A recent survey conducted by IOOF into the True Value of Advice has shown that, whilst money itself may not buy happiness, our financial decisions do indeed impact on our ability to lead our desired life.
Whilst Financial Planners often promote “peace of mind” as being and intrinsic measure of the value of our ongoing financial advice, this study made this tangible, finding that clients who receive ongoing financial advice also experience:
• 13% greater levels of overall personal happiness.
• 21% more peace of mind with regards to their financial future.
• 20% increased feelings of security regarding their day-to-day finances.
Perhaps more importantly, ongoing financial planning clients are:
• 19% less likely to have arguments with loved ones about money.
• 20% less likely to have their personal relationships impacted due to concerns about money.
Those who do not receive ongoing advice are found to be 22% more likely to have their sleep disrupted due to concerns about money, and 17% more likely to feel that money issues and concerns may have contributed to their health issues.
Successful financial planning outcomes for many clients includes the knowledge that not only themselves, but their loved ones are protected and able to live their lives without financial concern. It was no surprise that family wellbeing was clearly the most important level to personal happiness, and an overwhelming 83% of clients believe it’s important that their family members and closest personal relationships receive professional ongoing financial advice.
Evidence concludes that financial advisers also deliver positive emotional benefits that reach beyond the provision of a successful financial plan. One of the most compelling statistics to emerge is that those who receive ongoing financial advice are 22% more likely to feel as though they are living their ideal life.
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The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives.
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