Beyond wealth – financial planning works

Launched for world financial planning day, the study of 1,001 advised and unadvised people shows close to 60% of people who use financial planners are highly satisfied with their wealth, whereas just 30% of those who don’t use financial planners feel the same way.

The study by the financial planning standards board, using an independent research company, examined the financial and non-financial impact of financial planning across quality of life, financial confidence, financial satisfaction and experienced value, while debunking myths surrounding financial planning.

It found about 90% of clients of certified financial planners (CFP) feel financially secure and a similar proportion – 80% – feel tangibly better off. Close to 90% of CFP clients said the value of financial planning outweighs the cost, while 99% said they trust their financial planner to act in their best interests.

Financial advice NZ chief executive Katrina Shanks says her organisation supported the global research as it knows financial planning makes a difference to New Zealanders’ lives and, “we wanted independent research to support this position.”