A holistic financial planner is a professional who takes a comprehensive approach to helping clients manage their financial well-being. This includes not only traditional financial planning areas such as investment management and retirement planning, but also addressing other factors that can impact a person's financial well-being, such as tax planning, insurance, estate planning, and budgeting. Holistic financial planning emphasizes the importance of understanding a client's overall financial situation and goals, rather than just focusing on one specific aspect of their finances.



Tell me about the significance of comprehensive financial planning.

David Wastler. With more than 30 years of expertise, Allen Wastler has worked in the media for both Knight Rider and CNBC. March 18, 2022 posted. Numerous financial services companies and professionals laud their "holistic approach." What does this signify and why? If you look it up in the dictionary, you'll find the following definition: rather than a systematic examination or the characterization of a section, relates to or concerned with the entire system. Its philosophy is applicable in numerous fields.



What topics are covered in a holistic financial plan?



holistic financial plan typically covers a wide range of topics that are relevant to a person's overall financial well-being. This can include:

  • Goal setting: Identifying and prioritizing short-term and long-term financial goals, such as saving for a down payment on a home, funding a child's education, or planning for retirement.
  • Budgeting and cash flow management: Developing a budget that aligns with a person's goals and helps them manage their expenses and income effectively.
  • Investment management: Developing a diversified investment portfolio that is aligned with a person's risk tolerance and goals.
  • Tax planning: Identifying strategies to minimize taxes and maximize tax-advantaged savings opportunities.
  • Risk management: Identifying and managing risks that could impact a person's financial well-being, such as disability, long-term care, or premature death.
  • Estate planning: Developing a plan for managing and distributing assets after death.
  • Retirement planning: Developing a plan for ensuring that a person has enough income to support themselves during retirement.
  • Education planning: Identifying strategies for saving and paying for education costs.
  • Business Planning: Identifying strategies to help business owners achieve their financial goals, such as exit planning, succession planning, risk management and tax planning.
It is important to note that the specific topics covered in a holistic financial plan will vary depending on a person's individual circumstances and goals.



Fee structure and holistic planning


Depending on the services offered and the specific financial planner or organisation, the cost structure for a holistic financial planner can change. Typical charge schedules include:

  • Hourly rates: The financial advisor bills clients for their time and services at a predetermined hourly rate. For those who merely require a one-time consultation or have a specific, limited need for financial planning services, this can be a useful choice.

  • Flat fees: For a certain service or a set of services, the financial planner charges a set cost. For those who are certain of the services they require and who prefer a fixed pricing, this can be a viable alternative.

  • Asset-based fees: The financial planner charges a percentage of the assets they manage on behalf of the client. This can be a good option for people who want ongoing investment management services and are comfortable paying a percentage of their assets as a fee.

  • Commission-based fees: Some financial planners may earn a commission for selling certain financial products, such as insurance policies, mutual funds, or annuities.


A fee-only financial planner is a financial advisor who only charges by the hour or through a set retainer for their advice and does not collect commisions from any financial product, which is a crucial distinction to make. Compared to individuals who receive commisions, they are seen as being more independent.

Clients should be aware of any potential conflicts of interest resulting from the sort of pay the planner receives and should comprehend the fee schedule. Before using any services, it is best to discuss the cost structure with the financial planner.



Tell me the difference between holistic financial professionals and firms?



Offering thorough financial planning services that consider a person's total financial well-being is the main goal of holistic financial specialists and firms. But there are some significant variations between the two:

  • Compared to businesses, holistic financial experts are independent financial advisers who offer clients financial planning services. On the other side, holistic financial firms are companies that work with numerous financial advisors and might provide a wider range of services.

  • Scale: As opposed to lone financial experts, who may have more constrained skills, holistic financial firms typically have more resources and can provide a wider range of services.


  • Team approach: Some holistic financial firms adopt a team approach, where a team of advisors work together to provide comprehensive financial planning services to clients. This can provide clients with access to a wider range of expertise and specialized knowledge.

  • Professionalization: Holistic financial professionals may be more able to provide a personalized experience because they are working one on one with the client.

  • Independence: Holistic financial professionals may be more independent as they don't have to follow the guidelines of a firm, but they may have less resources and expertise than firms.


It's crucial for clients to comprehend the distinctions between these two categories of financial advisors and organisations in order to select the one that best suits their requirements. The fee schedule and method used by a holistic financial planner might differ based on the type of professional and the firm they are working with. It is crucial for clients to understand this. Holistic financial planners can be either individuals or members of a larger organisation.




Incorporating the Financial Planning Hierarchy of Needs to Achieve Holistic Financial Planning


A concept that aids financial planners and clients in setting priorities for their financial goals is the Financial Planning Hierarchy of Needs. The concept has five levels and is based on Mallow's Hierarchy of Needs.

  • Protection: This category covers fundamental requirements including debt management, insurance, and emergency savings.
  • Growth entails long-term investments and saves for retirement, education, and other future objectives.
  • Efficiency: This level encompasses risk management, tax preparation, and estate planning.
  • Lifestyle and charitable giving are included at this level of fulfillment.
  • Planning for the transmission of wealth to future generations is part of the legacy level.

A financial planner can assist clients in identifying and prioritizing their financial goals by including the Financial Planning Hierarchy of Needs into the planning process, resulting in a more thorough and all-encompassing solution.


  • How to Present a Financial Plan: 4 Tips for Greater Engagement


  1. Avoid using jargon and technical terminology that your readers might not comprehend by utilising clear and simple language. Instead, explain intricate financial ideas in basic, uncomplicated words.
  2. Make your financial plan exciting and easy to comprehend by using charts, graphs, and other visual aids.
  3. Instead of merely giving the audience the figures, demonstrate how your financial strategy will influence them. To demonstrate the possible advantages of your proposal, use case studies and examples from real life.
  4. Encourage audience engagement by encouraging them to join in discussions and ask questions. This will increase participation and trust while providing you with useful feedback on how to make your financial plan better.



  • Pro Bono financial planning and beyond: 7 opportunities to give back


  1. Join a local non-profit group as a volunteer: Many non-profit organisations rely on volunteers to assist with their budgeting and financial management. You can help these organisations accomplish their goals by contributing your knowledge and skills.
  2. Provide low-income people and families with free financial planning services: Many families and people with low incomes find it difficult to have access to expert financial planning services. To assist them in achieving their financial objectives, you can give your services for no charge.
  3. occupy a position on a non-profit organization's board of directors: Important financial choices for nonprofit organisations are made with the advice and knowledge of its board members.
  4. Teach financial literacy classes: By instructing students, adults, or seniors in financial literacy classes, you can impart your knowledge and expertise.
  5. Offer mentorship: Share your experience and expertise by mentoring young professionals in the financial planning industry.
  6. Participate in community events: Attend community events and provide financial planning advice and resources to attendees.
  7. Donate time or money to charitable causes: If you're unable to volunteer your time or skills, you can still make a difference by donating money or time to your favorite charitable causes.