Personal Financial Planning is the process of creating strategies, considering all relevant aspects of your financial situation, to manage financial affairs to meet life goals.

Comprehensive financial planning includes the following main sectors:

TAX PLANNING is the use of strategies and techniques to maximize the present value of after-tax family net worth. Proper tax planning ensures that income taxes are minimized over short and long terms.

RETIREMENT PLANNING is the process of establishing strategies and techniques for accumulation of wealth and for its withdrawal during retirement years.

INVESTMENT PLANNING is the process of determining how to invest current assets and future savings based on your financial goals, your attitude towards risk, your current financial position and your tax status.

RISK MANAGEMENT OR INSURANCE PLANNING is the procedure of minimizing the adverse effects of a possible financial loss. The basic risk management techniques include the process of identifying and evaluating personal risk exposures, and the methods of reducing their potential impact. Insurance is the most important tool in transferring risk from you to an insurer.

ESTATE PLANNING refers to the strategies and techniques for preservation and distribution of accumulated assets ensuring the maximum value of the estate is passed to one's heirs. It includes drawing up a will, setting up trusts and various techniques to minimize estate taxes.

PERSONAL FINANCE MANAGEMENT refers to the strategies and techniques used to optimize short and mid-term cash flow, assets and liabilities.

Financial planning process consists of the following steps:

• Assessment of client's financial history, such as tax returns, investments, retirement plan, wills, and insurance policies;
• Determination of client’s  personal financial goals, expectations and preferences;
• Identification of financial areas where a client may need help, such as building up retirement income or improving investment return;
• Preparation of a financial plan based on the individual client’s situation and its thorough discussion;
• Financial plan implementation, including referring the client to specialists, such as lawyers or accountants, if necessary;
• Periodical review of the situation, progress and the financial plan, followed by suggestions in changes when needed.

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