What is Financial Planning?

Financial planning is a professional service for individuals, their families, and businesses, who need objective assistance in organising their financial affairs to achieve their financial and lifestyle objectives more readily.


It might involve putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, spending money differently, but it involves thinking about all of these things together i.e. your 'plan'. You can build a plan on your own, or if your needs are more complex you might want the help of a Financial Planner.

Start by working out your goals in life, in the short, medium and long term. Prioritise them, and think about the likely cost of those goals and when you will need the money, so you can start to plan your finances to work out how to achieve them. Don’t forget you also have to plan for some of the hurdles you may have to overcome too. It’s about getting organised; being in control of your finances rather than letting your finances control you.

Create a sound financial plan in six steps

Step 1

Establish your goals in life – short, medium and long term

Step 2

Work out what assets and liabilities you have – write them down

Step 3

Evaluate your current financial position – how close are you to achieving your goals?

Step 4

Develop your plan – create a “route map” for achieving your different goals

Step 5

Implement your plan – make the changes and make it happen

Step 6

Monitor and review your plan at least yearly and make adjustments when needed  

Useful links

Get started with your finances today

What is the difference between financial advice and financial planning?

What are the benefits of working with an Accredited Financial Planning Firm?

How can Accredited Financial Planning Firms and CFP professionals help you to achieve your goals?

Case study: Making the money last


Five ways a financial planner can help you


Help with inheritance tax - wearejust.co.uk