Financial planning is the process of formulating a comprehensive, organized, detailed, and personalized financial plan that can ensure the achievement of previously determined financial goals and the time frame, cost, and resources required to achieve that goal.

This concept was born in the United States in the early 1970s in response to the need to take into account all aspects of the financial situation of someone (whether an individual or a company).

The financial planning process consists of four stages:

Determine the goals and priorities to be pursued. Define deadlines for achieving these goals. The preparation of the financial budget is to determine the different items necessary to achieve satisfactory results: fixed income and variable income investments, fund selection, pension plans, etc.
The measurement and control of financial decisions to avoid deviation from the path leading to the achievement of established goals.

According to the interests of the subject of the plan, the planners and financial advisors are responsible for formulating the plan.

EFPA (European Financial Planning Association) is a European association that brings together these professionals in the field of wealth financial consulting. All its members, both now and in the future, have professional certificates (DAF, EFA, and EFP) and credentials (qualifications and financial experience), which are necessary to perform the functions of financial planners and wealth advisors.

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