every individual’s plan will be tailored to them specifically, no plan is set in stone. Planning is about understanding you and your goals, and setting up a flexible system that changes with you as your life and family evolves.


Educate You

Your financial planner not only wants to help you reach your goals, but they also want to help you understand how you’re getting there; they aim to educate clients in financial literacy. Upon meeting a financial planner, they will assess your financial situation and provide you with baseline knowledge of insurance, estate planning, taxes, liabilities, expenses, and different types of investments and savings accounts. Your planner will be educating you in best financial practices, and they will ensure that you have a solid understanding of your financial future.


Develop Plans

Before a financial planner can help you, they’ll need to analyze your finances in depth for a better understanding of your financial position. Financial planners may ask questions about your level of risk-taking, liabilities, income, future income, and long-term financial obligations, among others. Your planner will consider all of the provided information, along with your future goals, and will work together with you to develop a reasonable plan of action to help you prosper.


You and your financial planner will be considering your past, present, and future in all decisions. Financial planners can assist in planning for your retirement, children’s education, and your estate. Your planner will also ensure you’re prepared for adverse or unexpected events through insurance policies, liquid assets, and wills or trusts. Financial planners can introduce you to experts to assist with plans, such as an attorney for drawing up estate planning documents or a CPA for detailed tax questions.


Monitor Your Assets & Update Plans

Financial planners consistently monitor your progress and keep you up to date on new financial opportunities. They can keep investment portfolios in balance and change allocation in response to market trends. Financial planners also know that your circumstances can change; when clients want to update or change their financial goals, planners are ready to alter financial paths and provide new options unique to each client’s needs.




Looking to sit down with a financial planner to discuss your personal situation? Dragon Financial Group is happy to help. Contact us or make an appointment here.


The commentary on this blog reflects the personal opinions, viewpoints and analyses of the Dragon Financial Group employees providing such comments, and should not be regarded as a description of advisory services provided by Dragon Financial Group or performance returns of any Dragon Financial Group clients. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Dragon Financial Group manages its client accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.



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