Sunday, April 24, 2011

Financial planning pays off

Value – according to a pair of long-term, in depth studies by two of the country’s leading professional standards and investment organizations, that’s exactly what Canadians get when they engage in thorough financial planning with a professional advisor. Value that pays off in the twin benefits of financial and emotional wellbeing.

The Value of Financial Planning1 -- a comprehensive five-year research study by the Financial Planning Standards Counsel (FPSC) -- delivered real empirical evidence that Canadians who engage in financial planning are far better off than those who don’t. Among the report’s findings:
  • Of respondents who engage in comprehensive planning, 51% said they were on track to reach their desired lifestyle in retirement, compared to just 18% of those who don’t receive any financial advice.
  • The research also revealed that of individuals who engaged in comprehensive, integrated financial planning:
    • 61 % felt confident they would be satisfied with their desired lifestyle in retirement, compared with 27% with no financial planning.
    • most also felt that they had improved their ability to save, had greater peace of mind, are less concerned about their financial situation, and feel better about having discretionary income to be able to lead the life they want.
A second report – The Value of Advice: Report2 – from the Investment Funds Institute of Canada (IFIC) drew similar conclusions:
  • Third party empirical data (from Statistics Canada, Ipsos Reid and others) showed that when Canadians choose financial advice, they accumulate more assets and are better prepared, financially, for retirement.
    • 74% of advised households agreed that they feel confident that they will have enough money to retire comfortably.
    • 71% of advised households agreed that a year from now, they will be financially better off than they are today.
The IFIC report highlighted the wide range of valuable services that professional advisors provide for their clients, including: setting and achieving planning targets; choosing the right vehicles and plans; setting the right investment mix; and delivering customized solutions based on individual choice and personal goals.

As these studies confirm – and as so many Canadians have already discovered for themselves -- financial planning pays off. Get the value you deserve by talking to your professional advisor today.

1The first phase of the study was conducted by The Strategic Council for FPSC, August 2009 to January 2010 and surveyed 7,300 Canadians.
22010 Value of Advice: Report, IFIC, July 2010

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