The IFS School of Finance offers alternative courses/qualifications in certain specialist areas such as mortgages and equity release. The Institute of Financial Planning offers the Certified Financial Planner.
While the common usage of the term "financial plan" often refers to a formal and defined series of steps or goals, there is some technical confusion about what the term "financial plan" actually means in the industry.
For example, one of the industry's leading professional organizations, the Certified Financial Planner Board of Standards, lacks any definition for the term "financial plan" in its Standards of Professional Conduct publication. This publication outlines the professional financial planner's job, and explains the process of financial planning, but the term "financial plan" never appears in the publication'
In the past far too many financial planners and their clients took a far more narrowly focused approach to Financial Planning. Each consideration was held out and dealt with separately. One by one increments or facets of a person’s finances would be analyzed and dealt with as a singular unit.
Reducing impact of financial crisis: In case an emergency arises in your family, you can take care of it without waiting for someone else to help you out. If you have to borrow every time there is a financial need, then you may find yourself suffering from financial crisis in times of family emergencies. A family emergency could be anything from a family member falling ill or unexpected medical bills.
However, good financial planning helps you come out of these situations with ease, as you will have savings to help you in your crisis periods.