Dictionary of Accounting Terms: personal financial planning
personal financial planning
field of financial planning for individuals. It involves (1) analyzing a client's personal finances; and (2) recommending how to improve the client's financial condition. Personal financial planning covers the following specific areas:
| Analysis of current financial | Long-term accumulation plans |
| position | Life insurance |
| Investment strategies | Tax planning |
| Estate planning | Disability insurance |
| Cash flow analysis | |
| Retirement income |
