Critical Question: Who Taught Your Financial Planner What He Knows?

As a finanicial planner, I have a certain pessimism regarding my own industry. Of course, I have no doubt about the value true comprehensive financial planning can provide to clients, and I’m very proud of the service I supply. Rather, it is the actual terms “financial advisor” or “financial planner” that creates a concern for me.

According to a 2012 study conducted by the U.S. Department of Labor, there are 929,700 U.S. citizens who refer to themselves as financial advisors. However, the sad reality is that 411,500 of these individuals are really just insurance salesman when you examine what they do, and 312,200 are nothing more than stockbrokers who get paid to sell investment products. I believe the term “financial advisor” is used by these individuals to avoid the negative connotations that accompany the more traditional terms of “insurance salesman” and “stockbroker.”

I am certainly not contending that there is anything wrong with these professions, but I would argue that individuals in these industries referring to themselves as “financial advisors” or “financial planners” is a bit misleading. At the end of the day, these individuals are very unlikely to conduct any actual planning on behalf of their clients and are likely to focus their efforts simply on selling a product and collecting a commission. Consequently, a consumer utilizing the services of these professionals hoping to benefit from any type of objective financial planning are likely to be disappointed.

So when you meet someone who refers to himself as a financial planner, how can you tell if the person is capable of providing exactly the service you are looking for? A key indicator revolves around where the individual received his education and training.

Jason Zweig of the Wall Street Journal recently provided an excellent example. He obtained two emails a firm called Table Bay Financial Network of San Diego sent out to its trainees. Table Bay specializes in training certified public accountants and financial advisors across the country. The first email offered a Maserati to advisers who sell at least $7.5 million in annuities in 2014 and a BMW, Range Rover or Porsche for at least $6 million in sales. The second email hyped up an index annuity paying a 9% commission.

I’d contend that awarding luxury cars for selling expensive products might incentivize a financial advisor to recommend investments that aren’t in a client’s best interest. Upon further investigation, Mr. Zweig found that the founder of Table Bay had a settlement with the Department of Labor in 2008 costing him $500,000 in which he was permanently barred from serving as a fiduciary to a retirement plan. Of course, this information can be difficult for a consumer to obtain. As Mr. Zweig writes: “all this is a reminder that when you hire a retirement advisor, don’t just ask what he knows. Ask who taught him what he knows.”

Referring back to the 2012 Department of Labor study, of the 929,700 individuals who refer to themselves as a financial planner, only 67,323 (7.2%) are Certified Financial Planners (CFPs). The CFP designation is what I consider to be the gold standard in the education of financial advisors. In addition, only 2,400 (.3%) are members of the National Association of Personal Financial Advisors (NAPFA), which is the nationwide organization for fee-only financial planners. Fee-only planners never collect a commission on the products they recommend and receive no compensation other than what they obtain directly from their client. This method of compensation ensures that the advisor always has the client’s best interest in mind.

The CFP Board recently published a clever 30-second commercial driving home the point of making sure your financial planning professional received adequate, ethical training. The ad puts actual consumers in front of a supposed financial advisor and illustrates that he seems like a qualified professional. It turns out the advisor is not truly a financial professional, but a DJ. As the ad says: “unless they are a CFP pro, you just don’t know.”

Financial Freedom: Discover The 3 Hidden Destinations on the Road to Financial Freedom

You’ll often hear people mention terms like financial security or financial independence in the course of everyday conversation. Within my own social and business circles, practically everyone I know desires some level of financial independence or freedom. However, I’ve found that financial well-being remains hidden and out of reach as a result of fuzzy concepts and even sketchier numbers people have in their head about what these terms mean. Therefore, the first thing I want to do here is dispel any myths or misunderstandings and reveal the true meaning of financial independence and financial freedom.

The key thing to understand about financial freedom is this – no matter how much money you earn, it’s vital to understand that you can only ever achieve financial independence through the generation of non-earned (passive) income i.e. a return on a capital sum invested. Or to put it another way, making money work for us, rather than us working for money!

Now, what I wanted to do was figure out ‘what’s the number’? In other words, how much capital do you need to achieve: 1. financial protection; 2. financial security, and 3. financial independence? So, over the course of a weekend I decided to have a go at describing and calculating the hypothetical cost of each of these 3 levels of financial well-being. Here goes!

