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The Value of Financial Planning

Like all businesses, we need to provide value to our clients or we go out of business. The challenge we face is how do we prove the value of what we do? The results of a three-year study in Canada with 15,000 participants makes this a little easier. Here are some highlights from that study:

  • 81% of those with a financial plan feel they are on track with the financial affairs vs. 44% with no financial plan;
  • 50% with a plan and have retirement as an important goal are more confident that they will be able to retire; 22% without a plan feel that way;
  • 62% with a plan report that they have improved their ability to save vs. 40% with no plan;
  • 60% with a plan believe they are prepared to deal with an unexpected financial emergency vs. 28% without a plan.

And perhaps most significantly, 74% with a financial plan are confident that they can live life today and reach their discretionary goals vs. 44% without a plan.

My conclusion? Those with a comprehensive financial plan have a much stronger sense of well-being — emotional and financial — and a general overall sense of contentment and the possibility of achieving life objectives. Like the television commercial says, “Priceless.”

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