What is Financial Planning?

Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension or an ISA.


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  

What is Financial Planning Week?

Financial Planning Week is chance for people nationwide to get free financial planning sessions and advice to provide a helping hand in achieving financial well-being and life goal planning. These free, one-hour, one-to-one, confidential sessions worth up to £500, are being offered by CISI CERTIFIED FINANCIAL PLANNERTM professionals between 7-11 October.

The annual campaign, organised by the-not-for profit professional body the Chartered Institute for Securities & Investment (CISI), is a national initiative to help improve the financial fitness of the UK public, while highlighting the fact that CERTIFIED FINANCIAL PLANNERTM practitioners represent the pinnacle of professionalism for their knowledge, skills and integrity. You can also explore the Financial Planning Week website for handy tips and tools on how you can plan well to live well.

Have a question? Call our team on 0207 645 0777

Next steps

Read our ten questions you should ask before choosing a financial planner