#1. Financial Protection

This is the minimum level of financial wellbeing and first destination on the road to financial freedom – making sure you and your family are protected no matter what short or long-term financial challenge may befall you or the economy. Here’s how you know you and your family have achieved financial protection:

You have enough liquid capital to cover your basic living expenses for a minimum of 3 months and ideally up to 2 years. So, if your basic living expenses came to $3,000/month, you’d need a minimum of $9,000 and ideally $72,000 in liquid capital.

You have a life insurance policy in place that provides income to your family/dependants to maintain their lifestyle if you were to pass away.

You have disability income protection insurance to protect you and your family should you become disabled in any way and prevented from working and earning income.

The amount of disability insurance you should have is directly related to the amount of money you’ve saved. If you have say 3 months liquid capital saved, then you should really consider having disability protection to cover the outstanding 21 months so that ideally you have a combination of savings and/or disability income in place to cover 24 months basic living expenses. As a rule of thumb, insure yourself for 60% of what your income is. Typically the monthly cost of disability insurance can be about $30(if you’re 30 year old) and up to $100 (if you’re 50 years old) per $1,000 protection.

#2. Financial Security

You will have achieved financial security when through your various investments you’ve accumulated a critical mass of capital, that, invested in a secure environment at an 8% rate of return, provides you with enough cash to meet the following living expenses forever without you having to work again should you chose. For the purpose of this illustration we’re gonna assume some numbers.

Mortgage repayments on your private home until it’s paid off e.g. $1,500/month
Family food needs e.g. $500/month
Utilities, gas and electricity e.g. $250/month
Transportation needs e.g. $250/month
Insurance – health, disability, house e.g. $300/month
Taxes – such as property taxes e.g. $200/month

This would bring your total monthly living expenses to $3,000/month or $36,000/annum. Therefore, you would need a critical mass of capital amounting to $450,000 (which invested @ 8% return per annum would generate $36,000) to achieve financial security.

What I like about this calculation is that it removes fuzzy, subjective meanings of financial security; it distils financial security into a finite number…something which I think is enormously helpful for anyone looking to achieve it!

#3. Financial Independence

You will have achieved financial independence when, through your various investments, you’ve accumulated a critical mass of capital that when invested in a secure environment at a 8% rate of return, provides you with enough cash to meet each of the 6 goals of financial security previously mentioned i.e.

Mortgage repayments on your private home until it’s paid off e.g. $1,500/month
Family food needs e.g. $500/month
Utilities, gas and electricity e.g. $250/month
Transportation needs e.g. $250/month
Insurance – health, disability, house e.g. $300/month
Taxes – such as property taxes e.g. $200/month

PLUS the following 3 additional financial goals:

Provision for your children’s education (substantially or completely) e.g. $100,000 until their 18 and then say £50,000 for 3 or 4 years in college/university = $150,000 or an average of c. $7,000/annum over 21 years.
Provision for basic entertainment needs – concerts, dinner out etc (at least 50% of what you enjoy now e.g. $300/month, $3, 600/annum
Provision for the purchase of new clothing, or 1 or 2 reasonable “luxury” items such as plasma screen TV, car etc. e.g. $5,000/annum

When you sum up these 3 provisions it comes to $15,600/annum. Adding the cost of $36,000 per annum then the cost of financial vitality would come to $51,600/annum. Again, using an annual 8% return on investment would mean you’d need a critical mass of capital amounting to $645,000 in order to secure financial independence.

Financial independence is simply what it costs for you to live reasonably comfortably assuming complete autonomy from work/earned income. In one sense, all you’re trying to do is have enough of a capital sum invested to replace your current salary.

Now, if you will want to really nail the annual cost of financial independence, adjust upwards at an average inflation rate of say 3.5% each year and you’ll know exactly what true financial independence will cost you each year into the future.

Finally, if you’re saving or investing a substantial amount of your current income, then the amount of money you need to duplicate your actual current lifestyle is reduced by the same amount. So, if you’re saving 20% of your salary (say $10,000) than the new number you would need to be financially free would be $51,600-$10,000 = $41, 600.

So, there you have it. We’ve defined exactly what Financial Protection, Financial Security and Financial Independence is in terms of a sum of capital required to generate adequate non-earned income. Put your own numbers into the above process to arrive at the exact dollar amount you require to satisfy your own living expenses/lifestyle requirements. Next time someone tells you they want to be financially secure or financially free, now you can say: “Really, cool, I can show you how much capital you’ll need to achieve that!

The Humanization of Financial Planning

“Every time you build into the life of another person, you launch a process that will never end.”

– Howard Hendricks

The nature of financial planning has started to change dramatically in the past 10 years with the movement towards “financial life” planning. Financial life planning is about more consciously integrating both your life and money into the financial plan and investment portfolio. Some leading financial planners will say they have always helped clients plan for their life as a matter of course. They have never labeled it this way. On the other side, the wider public perception is still that financial planning is about investing and planners do not care beyond the money.

Once consumers know they can find a more “humanized” financial planning approach then there will be much greater pressure on financial planners to expand their role and processes from financial management to coaching, mentoring and life planning.

On the basis that helping clients reach their goals is fundamental to financial planning then helping them understand who they are and their life plan is critical. These aspects are fundamental to a role which involves a greater emphasis on the non-financial issues. Sounds basic but why do so many planners not perceive addressing the life and human issues to be part of their role?

The results of a survey conducted in February 2009 by David Debofsky and Lyle Sussman indicate that 89% of financial planners who are members of the CFP Board and/or Financial Planning Association do at some point engage in non-financial coaching and counseling, and 74% of these planners say they have increased this work over the last 5 years. Further, advisors are indicating 25% of their time is spent on the non-financial issues. The non-financial issues that come up the most include 81% personal life goals, 66% career and 44% physical health. Then add to this clients are now bringing up 10 to 20% of the time with their planner emotional issues like divorce, addiction, mental health and spirituality.

What all of this is showing is that the role of the planner is changing towards dealing with the life and human issues at a greater level even if the advisor is not deliberately changing his or her process. Based on our research in February 2009, we found that 50% of planners are still only spending 1 to 3 hours up-front in the client discovery phase addressing your needs as a client. This is clearly not enough to properly address the life issues. Of course, not all planners will accept their role is beyond financial analytics and also not all consumers will want to address personal issues with a financial planner. Notwithstanding, the practical issue is that many of you as clients are going to encounter situations or needs which require the planner to address the non-financial issues as part of providing financial advice. A financial planner is ideally positioned to help you on the non-financial issues because money is naturally integrated to them. Luckily, there is an increasing amount of quality training for advisors to go down the coaching, mentoring and life planning path.

The primary benefit of a financial planner becoming your coach or mentor is that it will help in building a deeper long-term relationship based on trust and a higher level of mutuality. This is vital for helping you make significant and long-term financial decisions. Walking the road of life with a financial planner will enable:

1.Clear guidance to be obtained on both the financial and life issues.
2.Wisdom from one who has both financial and life experience.
3.Learning from the success and mistakes of another.
A true partnership based on sharing who they are.

If you are going to choose a planner to go beyond the numbers and be a central point in your life journey then it is important you choose a person who is capable of:

4.Developing a safe, mutual and structured environment for the coaching or mentoring.
5.Developing a clear coaching or mentoring process with protocols established, including for engaging you in the discussion of the non-financial issues, asking the right questions with empathy, and facilitating difficult discussions.
6.Engaging in a personal development process for him or herself personally through using a coach or mentor of their own. A planner cannot guide a client to a place where they have not been themself.
7.Using robust assessment and facilitation tools that will provide a more objective and reliable understanding of who you are and personal development to meet your unique needs.

Start Humanizing Your Financial Planning and Increasing Your Financial Life Performance

So, whether you are an investor, entrepreneur, executive, financial advisor or a student take action with the following steps:

-Complete the Financial DNA® Profiles to discover the core of who you are.
-Develop your own goals based on a clear life purpose.
-Define what a quality life means to you.
-Identify the resources in your personal and professional life you need to grow.
-Start working on the steps needed for getting to the next level of success.
-Make part of your growth plan having a financial planner who can provide guidance in all the dimensions of your life.

Hugh is the President and Founder of Financial DNA Resources, a leading international Financial Behavior Consulting firm. He has 22 years of unique and diverse financial and business advisory experience. Hugh has worked with financial advisors, professionals, and coaches from all over the world to provide client centric solutions. His educational programs and services are internationally recognized and centered on client discovery, business and personal development, practice management and improving human performance to increase ROI.

The 7 Baby Steps of Financial Peace

In this age of “information overload,” many Americans possess the knowledge to develop and maintain successful financial lives. Through a quick online Google search or by listening to so-called “financial talking heads,” Americans have access to split-second information to answer most any financial question. Yet regardless of easy access to financially sound advice, many are burdened with crippling debt, habitual overspending, and scarce savings. Perhaps the more recent financial ills of Americans may be attributed to the following financial choices made by consumers: (1) The lack of a monthly budget manifests into reactive buying habits instead of proactive spending habits. Put more succinctly, the average consumer might say, “Money just slips through my fingers and I don’t know where it all goes.” (2) Easy money through savvy financial marketing of credit offers facilitates unaffordable buying power. It’s also likely not an accident, that we have all grown accustomed to being referred to as “consumers.” It begs the question: Why are we not referred to as “savers” or “investors?” The very connotation of the term “consumer” assumes that Americans will buy and spend and not restrain and save. Since the main-stream American has easy access to information pertaining to sound financial choices, yet so many have not followed these principles, an apparent disconnect appears to exist between financial knowledge and the application of that knowledge into every-day financial lives. So it would appear that Americans perhaps suffer from a case of too much information and too little financial education. As an example, read about John, an 18-year old who is ready to depart for college.

Like many teenagers, John’s primary financial education has been nearly non-existent in the school classroom. Rather, John’s financial education has been shaped through marketing advertisements from print, online, and television media-which has bombarded him with messages of affording the unaffordable through so-called “easy” financial terms. Our story begins with John on-track to graduate with honors from high school. He is accepted to several colleges but forgoes a full in-state scholarship to attend his out-of-state choice, UNC Chapel Hill. To afford his dream college, John takes out $12,000/year in subsidized student loans. In his eyes, John’s choice was quite simple: He could stay close to home to go to college or attend his dream college at UNC Chapel Hill. Because of easy access to extreme amounts of student loan debt, John’s unaffordable dream is transformed into reality. And because the acquisition of debt is made so easy through student loan programs, the debt is not a major deciding factor in John’s choice. Before John leaves for college, he also buys a new car. The easy financing offer includes 72-month financing and no money down. His Dad cosigns the loan and Dad’s rationale is that he is helping John “establish credit.” In 4 years, John graduates from UNC Chapel Hill and his debt total is $58,000 ($48,000 from student loan debt and $10,000 remaining on car loan). John is keenly aware of his debt load and he also knows that his student loan repayment will begin promptly 6 months after graduation. So needless to say, he looks forward to his first paycheck.

Through his connections at UNC Chapel Hill, John lands a good first job but his excitement is turned to shock when he looks at his first paycheck. He takes the paystub to H.R. and asks, “Who is FICA and what did he do with my money!” Regardless of the hard lesson in taxes, John is excited to have his own money and he wants his apartment to look good. John visits the local furniture store and charges $3,000 to the store credit card-which promises 12 months “same as cash.” John has also grown tired of his “college car” and decides to trade it in for a new one. He learns what it means to be “upside down” when he goes to trade-in his college car but through the liberal financing terms of the dealership, he’s permitted to roll the negative equity of his trade into the new car loan. Whereas many of John’s financial decisions to this point have resulted in debt, John realizes that he needs to save some money as well. So he’s quite happy to learn that his company offers a matching contribution through a 401k plan. John signs-up and feels good that he’s saving money for the future and getting “free money” in the way of a company match.

But 6 months after graduation, the bills come due. John is faced with starting student loan repayments but in order to keep the payments low and afford his auto and credit card payments, John chooses the interest-only option, as advertised by the student loan company. The result of all this debt spending is that in only 4-5 years following high school, John’s financial condition is quite poor. But life seems fine to him-thanks in large part to the promise of easy financing of an unaffordable lifestyle.

Our story continues as John meets Mary, the girl of his dreams. They quickly fall in love and decide to get married. Rings and the honeymoon are bought on credit as the parents pay for the wedding (by taking out a loan on their own 401k plans). John and Mary also find the house of their dreams and are happy to learn that the financial terms of the mortgage company include no down payment. Even the closing costs are rolled into the mortgage-meaning John and Mary won’t even have to write a single check to move into their dream home. With their incomes stretched paper-thin, John and Mary decide to temporarily opt out of their health insurance plans. They plan to restart their health plans when their income increases from expected salary raises. With the accumulation of a mortgage payment, student loan repayments, credit card bills, and car payments, John and Mary begin arguing over their finances. Unable to afford all their minimum payments, John cashes-out his 401k but he elects not to have any taxes withheld upon withdrawal (401k withdrawals are subject to taxes and a 10% IRS penalty). When he files his tax return, he doesn’t have the money to pay the taxes and penalties. And to top it all off, Mary has news for him. She’s pregnant.

