The Value of Working
with a Financial Advisor

Professional financial advice offers so much more than improved investment returns. Having an experienced financial advisor as your navigator and guide on your journey tilts the likelihood of success heavily in your favour.

Managing finances strategically and with intention

“What value would come from working with a financial advisor?” The simple fact that this query is seldom brought forward by someone already working with a professional financial advisor answers this question in part.

“Only the very wealthy need a financial planner.” Because of the “accessibility thresholds” of some financial professionals, we can see how some people think that way. However, being a good financial planning client is more about attitude. If you’re someone who wants to manage their finances strategically and with intention, you’ll enjoy the benefits of working with an advisor regardless of how much discretionary income you have.

A benchmark study was commissioned and completed1, the results of which provide insight into the potentially life-changing impact of financial planning. In summary, the study revealed that people who engaged in comprehensive financial planning:

  • were substantively more likely to report feeling on track with their financial affairs than those with limited or no financial planning;
  • felt more confident in their plans to retire;
  • improved their ability to save;
  • were more confident that they are prepared to deal with the challenges and bumps in life such as unexpected financial emergencies, tough economic times and ensuring their loved ones are financially looked after should something happen to them; and
  • felt more confident in reaching their discretionary lifestyle goals, notwithstanding the importance of saving.

Interested in reading more?

We’ve attached a link to the report published by the Financial Planning Standards Council®. Download the PDF »
The Value of Financial Planning
More on the Value of Financial Advisors

Updated | 2020

From the report abstract:
“[The report] discusses the 2018 survey and presents the updated results (the determinants of having a financial advisor and the impact of a financial advisor on the value of assets)…[The report] sets out our conclusions. In short, households in all income groups benefit from having a financial advisor.

From the conclusion:
[T]he 2018 results confirmed the positive impact of having a financial advisor: for example, the average household with an [financial advisor] for 15 years or more had asset values 131% higher than an average “comparable” household without a financial advisor. The financial discipline provided by an FA and the related efforts to increase household savings were the main gamma factors explaining this difference.

Download the PDF »

1. Surveys were conducted from August 2009 – August 2012. The research surveyed the general English-speaking population in Canada (excluding Quebec). The results are from the third year of research, conducted from April – August, 2012.

Is it time to talk with a financial advisor?

It is never too soon to start the conversation with a financial planner who can help you define your goals and put a plan into place to reach them.