-
83. Without proper financial planning the future can be a miserable struggle to meet these demands.'' In this context , explain the need for financial planning.
Ans: Although an individual can use self -help books, personal finance packages and magazines, he needs the help of a professional financial planner for various reasons as:
- When an individual does not posses required expertise in areas of finance : A planner can help an individual to trade-off risk and return in an existing portfolio in a way that aptly suits his/her appetite.
- When there is no time for financial planning
- When a person aspires to improve his current financial position
- When an individual strongly believes that help from a financial advisor will surely provide a value added approach towards personal finances
- When immediate help is required to overcome certain adverse situations such as major illnesses or unexpected life events
- When a person seeks professional opinion about a self -developed financial plan