The top 10 benefits of advice

advice financial planning FPA Financial Planning Week

5 October 2022
| By Laura Dew |
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.

Add new comment

The content of this field is kept private and will not be shown publicly.
 

Recommended for you

 

MARKET INSIGHTS

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

baffled

I don't have any faith in the regulator. I've stopped reading these and just think some poor guy got busted for a spell...

16 hours ago
Chris Cornish

By having trustees supervise client directed payments from their pension funds, Stephen Jones and the federal Labor gove...

3 days 21 hours ago
Chris Cornish

Now we now the size of Stephen Jones' CSOLR tax, I doubt anyone will be employer any new financial adviser from this poi...

3 days 21 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

10 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND