A financial planner or personal financial planner is a professional who prepares financial plans for people. These financial plans often cover cash flow management, retirement planning, investment planning, financial risk management, insurance planning, tax planning, estate planning and business succession planning (for business owners).Financial planning should cover all areas of the client's financial needs and should result in the achievement of each of the client's goals as required. The scope of planning would usually include the following:Risk management and insurance planning: managing cash flow risks through sound risk management and insurance techniquesInvestment and planning issues: planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment and spending, including managing for risk-adjusted returns and to deal with inflationRetirement planning: planning to ensure financial independence at retirement including 401Ks, IRAs etc.Tax planning: planning for the reduction of tax liabilities and the freeing-up of cash flows for other purposes.Estate planning: planning for the creation, accumulation, conservation and distribution of assetsCash flow and liability management: maintaining and enhancing personal cash flows through debt and lifestyle management.