The financial services industry has undergone significant changes over the years, particularly in the last decade, and continues to evolve today. Financial planning - a distinct element within the spectrum of financial industry services - is still relatively young. Professional financial planning takes a holistic approach to an individual's financial life. A qualified financial planner will consider a client's goals, stage in life, personal circumstances and risk tolerance. They will make recommendations for growing and preserving wealth, minimizing tax, estate planning, insurance - and more, depending on the individual they are working with. In some cases, this same professional will be involved in executing some of the recommendations (e.g. sell specific products). In other cases, these transactions will be done separately with other professionals.