Retirement should not be looked at from a pessimistic perspective; rather than simply signifying the end of your working life, it is the start of a new life. Financial advice is key to planning your future. The Canadian Financial Planning Standards Council (CFPSC) recently completed a wide ranging, longitudinal study which sought to understand the real value of financial advice. The results proved that the positive affects of advice were even greater than initially expected.
The surprise came in measuring well being; it was found that a comprehensive financial plan lead to higher satisfaction. The CFPSC measured emotional well being, financial well being, overall contentment and achievement of life objectives and in each case found that people with a comprehensive plan measured better. A client of a Financial Planner is more confident in their financial situation and the direction of their retirement planning. They also have a greater propensity to save.
This matches the findings of a Finnish survey which explored the impacts of stress on health. The survey not only found that stress can impact health, but also that financial stress had the greatest impact on a person’s health of any type of stress.
These findings align with our experience as Financial Planners. Our clients are more confident in their future and have the knowledge and tools at their disposal to make the decisions that are right for them after having worked with us. This results in a greater ability to deal with the challenges of retirement and living for, what could be, 30 years without an income like many of us will need to.
ClearWay Advice and Financial Management is a Corporate Authorised Representative Representative No.473095 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No.466137.