The Value of Financial Planning Study
The Value of Financial Planning
I am a member of the Financial Planning Standards Council (FPSC®). It develops, promotes and enforces professional standards in financial planning through the Certified Financial Planner®/CFP® certification, and raises Canadians’ awareness of the importance of financial planning. FPSC’s vision is to see Canadians improve their lives by engaging in financial planning.
A study conducted by the FPSC Foundation called the Value of Financial Planning looked at whether those with comprehensive financial planning advice, felt better about their financial situation than those with limited or no financial planning advice.
- Household Budgeting (or better referred to as Debt Management)
- Tax Planning
- Retirement Planning
- Estate Planning
- Investment Planning
- Risk Management Planning
- Comprehensive Planning – at least three of the planning components provided by a financial planner,
- Limited Planning – at least one or two planning components provided by a financial planner,
- No Planning – no planning advice from a financial planner.
- On track with financial affairs,
- on track to retire,
- on track to save,
- can deal with bumps in life ie. unexpected financial emergencies, tough economic times and/or loved ones look after in the event of death.
The survey results, not surprisingly, showed that those with comprehensive planning were significantly higher levels of financial and emotional well-being than those that who do limited to no planning.
Not sure where to start? Enter your name and email in the box on the right to complete the Goal Planning Checklist. Instantly identify the strengths and weaknesses in your current financial plan.
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