What Are the Different Areas of Financial Planning?

What is financial planning?

Financial planning helps you establish your short and long-term goals. Through financial planning, you discover your achievements, values, opportunities, aspirations, and potential threats. Once you discover, it then becomes possible to determine your goals based on your values and take advantage of every opportunity that comes your way while mitigating every threat.

You can build your own plan (most people find it challenging to have a sound financial plan) or hire a financial planner. Financial planners are a big plus, especially when your needs are more complex. A good financial planner is well-experienced in all aspects of financial planning. So, be wary of any advisor who is only advising in one area of your finances.

How extensive is financial planning?

financial planning

Financial planning is a very broad field of study. While in practice, financial planners are required to focus on a few areas, you will benefit more if you hire an advisor who has in-depth knowledge about every area of financial planning. Why? Because financial planning is all about the interaction of the different areas.

Now to help you understand this, think of your financial planner as a doctor. If you have a headache, your doctor will not only focus on your head but also check for other possible causes to prescribe comprehensive treatment. The same approach applies to financial planning. All your needs must be addressed for a sound answer or solution.

Main areas of financial planning

financial planning

Now let’s have a look at the different areas of financial planning financial planners focus on every day.

1. Retirement

At some point, you will retire and live the rest of your life without a paycheck-things might not be easy for you then. Saving for retirement sounds easy, but actually, it is not if you don’t get proper assistance from the right financial advisor. For the best experience, find someone who has helped many people retire. We recommend you search for a financial advisor who understands tax laws, personal behaviors, employee benefits, and investment options.

2. Budgeting

You spend money every day and now wondering why you need a financial advisor. You may not realize you need one until you take a chance. Regarding budgeting, a financial planner can help streamline your budget towards your goals. This expert can help maintain transparency and accountability in your overall spending.

3. Risk management

Risks will always be there. Don’t ever be fooled you are risk-free. You need to take a step to protect your investments as well as your life. A good financial planner should help you understand those risks, how to avoid them, and how to insure against them if it’s necessary. Best financial planners help their clients choose the right insurance covers.

4. Debt management

Pay debt or invest? Many people find themselves between a rock and a hard place when it comes to investing vs. paying debts. While both are valuable options, it is always recommended to analyze your situation before reaching a decision. Look for a financial planner who will give you honest feedback about paying off your debts and investing.

5. Tax planning  

 Are you aware there are many periods in your life where you can take steps that will save you much money you would otherwise pay in taxes? Understanding various tax policies can really help. Working with experienced tax experts makes tax planning easier, and that enables you to manage your taxes even better.

6. Planning for college

As a parent, you need to be confident there is a plan in place to settle college costs for your children. With college cost changing now and then, you don’t want to be caught unprepared. A moment with the right financial planner can help you solve any question regarding college planning that is bothering you.

7. Goal planning

What is your next big goal? Most people are not sure about their next big goals in life that require their time and money. Sadly, most people consider retirement as the next major goal. While it is always a good idea to focus on retirement, other goals in your life are also significant, some of which only financial planners can help in realizing them. So, if not sure about your next big goal, consider finding a reliable financial advisor.

8. Saving

Saving and goal planning go hand in hand. You cannot separate them. You need to save to really actualize your goals. But how do you save? Do you save everything in one account? What is the best approach when it comes to saving? These and other related questions will be answered well by an experienced financial advisor.

9. Career planning

Human capital is a valuable thing when looking to build your portfolio. A financial advisor can help examine job opportunities that will take your career into another level.

10. Estate planning

Regardless of your status or age, it is a good idea to have a living trust in place for your asset. Financial advisors help in the distribution of your stuff to the right person. From how you will do that to the best time to transfer your assets, a financial advisor will guide your estate planning every step of the way.

11. Charitable planning

Do you have a cause you want to support or care about? Involving a financial planner can really help you with your chartiable planning. For example, such an expert can help you structure your giving in a way that you reduce your taxes.


As you can see, there are many areas of financial planning financial advisors come in handy. A good planner guides you in any area you need support. Which areas of financial planning do you need a hand? We can help you find the right financial advisor!

“ We have been dealing with BeamaLife for more than ten years now. They have been great advisors to us in terms of advanced risk management. They also helped to put in place pension plan strategies for our partners. BeamaLife has always been extremely professional and very attentive to our needs. Our sincere thanks! ”

Mr. Merchant
Software Company Owner

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