Finance
The Finance sector on the Internet is huge since the internet is a perfect way to spread information when changes are made every minute. Financial services are also very well adapted for online sale - most insurance or credit card companies offer simple ways to sign up over the Internet. Stocks and long term savings are sold online. The internet is used for retirement planning.
The personal financial planning process is generally accepted as a six-step process as follows:
Step 1: Setting goals with the client This step (that is usually performed in conjunction with Step 2) is meant to identify where the client wants to go in terms of his finances and life.
Step 2: Gathering relevant information on the client This would include the qualitative and quantitive aspects of the client's financial and relevant non-financial situation.
Step 3: Analysing the information The information gathered is analysed so that the client's situation is properly understood. This include checking whether there are sufficient resources to reach the client's goals and what those resources are.
Step 4: Constructing a financial plan Based on the understanding of what the client wants in the future and his current financial status, a roadmap to the client goals is drawn to facilitate the achievements of those goals.
Step 5: Implementing the strategies in the plan Guided by the financial plan, the strategies outlined in the plan is implemented using the resources allocated for the purpose.
Step 6: Monitoring implementation and reviewing the plan The implementation process is closely monitored to ensure it stays in alignment to the client's goals. Periodic reviews are undertaken to check for misalingment and changes in the client's situation. If there are any deviation or significant changes to the client's situation, the strategies and goals in the financial plan are revised accordingly.