 Since you are the central element of the financial planning, you are responsible for its success as much as your financial planner. That's why it is very important to make right decisions. To benefit from financial planning you should be prepared to avoid these commonly held misconceptions of financial planning:
1. Planners come across clients who…
• Confuse financial planning with investing
• Are unable to set moderate financial goals
• Are unable to assess their financial plan periodically
• Confuse financial planning with retirement planning
• Expect unreal returns on investments
• Don't understand how planners are compensated
• Look for a quick financial fix instead of a long term strategy
• Don't realize that successful financial planning advice largely depends on good information from clients
• Confuse financial planning with tax planning
• Think they'll stop controlling their decisions if they apply to a planner
When seeking professional financial planning advice, expectations often vary. Avoid giving in to the fantasies by considering the following facts:
2. Financial planning uses a big-picture approach.
Every financial decision you make may influence some other areas of your life. An investment decision can result in tax changes harmful to estate plans; a decision about your children’ education may influence on when and how you attain your retirement objectives.
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