The value of professional financial planning

OK, I don’t want to blow my own trumpets, but I got access to some research recently that was simply too good not to share the key findings with you. The research titled “The value of financial planning” was carried out by the Financial Planning Standard Board, in which they surveyed over 15,000 consumers in 15 countries, including Ireland. The full report can be found here.

The key findings of the research were as follows,


Financial advice unlocks the benefits beyond wealth, including better mental health.

Clients who work with a financial planner report improved financial wellbeing and peace of mind (38%), financial confidence (37%), a better understanding of financial matters (36%), and greater wealth growth (33%).

I trust that you’ve experienced this with us too. Our advice offers significantly more value than simply helping you to grow your wealth.


Financial planning benefits are wide-ranging.

Clients report financial planning has helped them to build a realistic plan to achieve a more comfortable retirement (1 in 3), get the most out of their financial situation (1 in 3) and reduce financial worries and stress to achieve great peace of mind (1 in 3).

Picking up again on the theme in the first point above, I believe that the mental health and peace of mind benefits are so important. After all, I see our role as enabling you to go and live your life to the full, while I do a lot of the watching and worrying about your financial health.


Financial planning benefits more than just the wealthy.

Clients with an income of US$60,000 (€55,000) or less report that financial planning has led to an improved family life (44%), social life (26%), mental health (46%) and increased work satisfaction (29%).

This is something that I hear all too often – that financial planning is just for the wealthy. It isn’t. Financial planning can make a significant difference to people across the economic spectrum. The financial challenges of people with lesser means will be different, but professional financial planning can make a positive difference in addressing those challenges too.


Clients show a strong level of trust in their financial planners.

95% of financial planning clients trust their financial planner to act in the best interest of their client.

This one doesn’t surprise me at all… and I hope not you either! The relationship between a client and their financial planner grows and evolves over many years, as the client progresses through life and all the changes that happen along the way. Relationships are often measured in decades, and they become deeply personal and trusting.


Demand for financial planning is growing.

72% of people who have never received financial planning advice would consider doing so, with 52% intending to seek financial planning advice within the next three years.

This is very promising, as those people who to date have been unadvised now recognise the importance and value of financial planning. What I believe is also very important in this era of lots of free (supposed) advice that is available online through a variety of platforms, is that many Gen Y people are rightly sceptical about this advice. They recognise the value of a professional financial planner, with two thirds of this cohort considering paying for financial advice. I look forward to working with many of these people, as they begin their journey towards financial independence under our guidance.


There are many more interesting findings in this research, but I hope that the above gives you a sense of the value that is placed on professional financial planning. I look forward to helping you achieve your financial objectives in the years and decades to come.


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