Financial Planning代寫increasingly

發布時間:2020-05-29 00:45
Introduction
From the early state of 80s in the 20th century, the financial planning came into being and gradually consolidated its status as a vital tool of managing future. In spite of its short history, it is developing at a staggering speed. This gives birth to the FSG which assists individuals to choose from a multitude of financial services to reach financial goals. There is a tendency for the financial crisis to break out more frequently than ever before and the damage it has caused is becoming more worldwide as well as profound. Therefore, it is becoming increasingly difficult for investors to achieve their financial objectives. Meanwhile, owing to the rapid development of science and technology, the life expectancy continues to increase, which leads to an enormous need for old age pension. Consequently, considering current situation there is no doubt that financial planning is of great importance. This essay will firstly discuss the definition of ‘Financial Planning’.  Following this, it will explain the essence of a FSG (Financial Services Guide) and the contents of it. Finally, it will introduce and explain one of the various services offered.
 
The definition of ‘Financial Planning’
Financial Planning is a new profession which mainly deals with plans of arranging one’s asserts including making budget plans, retirement plans, tax plans and so on.
It can also be defined as a process during which the planners construct an appropriate plan that meet the financial objectives of   individuals as well as families (Harrison, 2005, p. 4). Financial planning, indeed, is considered as values and goals-driven strategic arrangement of the client’s financial resources (Overton, 2008, pp.13-41). Recently, financial planning has developed rapidly in many countries such as Japan, Australia and France. Generally speaking, financial planning make arrangements of all the activities related to money such as achieving one’s financial goals, making one’s fortune maximized and controlling the financial risks that one may encounter (Madura, 2002,pp.3-15). There are mainly two types of financial planning, the business financial planning and the personal financial planning. No matter what type the financial planning is, the main purpose of it is to achieve monetary goals of individuals and families considering their financial statements and relative time frames. To be more exact, the whole process can be divided into several steps.  The details of the dividing   may vary from person to person. Basically, the process contains collecting data of a client’s financial situation such as asserts, liabilities, income, expenditure, preference and so on. With a good understanding of financial status, planner is ready to set those financial goals according to clients. These goals usually cover education, tax, insurance, investment, retirement and so on. Furthermore, these goals are supposed to be specific, measurable, attainable, reasonable or realistic. In fact, each goal has to be under certain time frame. That is to say, it is short (within one year), medium (up to five years), or long (up to forty or even more years). Except from setting time frames, assigning priorities is also of great importance. Some goals are medium-priority short-term such as purchasing a car while other goals are high-priority long-term goals like saving money for retirement (Gitman & Joehnk, 2005, p.11). Next, planner analyzes the data collected and come up with a plausible plan. Generally speaking, a well-rounded analysis of current situation and sound assessment of future goals set the tone for the entire financial plan. This plan is supposed to be flexible in order to keep up with the fast-changing economy environment and to meet client’s objectives. To understand the environment is to be aware of the business cycle and take the risks into account. These risks include mismatch risk, inflation risk, interest risk, market risk, currency risk, liquidity risk, credit risk and Legislative risk. Subsequently, the plan will be put into action. During the process, the plan should be carefully monitored. In fact, the plan should keep updated according to changes that take place in the client’s personal and financial situation as well as changes in whole economy environment. To be more specific, the planner is supposed to evaluate the plan according to its performance and make revisions when necessary. After a brief look at the financial planning process, one can easily notice the importance of financial planner.
 
The financial planner is playing a crucial role in the whole process from data collecting to plan designing. Financial planners of early times did not provide comprehensive financial advices and they were just insurance advisors who realized the client’s need for other financial areas (Cowen, Blair & Taylor 2006. pp.43-57).Actually, financial planner includes three main designations: Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), Personal Financial Specialist (PFS). Although the three designations have certain function, their performance may vary slightly. Recently, a study shows that there is a significant increase in income when hiring the Certified Financial Planner compared with the earnings of a Chartered Financial Consultant or a Personal Financial Specialist (Arman & Shackman, 2012, p.1). In this financial planning industry, CFP means the gold standard. People who acquire this credential has been educated and trained to meet the education and employment standard and they have promised to obey relative ethics (Singletary, 2001). No matter what the designation it is, to be a really successful financial planner, one is supposed to provide satisfactory service (Smith, 2003, p.18).
 
The essence of a FSG (Financial Services Guide) and the contents of FSG
Financial service has developed at an astonishing speed in recent years and financial service guide is becoming increasingly important. Not only the market of financial service grows bigger but also the types of different financial services and products become richer. There are several factors contributing to this phenomenon. On one hand, the traditional distinction between different financial institutions has faded. On the other hand, the deregulation in this field also leads to the development of financial service.  With the development of financial services, average folks find it increasingly necessary to have financial service guide. Indeed, financial services and products are quite different from other products because they contain complex and often intangible information, capital and human sources (Gaskell & Ashton, 2008, pp. 159-172). Thus, it may be difficult for consumers to fully understand these financial services and products. Compared with consumers, professional advisors have experience, qualification and knowledge. This confidence and trust which are partly because of greater professionalism have been regarded to be the most important factor in terms of providing a healthy retail finance sales environment (Llewellyn, 2005, pp. 333-46).
 
