The top 10 benefits of advice

advice/financial-planning/FPA/Financial-Planning-Week/

5 October 2022
| By Laura Dew |
image
image image
expand image

The Financial Planning Association of Australia (FPA) has unveiled its Value of Advice index, measuring the financial confidence and satisfaction of advised and unadvised Australians.

As part of Financial Planning Week, taking place from 3-9 October, the FPA commissioned MYMAVINS to research over 1,000 people, over 400 of whom were advised, on the value of advice.

It found Australians who had an active relationship with a financial adviser had a better quality of life, family life, mental health and greater confidence in a comfortable retirement.

Advised Australians were significantly more likely to feel financially secure than those who are unadvised (85% vs 62%), and more likely to feel very or completely satisfied with their current level of wealth (35% vs 18%).

Advised pre-retirees were twice as confident that they would have enough money for retirement (52% vs 26%) while advised early retirees were confident they would have enough to last their retirement (63% vs 40%).

Two-in-three advised early retirees said they were living a comfortable or lavish lifestyle compared to only 1 in 3 of those unadvised (67% vs 33%).

FPA chief executive, Sarah Abood, said: “Australians with an active relationship with a financial planner are better off in multiple ways. They suffer less financial stress, enjoy a higher quality of life, have more financial confidence, and are more satisfied with their wealth”.

The top 10 key benefits advised Australians received from a financial planner were:

  1. Greater confidence in having a comfortable retirement (47%)
  2. Improved financial wellbeing (40%)
  3. Improved financial decision making (37%)
  4. Improved money management (33%)
  5. Improved general wellbeing (e.g. peace of mind, health and social aspects) (32%)
  6. Improved ability to achieve desired standard of living (32%)
  7. Helped you achieve your financial goals (30%)
  8. Greater financial control (28%)
  9. Greater wealth growth (28%)
  10. Improved financial freedom (27%).
Read more about:

AUTHOR

Submitted by Hedware on Wed, 2022-10-05 11:20

At last. Now that FPA has seen the light, let's hope that it can run a long term and consistent PR campaign.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 3 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

2 days 20 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 5 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo