Comprehensive Personal Financial Planning (PFP) Process: An Empirical Study.

With paradigm change in the financial environment and financial system, there is an urge of financial literacy in the households and as in India, financial literacy about financial planning is in nascent stage they take the assistance of financial intermediaries. The current research has focused on the aspects of the personal financial planning components considered by the financial planners and intermediaries and the factors they take into consideration while advising households. The responses are taken from the financial intermediaries and study revealed that they consider process factors; client information assessment, recommendation to clients, analyses of available alternatives, client-planner relation, measure financial behaviour, progress monitoring and they ranked personal finance components in order of Money management, Risk Management (Insurance planning), Retirement & Estate planning, Tax planning, Investment planning, Credit Management while advising their clients. They also consider Current life stage of client, Current situation, Regular income, Risk, Financial goals, Economic Condition factors in order while they prepare financial plan for the household. [ABSTRACT FROM AUTHOR]