Consumers with CFPs live better lives, study finds

investmentnews.com:

Those who don’t have a certified financial planner may want to consider getting one. A study released Wednesday by the Financial Planning Standards Board found that people who work with a certified financial planner enjoy life more, have a better understanding of their finances and are also more confident about their finances.

Results found that while three in five (55%) of clients with financial planners are highly satisfied with their wealth, nine in 10 (87%) feel financially secure, with a similar proportion (86%) feeling better off. By comparison, just two in five (41%) consumers who are unadvised are highly satisfied with their wealth.

When it comes to mental health and family life, more than half of respondents (51%) said they feel more positive about the financial advice they get from their CFP. Clients of CFPs reported the highest quality of life score (73 out of 100), compared to those who work with other financial planning professionals (69/100) and the unadvised (66/100).

The study also found that 98% of those who work with a CFP trust the advisor to act in their client’s best interests, while 92% reported they would continue to work with their financial planner. Meanwhile, 30% of consumers perceive financial advice as too expensive and 29% are at a loss to find someone trustworthy.

Dante De Gori, CEO of FPSB, said financial planning and the role CFPs play in the current economic conditions has become more important than ever in helping consumers to make informed financial decisions and achieve their long-term goals, while enjoying a better quality of life.

“The findings in this global study illuminate a compelling reality: the immense value that CFP professionals bring in supporting clients’ financial needs