The Value of Financial Planning

The Financial Planning Standards Council of Canada conducted a study that questioned 7,838 English speaking Canadians to determine if financial planning was valuable.  The study was conducted between August 2009 and January 2010.  The study broke the respondents down into three groups:

  1. Those people who have undertaken “comprehensive/integrated planning”
  2. Those individuals who have engaged in “limited, single-purpose financial advise”
  3. Those people who have done no planning at all

The objectives of the study were:

  1. Measure emotional AND tangible benefits.
  2. Identify the impact of CFP® professionals’ roles.
  3. Identify the impact of a comprehensive written plan versus a, targeted specific advice, versus no planning.
  4. Measure outcomes of the financial planning over time.

Findings of the study:

  • The study clearly shows that those engaged in comprehensive planning are experiencing significantly lower emotional stress than those engaged in either limited planning or no planning.  Nearly one-half as many respondents expressed a feeling of stress versus those with no planning.
  • Those engaged in comprehensive planning are almost three times as likely to feel on track to reach their desired lifestyle in retirement versus those that had no planning.
  • Those engaged in comprehensive financial planning were 60% more likely to agree that they have “peace of mind” versus no planning.
  • Those engaged in comprehensive financial planning were nearly three times more likely to say they are achieving their life goals than those who have had no planning.
  • In all cases, the responses for those working with CFP® professionals were higher than those not working with a CFP® professional.


Clients of CFP® professionals:

  • Have a more positive emotional outlook
  • Are more confident about their current financial situation
  • Have a more optimistic perspective about their long-term financial well-being
  • Are closer to achieving their key life goals
  • Have longer and more engaged relationships
  • Feel better equipped to deal with economic hardship and better prepared for retirement

Additional information can be found at:

Posted in KCA Articles
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