Tangible Benefits of a Financial Plan
The benefits of a financial plan tailored to your needs can be more than monetary. They also include feeling more in control of your financial future and more comfortable with the idea of retiring. In fact, our recent research has shown that people who have a written financial plan — prioritizing their current needs, clarifying their goals, setting strategies for saving and investing — tend to be more financially successful. And those who work with a financial advisor have nearly twice as much in retirement savings as those who don't.
The Benefits of a Written Plan
Here are some encouraging facts about having a written financial plan:
- People who have written plans are less likely to be worried about retirement than those who don't.
- A financial plan provides a higher level of satisfaction with the management of one's financial affairs.
- Those with a written plan tend to review it regularly: more than a third do so every year; more than a fourth do so quarterly.
Working with a Financial Planner
More and more people are taking advantage of the skill and experience of financial planners. Those who seek out advice tend to be those who are doing better financially.
- People in upper income brackets are moving away from doing their own financial planning, and are relying instead on financial advisors as their primary resource for information on financial products.
- The older and more prosperous people become, the more they tend to use the services of financial planners.
- The overwhelming majority of people who use financial planners feel highly satisfied with their advisors and look forward to continuing their relationships
