What are the Duties of a Financial Planner

Duties of a Financial Planner

A financial planner is a professional who helps us with our financial issues. He is of great help in areas such as personal financial planning, investment planning, risk management, and insurance, as also in cash flow management. Here we take a look at the duties of financial planners and their job responsibilities.


He provides his clients with valuable guidance in taking major financial decisions and informs them about the short-term and long-term consequences of the same.

He helps the clients assess their financial assets, determine their financial goals, and weigh their economic resources to take investment decisions.

The duties of a financial planner also include the setting of financial goals with the client, gathering the client’s financial information, analyzing it, and designing a financial plan for him. It is a financial planner’s duty to implement the planned financial strategies and monitor the client’s financial decisions.

A financial planner helps the clients in risk management by assisting them in choosing suitable insurance schemes. He helps them plan for the future by providing them with well-suited investment options. He helps the client ensure financial independence on retirement, by helping him choose the proper retirement investment plan. He advises the client on how to reduce his tax liabilities and enhance cash flow. A duties of a financial planner also deals with the conservation and distribution of the financial assets of his client.

Job Description

A financial planner studies the different aspects of the financial status of his client and provides a suitable solution for existing and potential financial problems, if any. Some duties of a financial planner deal with the various facets of personal finance, while others specialize in fields like risk management or retirement planning.

The job duties of a financial planner can be described by means of a 6-step process given by the ISO.

  • The first step is of setting financial goals with the client.
  • The second step includes gathering relevant financial information from the client.
  • The third step is of analyzing the gathered information.
  • This is followed by the creation of a financial plan.
  • The last two steps include tasks such as implementing the plan’s strategies and monitoring the implementation of that plan.

Financial planning is one of the most speedily growing industries as it deals with managing the most important means of living – money.