While both comprehensive and goal-based financial planning require a time commitment, comprehensive financial planning generally requires more time and effort than goal-based planning. Here's why:

• Scope:
  • Comprehensive Financial Planning: Covers all aspects of a client's financial life, including budgeting, cash flow management, debt management, investment planning, retirement planning, tax planning, insurance planning, and estate planning.
  • Goal-Based Financial Planning: Focuses on specific financial goals, such as buying a home, saving for retirement, or funding a child's education.
• Data Gathering:
  • Comprehensive Financial Planning: Requires gathering extensive information about the client's financial situation, including assets, liabilities, income, expenses, insurance policies, and estate planning documents.
  • Goal-Based Financial Planning: Requires gathering information relevant to the specific financial goals being addressed.
• Analysis:
  • Comprehensive Financial Planning: Involves a detailed analysis of the client's current financial situation, including strengths, weaknesses, opportunities, and threats.
  • Goal-Based Financial Planning: Involves an analysis of the client's progress towards their specific financial goals.
• Plan Development:
  • Comprehensive Financial Planning: Requires developing a detailed financial plan that addresses all aspects of the client's financial life.
  • Goal-Based Financial Planning: Requires developing a plan to achieve the specific financial goals.
• Monitoring and Review:
  • Comprehensive Financial Planning: Requires ongoing monitoring and review of the client's financial plan to ensure that it remains aligned with their goals and circumstances.
  • Goal-Based Financial Planning: Requires monitoring and reviewing progress towards the specific financial goals.

Because comprehensive financial planning involves a broader scope and more in-depth analysis, it typically requires more time and effort from both the financial planner and the client.

For more information, you can refer to these sources:

• Investopedia: Comprehensive Financial Plan
• CFP Board: What is Financial Planning?