Financial Services Guide is a direction offered by experts in the field of finance which assist people understand and choose from a variety of financial products and services. More specifically, FSG is a document which outlines the financial services and products offered. In fact, FSG is a document that enables individuals or families to keep informed of the financial planning process.  It can also be defined as a service provided by licensed financial planner or advisor who guides individuals or families in deciding which financial products or services to choose.  Furthermore, FSG provides information about the licensed financial planners such as how to contact them and what are their identities. Undoubtedly, details of the financial planning process should also be included in this document. Additionally, the products or services that are available should be part of this document as well.  What’s more, remuneration which advisors require including the commissions or payments for the service, the salaries that advisors demand, bonuses and benefits when certain financial goals are achieved is also supposed to be contained in the document.  Last but not least, it also contains the way to complain and the procedure to ask for compensation. Obviously, the purpose of the financial service guide is to help individuals or families to allocate their money among a variety of financial services and products. However, the ultimate purpose of it is to fulfill the financial goals of individuals or families and maximize their utility. Practically, the financial service guide offers guidance in investment, insurance, tax, managed funds, consumer credit, superannuation, risk management, estate planning and so on.
 
One of the various services offered by ABC firm, the consumer credit
The consumer credit, which means transaction between seller and buyer is based on trust instead of cash, can also be regarded as consumer lending. As a matter of fact, there are numerous definitions of the consumer credit. It can be defined as a certain kind of credit that is acquired by individual or family to pay for any purchase except for property (Guardia, 2002, p. 2). In order to fully understand the definition of the consumer credit, one must distinguish credit from debt. Credit is often related to purchase something necessary like cars and houses while debt is usually used to describe borrowing money to buy something that is not that essential (Viaud and
Roland-Lévy , 2000, pp.411–432 ). There are a vast number of advantages of using consumer credit such as increasing purchase power, reducing relative costs of carrying cash, making transaction more efficient and reducing record keeping.   Basically, there a number of different consumer credit types in contemporary society such as housing loans, credit cards, personal loans, motor vehicle loans, leasing finance, bridging loans and so on. In fact, consumer credit has developed rapidly recently and the growth of it is really remarkable to the degree that it exceed corporate debt by over 50% in many countries. The US sub-prime mortgage crisis which took place in 2007 makes people became more concerned about the consumer credit (Thomas, 2009, pp.1-5). The soaring in the consumer credit can be attributed to the demand and supply factor. The economic growth contributes to the rise in demand while the fierce completion among lenders who provide credit products contributes to the rise in supply (Getter, 2006, pp.41-63). Additionally, people’s attitude towards consumer credit has changed over the years. Nowadays, people tend to use it as a substitute for cash (Silvia, 2003, p.92).
 
Conclusions
In conclusion, financial planning which has become increasingly important in recent years involves taking well-planned actions to achieve financial goals of individuals or families. Subsequently, in order to keep track of the process of financial planning one needs Financial Service Guide.  The main purpose is to achieve those financial goals as well as making the fortune one owns maximized. The whole process of financial planning can be divided into six steps. Step1: collect data. Step2: set financial goals. Step3: analyze data and make a plan. Step4: carry out the plan. Step5: monitor the plan. Step6: evaluate and revise the plan. During the whole process, the financial planner or advisor is playing an important role. There are mainly three designation of it and the CFP seems more efficient. The document that records the whole financial planning process is called financial service guide which assist individual or families choose from the various financial services. It usually contains information about financial advisors, details of financial planning, introduction to financial services and products, remuneration, complain and compensation procedure. Finally, consumer credit, one of the services offered by the firm is introduced. The information of consumer credit includes its definition, development, types and advantages. Recent decades have witnessed the rapid development of financial services and financial planning and they are going to become more prosperous.
 
References
Arman, J. & Shackman, J. (2012). The impact of financial planning designations on financial planner income. The Service Industries Journal, 32(8), 13-93.
Capell, K. (1993) Industry analysis: Financial planning spans the globe. Financial Planning, 22, 28-28.
Cowen, J. E., Blair, W. T., & Taylor, S. M. (2006). Personal financial planning education in australian universities. Financial Services Review, 15(1), 43-57.
Gaskell, J., & Ashton, J. (2008). Developing a financial services planning profession in the UK. Journal of Financial Regulation and Compliance, 16(2), 159-172.
Getter, D. E. (2006). Consumer credit risk and pricing. The Journal of Consumer Affairs, 40(1), 41-63.
Gitman,L.J. & Joehnk,M.D. (2005). Personal Financial Planning (p.5). The United States of America: Thomson South-Western.
Guardia, N.( 2002). Consumer credit in the European Union. ECRI Research
Report 1, 1–39.
Harrison, D. (2005). Personal financial planning: Theory and practice (p.4). England: Pearson Education.
Llewellyn, D.T. (2005). Trust and confidence in financial services: a strategic challenge, Journal of Financial Regulation and Compliance, Vol. 13 No. 4, pp. 333-46.
Madura, J. (2002). Personal finance. Boston: Addison Wesley, pp.3-15
Overton, R. H.(2008). Theories of the financial planning profession. Journal of Personal Finance, 7(1), 13-41.
Smith, J. B. (2003). Successful financial advisors must provide quality service. Financial Services Advisor, 146(4), 18.
Singletary, M. (2001, Aug 19). Picking a financial planner takes some, well, planning. The Washington Post.  
Silvia, J. E. (2003). Consumer credit in a modern age. American Bankers Association.ABA Banking Journal, 95(6), 92-92.
Thomas, L.C. (2009). Consumer Credit Models: Pricing, Profit, and Portfolios (PP.1-5). the United States: Oxford University Press.
Viaud, J. Roland-Lévy, C. (2000). A positional and representational analysis of consumption. Households when facing debt and credit. Journal of Economic Psychology 21, 411–432.
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