The True Value of Advice

For many, the benefits of financial advice are measured by tangible gains, from tax saved to effective investment strategies. It’s a premise supported by IOOF’s 2014 White Paper, ‘The expectation of advice’ which found 76 percent of clients said ‘achieving core goals and lifestyle objectives’ was the very definition of a successful financial planning relationship.

These benefits may be easy to demonstrate on paper, however the effects of good financial advice are far reaching and go well beyond this. That’s because when we succeed in providing ongoing financial advice, we don’t just influence financial decisions, we also influence our client’s happiness, and it’s this underlying benefit which presents the true value of financial advice.

value financial advice

The True Value of Advice

A 2012 study found that arguments at home about money were the strongest pointers to divorce of all disagreement types1 while respondents to our research suggested that with ongoing financial advice there was greater harmony at home and lower levels of stress associated with purchasing decisions.

One of the most compelling findings was the 22 percent of people are more likely to feel they are living their ‘ideal life’ when they are backed by a successful financial plan and without the pressure or concerns surrounding money.

Our study found that financial advice benefits extended beyond emotional happiness to our clients’ physical health. The results were telling, with around 1 in 5 people who don’t receive financial advice reporting anxiety or disrupted sleep due to money concerns.

Overall, ‘The true value of advice’ paper clearly demonstrates the role our industry has in delivering positive emotional benefits to a wide cross-section of society and by extension, the overall well-being of society.

Help Others Help Themselves

Our research also found that family well-being was the top ranked priority, ahead of career, wealth and even personal health which translated in an overwhelming 83 percent of clients indicating that they thought it was important for family members or close personal relationships to receive professional ongoing advice.

At Roe Financial we want to work with your and your family and friends to ensure they are getting good financial advice which will lead to a greater retirement lifestyle, improved personal security through effective insurance, better cash flow and the peace of mind of avoiding bad investments while also have the confidence and discipline to stick with good investments and budgets.

Some Interesting Statistics

Clients who receive ongoing financial planning advice experience:

    • 14% greater levels of overall personal happiness
    • 21% overall increase in peace of mind
    • 17% increased level in confidence that their core goals will be achieved
  • 20% increased feeling of financial security

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