Compare and contrast Traditional Financial Planning & Goal based Financial Planning:

Expert Solution

Goal is key for measurement of success of financial planning , the concept of financial planning should start with setting clear goal like retirement planning, fund accumulation for college cost, or big home. The traditional approach of financial planning was not appropriate to achieve goals on time.

Differences:

Parameter	Goal Based Planning	Traditional planning
Time frame	Clear and defined	Not defined
Amount of saving	Fixed as per goal	Varies as per availability
Under accumulation	Generally not happen due to regular investment	May occur due to irregular investment
Risk Management	Well calculated in advance	Risk amount varies as per choice made as per situation

jeff jeffy answered 1 year ago

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Compare and contrast Traditional Financial Planning & Goal based Financial Planning:

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