Final answer:
In financial planning, using services of financial institutions or specialists to seek relevant information is done during the "Gather Information" step to make informed decisions about financial products and investments.
Step-by-step explanation:
Using services of financial institutions or specialists to seek relevant information is a crucial step in the financial planning process, particularly during the "Gather Information" phase. This step is essential for individuals to make informed decisions about where to allocate resources for current and future needs while considering factors such as budgeting, investing, and risk management.
Financial institutions and specialists provide valuable insights that help individuals understand the pros and cons of different financial products and services, including the costs and benefits of using credit, and how to manage saving and checking accounts effectively. They also offer guidance on building a good credit score, evaluating risk and return on investments, and understanding the types of loans available. By accessing the expertise of these entities, individuals can gather the essential information necessary to develop a comprehensive financial plan that aligns with their financial goals.