What is a Financial Planning Company? What are they doing?

Hi, I need to know what a Financial Planning Company is and what exactly those companies are doing.... thanks

A company that offers Financial planning services offers licensed financial advisors to assist customers who are looking to create a financial plan. Financial planning helps individuals prepare for their future goals, typically these goals would be planning for retirement, planning to pay for college, and planning for other major life events. A financial advisor will help you develop a financial plan to help ensure that you have the money you need saved to meet your long term financial goals.

Purchase a family owned financial planning practice?

I am in the financial services business, and have been doing this on my own full-time for 1 year, but have done internships and other work experience in this industry since 2002. My wife's father has a very successful financial planning practice that he is wanting to slowly sell to me. He currently has about 800 families that he works with along with a large amount of 401(k) and health insurance that he manages. He wants to only work with his top 50 clients which would leave a lot of clients that I could service and work with. In other words an immediate client base plus I will get 20% of whatever business he produces to insure that I stick around. This would double my income next year and more than double it in coming years. I am good at what I do, but having an established clientele base would be huge for my career. My concerns are living close to family and having potential problems down the road with him and having a falling out. Any advice?
All reservations can be solved in a contractual agreement. That is what they are for. Predict all possible problems in the future and write up a contract that will protect you both in case they happen.

Union Bank & KBC group to form mutual fund JV

Union Bank of India has formed a joint venture with leading Belgian financial player KBC Group to launch mutual fund business. Bank Chairman M. V. Nair and KBC Group CEO Andre Bergen signed the shareholders agreement to the effect in the presence of King Abert II of Belgium in Mumbai on Friday. Union Bank will have 51 per cent stake in the joint venture, while the remaining will be held by the Belgian group.

The initial capital of the new company will be Rs. 50 crore which would increase as the business expands, bank officials said. When asked about the timing of entering the MF business when the markets are in turmoil, he said it was the right time to enter the market. He, however, pointed out that he would apply for SEBI licence to launch the mutual fund the and operations might commence about a year from now.

Erwin Schoeters, Managing Director of KBC Asset Management, the mutual fund arm of the KBC group, said one could break even in the mutual fund industry at an asset under management (AUM) of about Rs. 6,000 crore.