Which aspect is NOT typically included in the financial planning process?

In the financial planning process, one of the key aspects is to understand and acknowledge market risks, rather than ignoring them. Financial planners assess potential risks that could impact an individual's financial goals and overall plan. By identifying these risks—such as market volatility, changes in interest rates, and inflation—planners can create strategies to mitigate their impact.

Setting personal goals, developing an action plan, and estimating future expenses are all integral components of sound financial planning. These elements enable individuals to outline their financial aspirations, create structured pathways to achieve them, and anticipate the financial needs necessary to reach their desired outcomes. Ignoring market risks would compromise the effectiveness of the financial plan, as it would leave individuals unprepared for uncertainties that could derail their financial objectives. Thus, recognizing and addressing market risks is vital for a robust financial strategy.