We find that corporates prepare detailed financial statements to gauge their financial health. Not only are the statements prepared annually, but also half-yearly and quarterly for listed companies. Internally, companies even prepare monthly statements. Financial health of the companies is important for the economy as a whole. But, what about the basic unit of the economythe individual? The individual is the driver of all growth. The government runs on taxes that we pay, our savings and investments form the backbone of the equity and debt markets which in turn fund companies for their growth. Therefore, it is of paramount importance that the financial lives of individuals are secured. Similarly, the family is the basic unit of a society. Unless, maximum number of families grow financially, the society will not prosper. The importance of personal finance cannot be better underscored and it is important to gauge and monitor the financial health of individuals. This is apart from the hardship and trauma that a family undergoes due to poor financial decisions on the personal finance front.

It is the planning in a systematic and scientific way for the well-being of the individual. It is the process of meeting a person's life goals through proper management of his/her finances and other related aspects like insurance and wills.

We often find that advisors/agents are at best product sellers and are able to provide only limited advice; some are tax consultants and will file your returns for you; others are insurance advisors and can sell policies that you may need; others may be investment advisors and may provide you with some advice on investing in mutual funds or shares or even fixed income instruments. But a true financial planner is one who takes a holistic view and also strictly follows a scientific mechanism of understanding and analyzing the client's needs through a comprehensive financial planning process. The advice that the planner gives will be based upon a complete understanding and analysis of the client's situation (based upon a comprehensive data gathering exercise) and will cover all aspects of the client's life encompassing cash flow planning, investment planning, retirement planning, insurance planning, tax planning and estate planning (which includes planning for wills, succession and powers of attorney). The final recommendation will build a plan that weaves together all these aspects into a cohesive, comprehensive financial plan.

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