The Value of Financial Advice
Landmark research on The True Value of Advice conducted by IOOF in conjunction with CoreData, has revealed a full range of benefits of financial advice, and demonstrates conclusively that regardless of age, wealth or gender, individuals who seek advice not only find themselves better off financially but also report better mental health, less worries and stress and better relationships with family and friends.
The findings are clear:
- 90% of people who receive advice agree their adviser is a critical partner in their financial success
- 90% say financial advice has left them in a better position financially
- 88% report less worry and stress as a result of receiving financial advice
- 86% say financial advice helped them achieve their goals
- 50% report improved mental health
- 41% say financial advice has improved their relationships with family and friends
The research also reveals that financial advice is a critical factor in individuals setting and achieving financial and personal goals:
- 93% believe advice provides clarity around goals and progression towards them
- 91% agree receiving advice helped them to achieve their financial goals
- 86% agree advice helped them achieve personal goals
- 82% believe advice helps inspire them to work towards and reach their goals
Source: IOOF Survey 2020: The True Value of Advice – A study of 12,643 Australians.