This research report explores the critical role of portfolio management in financial planning, emphasizing its significance in achieving investment goals while managing risk. As financial markets become increasingly volatile and complex, effective portfolio management strategies are essential for both individual and institutional investors. This study examines the key principles of portfolio management, including asset allocation, diversification, and performance evaluation. It highlights the impact of psychological factors on investor behavior and the integration of technology in optimizing portfolio strategies. Through a comprehensive analysis of current trends and best practices, this research aims to provide insights that enhance decision-making processes in financial planning. The findings underscore the necessity of continual adaptation to market dynamics and the importance of tax-efficient strategies in maximizing portfolio returns. Ultimately, this report advocates for a systematic approach to portfolio management as a foundational element of sound financial planning.