{"id":1413,"date":"2022-11-29T05:17:19","date_gmt":"2022-11-29T05:17:19","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1413"},"modified":"2022-11-29T05:17:20","modified_gmt":"2022-11-29T05:17:20","slug":"positive-results-from-research-into-the-value-of-financial-advice","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/positive-results-from-research-into-the-value-of-financial-advice\/","title":{"rendered":"Positive results from research into the value of financial advice."},"content":{"rendered":"<p><strong>A recent study shows that Australians who have an active relationship with a financial planner are not only better off financially than unadvised Australians \u2013 they also have a better quality of life.<\/strong><\/p>\n<p><img loading=\"lazy\" alt=\"\" height=\"317\" src=\"https:\/\/acctweb.com.au\/images\/fp-valu-of-DEC22.jpg\" width=\"475\" \/><\/p>\n<p>\u00a0<\/p>\n<p>On average, advised Australians rate their overall life satisfaction at 7.3 out of 10, which is significantly higher than the 6.4 rating from the unadvised.<\/p>\n<p>Based on the study, the top 10 key benefits advised Australians receive from a financial planner are:<\/p>\n<p style=\"margin-left:58.5pt\">1.\u00a0\u00a0\u00a0\u00a0 Greater confidence in having a comfortable retirement (47%)<\/p>\n<p style=\"margin-left:58.5pt\">2.\u00a0\u00a0\u00a0\u00a0 Improved financial wellbeing (40%)<\/p>\n<p style=\"margin-left:58.5pt\">3.\u00a0\u00a0\u00a0\u00a0 Improved financial decision making (37%)<\/p>\n<p style=\"margin-left:58.5pt\">4.\u00a0\u00a0\u00a0\u00a0 Improved money management (33%)<\/p>\n<p style=\"margin-left:58.5pt\">5.\u00a0\u00a0\u00a0\u00a0 Improved general wellbeing (e.g. peace of mind, health and social aspects) (32%)<\/p>\n<p style=\"margin-left:58.5pt\">6.\u00a0\u00a0\u00a0\u00a0 Improved ability to achieve desired standard of living (32%)<\/p>\n<p style=\"margin-left:58.5pt\">7.\u00a0\u00a0\u00a0\u00a0 Helped you achieve your financial goals (30%)<\/p>\n<p style=\"margin-left:58.5pt\">8.\u00a0\u00a0\u00a0\u00a0 Greater financial control (28%)<\/p>\n<p style=\"margin-left:58.5pt\">9.\u00a0\u00a0\u00a0\u00a0 Greater wealth growth (28%)<\/p>\n<p style=\"margin-left:58.5pt\">10.\u00a0 Improved financial freedom (27%)<\/p>\n<p>Other finding:<\/p>\n<ul>\n<li>Advised Australians are also significantly more likely to feel financially secure than those who are unadvised (85% vs 62%), and are more likely to feel very or completely satisfied with their current level of wealth (35% vs 18%).<br \/>\n\t\u00a0<\/li>\n<li>The study found that there is twice as much confidence among advised pre-retirees that they will have enough money for retirement (52%) compared to unadvised pre-retirees (26%).<br \/>\n\t\u00a0<\/li>\n<li>Similarly, with advised early retirees, there is significantly greater confidence in having enough money for the rest of their retirement than those who are unadvised (63% vs 40%).<br \/>\n\t\u00a0<\/li>\n<li>The research found that pre-retirees who have received financial advice are nearly twice as likely as those who have not, to expect at least a comfortable standard of living in retirement compared to those who are unadvised (41% vs 23%).<br \/>\n\t\u00a0<\/li>\n<li>Two-in-three early retirees who have been advised say they are living a comfortable or lavish lifestyle compared to only 1 in 3 of those unadvised (67% vs 33%).<br \/>\n\t\u00a0<\/li>\n<li>With the cost of financial advice looming large for many Australians, the research found those who received financial advice thought it was worth every cent.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>Study <strong>conducted by the research consultancy MYMAVINS.<\/strong><\/p>\n<p>An online quantitative survey was conducted from the 9th September to the 20th September.<\/p>\n<p>The final sample composed of 1,051 individuals consisting of Australians 40 and over:<\/p>\n<p style=\"margin-left:58.5pt\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 406 were advised<\/p>\n<p style=\"margin-left:58.5pt\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 645 were unadvised<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<p><strong>Peter Graham<\/strong><br \/>\n<strong>Tuesday 4th October<\/strong><br \/>\n<strong>Plannerweb<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><strong>A recent study shows that Australians who have an active relationship with a financial planner are not only better off financially than unadvised Australians \u2013 they also have a better quality of life.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1413"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1413"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1413\/revisions"}],"predecessor-version":[{"id":1415,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1413\/revisions\/1415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1414"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}