The purpose of planning is to clarify your vision and discover how to achieve that vision. Financial planning is the process of meeting your life goals through the proper management of your finances. Your life goals could include buying a home, saving for your children's education, managing debt or planning for retirement.

Financial planners use a six-step process that helps you take a 'big picture' look at where you are and where you want to be financially. Using this process they help you work out what you need to do now and in the future to reach your goals.

Many people don't realize what a difference a change in their personal circumstances can make to their financial situation. As you move through life each change brings a different set of needs which may impact your overall planning objectives, insurance needs, cash flow requirements and so on.

Think of these for a start: getting married, having children, putting the kids through school, receiving an inheritance, having a debilitating illness, losing a partner, downsizing home when children move out. Each has its own effect on your financial outlook. A professional financial adviser will take your lifestyle now into account when making your plan and you should review your financial plan whenever a major lifestyle change occurs.

Change means that even simple decisions can have unforeseen consequences over the long term. A financial planner can help you plan for your future and to avoid some of the pitfalls and traps along the way.

There are a number of situations where a financial planner may be able to help. Some of the most important times include:

If you are within 12 months of leaving work

If you are facing a significant change in your circumstances (e.g. redundancy, career change, transition to retirement, divorce, marriage, additions to family)

If you receive a lump sum of money (e.g. an inheritance, a property sale, a windfall)

Most provinces do not regulate the use of the term “financial planner.” CFP certification is your assurance that your planner has completed a rigorous course of study approved by Financial Planning Standards Council, passed the only independently developed national comprehensive examination (the CFP Examination) for financial planning, and is committed to ongoing professional development and adherence to the professional CFP Code of Ethics and CFP Financial Planning Practice Standards developed and enforced by FPSC.

An FDS can enter the process at one of many points.

For example, he/she can be brought in at the beginning of the process to help prepare the financial statements that accompany the divorce application or reply to the application. When the client requests a speedy settlement, the FDS can be called in before an offer of settlement is made to prepare detailed charts showing financial outcomes.

The FDS can also be brought into the process to provide an objective evaluation when a settlement offer is received.

Clients receive the following benefit from working with a Financial Divorce Specialist:

Data is tailored to the individual's situation

The FDS provides an objective viewpoint in an emotional situation

The identification of available financial options provides for a speedier settlement that is acceptable to both parties, and it reduces stress for other family members

Professionals who are serving in a divorce action also receive benefits from the presence of an FDS:

A broader perspective on financial and property options;

Precise modeling of agreements;

Enhancement of the positive working relationship between client and attorney;

A stronger legal position; and,

The availability of an objective expert.