The Future of Financial Planning

The science of financial planning is relatively new. While pinpointing the career’s starting point is difficult, I’d put it somewhere in the neighborhood of 1969 and the Institute of Consumer Financial Education. Dunton had a vision of educating the public on financial planning techniques. His initiatives led to the creation of the College for Financial Planning. The College distributes the Certified Financial Planner designation to students who complete a series of modules. The Certified Financial Planner designation is now a standard of excellence in the industry. Dunton focused the late part of his career on educating financial professionals on how to teach financial planning.

This is a difficult profession to standardize as many of the factors which affect financial planning are variable and involve risks associated with the open market system. The classic example is investing- an aspect of financial planning which has as many theories as it has products. The tax aspect is variable as well since the IRS alters the tax code all the time. Nonetheless, Dunton went on to standardize the process into five segments: Insurance, Investments, Taxes, Retirement, and Estate Planning. With a background in these five areas, an advisor should have the ability to not just place a client into an investment product, but help advise them on the various aspects of the planning process as well.

Information to Help You Set and Reach Your Financial Goals

Consumer debt in America is near record levels. Recent studies have shown that the average family spends more money annually than it earns. How is this done? By borrowing, of course. Whether with loans or credit cards, the buy-now-pay-later mentality is rampant in our society. And with far too many people reaching retirement with less than one thousand dollars in the bank, it’s quite obvious that planning for the financial future is a subject that has generally been woefully neglected.
With more and more people nearing the age of traditional retirement, the need for a proper financial management plan is becoming more acute. Not only is it more pressing for the aging individuals, but for their families and society as a whole, as well. Without a comprehensive plan to maintain self-sufficiency in the latter years of life, the burden of financial care inevitably falls upon family or government, or both.
The purpose of this educational section is to help you to realize the importance of evaluating your financial position, both currently and for the future. Where do you want to be financially when you retire? Do you know how you’ll get there? With the skyrocketing cost of higher education, how can you ensure your kids’ college education? The articles and resources contained in this section will give you valuable information on many facets of prudent financial planning. Don’t neglect to put them to use. They will help to guide you as you look to set your short- and long-term financial goals, and formulate realistic plans that will allow you to meet those goals in comfort.

What exactly is financial planning?

Financial planning is the process of assessing your financial goals, taking an inventory of the money and other assets you already have to help you reach those goals, and estimating what you will need in the future. Financial planning also includes .

• Using a monthly spending plan, or budget, to keep your finances on track.


• Making decisions about your job and job benefits.


• Getting the most out of other financial resources, including insurance and government assistance.


• Saving and investing money.


• Controlling expenses and staying out of debt.


• Planning your estate.