Which of the following is NOT a key component of financial planning?

Financial planning is a proactive and dynamic process involving several key components that empower individuals to manage their finances effectively. Among these components, setting financial goals, monitoring and adjusting plans, and evaluating financial progress are essential elements that help someone stay on track and make informed decisions about their financial future.

Allowing a financial planner to make all major decisions is not a key component of financial planning because it undermines an individual's active participation and ownership of their financial journey. Effective financial planning requires individuals to be engaged in the decision-making process, developing their financial literacy and understanding their personal financial situation. This involvement ensures that the financial strategies align with personal values and long-term visions, which may be unique to each individual.

In contrast, the correct answer correctly highlights that financial planning is about collaboration, education, and maintaining control rather than surrendering decision-making power to someone else. This understanding fosters a sense of responsibility and accountability in managing one’s financial life, which is paramount for achieving financial security and success.