After reading John and Mary’s financial plight, this story may sound quite familiar as many stories have been written of homeowners who have been foreclosed or been forced into bankruptcy. And these occurrences were magnified during the Great Recession. The overuse of easy financing facilitates an unaffordable standard of living. And this “house of cards” easily crumbles through financial emergencies such as job loss. As mentioned earlier, it would appear that a lack of financial education, not financial knowledge is at least partly to blame for financial challenges faced by our young couple, John and Mary.

With the apparent need for financial education in our country, a man by the name of Dave Ramsey has heeded the call through his solution, known as Financial Peace University (FPU). FPU consists of a 13-week class taught through churches and community centers across the country. And the most important elements of the FPU class focuses on Dave Ramsey’s 7 baby steps. The following is a brief summary of the 7 baby steps taught through Dave Ramsey’s FPU class. But this summary is no substitute for attending FPU, which is highly encouraged.

Baby step 1 recommends a $1,000 savings for an emergency fund. This first baby step is the most important in my view. It represents a “line drawn in the sand.” It is a conscience decision to recognize that financial emergencies will occur again. Yet, with a $1,000 saved for emergencies, the emergencies perhaps won’t seem as pressing. Perhaps even more important, Dave Ramsey encourages the development of a preliminary, first-time budget. And he recognizes that the first-time budget is likely to fail. But through trial and error, he emphatically addresses the need to create a budget in order to faithfully plan how to spend and account for every dollar before pay-day arrives. Through diligent trial and error, Dave will encourage you to review the budget every month, especially between married couples. This type of systematic planning may eliminate many arguments over money-because both partners must first agree on the budget each and every month.

Baby step 2 recommends debt pay off using the “debt snowball.” This baby step constitutes several commitments. As the old saying goes, “If you find yourself in a hole, stop digging.” Regarding credit card debt, consider for a moment that your plastic credit cards symbolize the spade on the end of a shovel. Every time you use credit cards, that shovel digs a deeper financial hole. The solution is simple, but many resist this solution. Dave recommends that you cut up your credit cards. That’s how you “throw away the shovel” and stop the madness of digging a deeper financial hole. Dave believes that until you’ve made this commitment, your steps to financial peace will be made in vain. I agree that this concept may seem radical to some, and also, some “talking heads” are adamantly opposed to eliminating the use of credit cards. But it’s hard to argue with the sound financial principle that if you can’t afford something, you shouldn’t buy it. Eliminating credit cards and so-called “easy credit” offers from your financial life also eliminates the tool that facilitates an unaffordable lifestyle. Once you have cut-up credit cards, Dave then encourages you to begin your “debt snowball.” The debt snowball concept recommends that you pay off the lowest balance first. And once you have eliminated one debt, apply that payment to the next debt in order to pay it off more quickly. Through his FPU class, Dave claims that the average family eliminates $5,300 in debt while building $2,700 in savings (Source: Dave Ramsey’s Financial Peace University class). At the successful completion of the debt snowball (all non-mortgage debt paid off), Dave Ramsey encourages the use of an envelope system for your daily spending. So if you follow his teaching, your everyday spending should consist of: cash, automatic payments (for monthly bills) debited from your checking account, and lastly, a debit card.

Baby step 3 recommends saving 3-6 months of expenses. The age-old advice of saving 3-6 months of income is not a new concept. But rather than just state the obvious and leave it at that, Dave continually encourages the use of a budget in order to systematically accomplish any and all goals, including step-by-step savings to fully fund baby step 3. Regarding the 3 to 6 month question, I believe a good rule of thumb is to review the security of your employment to determine how much should constitute your emergency savings. A government job, for example, is generally more secure than a private sector job. For example, with a married couple, if the husband is a school teacher and the wife works for a technology firm, I would encourage them to split the difference and work to save the equivalent of 4 months of household expenses.

Baby step 4 recommends investing 15% of income into Roth IRAs and Pre-Tax Retirement Plans. This is where investing with a financial professional may be most advantageous. For some financial advisors, being assigned the #4 priority through Dave’s FPU class might not sit well. But it makes good sense. I’ve learned that long-term investment accounts such as 401ks and IRAs are raided when clients fail to save sufficiently for emergencies. But if baby steps 1-3 were fully implemented, then long-term investing using retirement accounts might better serve its purpose. I won’t spend time in this article detailing why Dave Ramsey encourages Roth IRA and Pre-Tax retirement plan investing, but I fully agree with this point and I’ve advised clients on this type of investing for my entire career. So rest assured that the benefits of retirement account investing affords tax advantages that may be financially beneficial to the investor.

