People With Financial Advisors Retire Better Off
No, we are not just blowing our own trumpet. This is a finding of independent research commissioned by the Financial Services Council (FSC) and compiled by KPMG. The finding is based on data from three large financial advisory networks, including approximately 3.4 million accounts for the 2005-06 to 2008-09 financial years and covering a wide demographic sample, well representative of the Australian population.
According to the research, people who receive financial advice are almost $100,000 better off at retirement than those who do not receive advice.
The research also found that people with a financial advisor were at least four times more likely to hold some form of life insurance. This finding was supported by other industry studies compiled by KPMG indicating that those people who received financial advice had on average $260,000 worth of life insurance compared with $100,000 for those who purchased life insurance directly.
According to the FSC increasing access to knowledgeable advice is critical to ensure Australian families are adequately protected from financial hardship.
For financial planning advice and self managed superannuation funds contact: Newcastle Financial Planner & Self Managed Super Funds Specialists
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