Baby step 5 focuses on college funding. It’s quite important that college funding by parents/grandparents is ranked below other vital financial priorities. But it goes against the grain when compared to the media messages that are conveyed. Even colleges have a formula which dictates to parents how much they are “expected” to contribute to their children’s college education. So according to Dave, college funding may commence only upon successfully completing baby steps 1-4, and no sooner. On that note, there are several different investment account types designed for college funding, including the Coverdell Educational Savings Account (ESA), Uniform Transfer to Minors Act (UTMA), and 529 College Savings Plans. Each account type has advantages and disadvantages and prior to opening any of these type of accounts, a conversation with your Financial Advisor and CPA is warranted.

Baby step 6 recommends paying off your home early. With baby steps 1-5 fully implemented, it’s time to increase payments and pay off your home early. Also, if you find yourself in a 30-year loan, consider refinancing to a 15-year loan. With lower interest rates, you might be surprised to learn that the payments are not that much more expensive. And the interest savings for a 15-year loan vs. a 30-year loan can be substantial.

Baby step 7 states to build wealth and give. Wouldn’t it be rewarding to give more money to your favorite charities? Perhaps you have a loved one that was saved by the caring hands of a medical provider and you would like to offer your financial support for future families. Personally, my family will be forever indebted to the folks at the NICU at Northside Hospital in Atlanta for the love and care they provided to my daughter, who was born prematurely. Most every one of us has a similar story or passion. But there are simple needs as well. Do you enjoy the service of a long-time waitress from your favorite coffee spot-like the Waffle House? Imagine dropping a $100 tip to that sweet waitress who always warms your cup without asking. It would be worth the $100 tip just to see her surprise. Although we can give regardless of our financial position, it takes wealth in order to make generous and life-changing gifts to churches, hospitals, and other charities. But once you progress past baby step 6, your finances should permit you to “live like no one else, so that you can give like no one else” (Quote by Dave Ramsey through Financial Peace University class videos).

How the Financial Management Process Is Transforming

The process of financial management is one of the key processes in an organization. This process plays a vital role in supporting the corporate decisions, while meeting the regulatory and legal requirements. To run an organization smoothly, it is essential to manage its finances in an accurate and appropriate manner. This is why entrepreneurs hire an expert help or partner with a financial service provider to handle end to end accounting tasks.

With a comprehensive network of professionals, finance and accounting service providers bring together the right set of people at the right time to help entrepreneurs lead the financial market. By focusing on improving the performance and increasing the value of a business, these service vendors offer a range of financial services to bring a transformation in this sector.

Well-organized Financial Operations

By structuring and standardizing the accounting functions, an entrepreneur gets empowered to identify the improvement areas and recommend relevant suggestions to overcome industry challenges.

In order to explore the full potential of resources, financial firms integrate advanced technologies and applications that further automate the accounting processes and deliver timely reports and accurate results. This allows the in-house staff to shift their focus on other core areas. Service vendors offer robust platforms and resources to manage transactions and operations of the financial sector.

Service offerings:

• Market research
• Financial planning and management
• Accounting BPO Services
• Banking Services
• Financial research and marketing
• SLA management

With the help of a service provider, entrepreneurs can minimize the risk factor and maximize return on investment, on various financial decisions.

Other allied financial services include:

• General Ledger Accounting
• Accounts Receivable Management
• Accounts Payable Management
• Bank Reconciliation
• Collection Outsourcing

Effective Decision Making

The service vendors deliver an adequate financial plan & a performance management agenda so as to help an entrepreneur make better decisions. Entrepreneurs refer to financial forecasts before making any acquisition or adding a new segment to their business.

The process includes the subsequent offerings:

• Financial Information Management
• Cash & Working Capital Management
• Expense Management
• Financial Reporting & Analysis
• Budgeting & Forecasting

Financial Planning and Transformation

Making a financial strategy helps an entrepreneur redefine their business goals and ways to accomplish them. It helps a financial officer to evidently articulate the fiscal vision of an organization, analyze the process efficiency and develop a future ready business model.

To bring transformation in the financial processes, it is essential to understand the business needs and then plan ahead for success. Financial transformation involves a review of the entire process and explores the growth and challenging areas that an entrepreneur need to focus upon. Service providers suggest relevant changes to be implemented in a business for process improvement.
Due to new and improve methods and business solutions the process of financial management is transforming drastically.