Australians who engage a FP have a better quality of life.

Australians who engage a financial planner have a better quality of life

Australians with an active relationship with a financial planner are not only financially better off than unadvised Australians – they also have a better quality of life, according to new research from the Financial Planning Association of Australia (FPA).

The study, conducted by research consultancy MYMAVINS, moves beyond the financial benefits of advice with the launch of the FPA’s inaugural Value of Advice (VoA) index.

The VoA Index compares perceptions of unadvised and advised Australians, measuring their quality of life, financial confidence and satisfaction. In the future it will provide a year-on-year comparison as to how Australians value financial advice.

The inaugural index findings reveal that advised Australians are significantly better off across the board than those who are not advised. Furthermore, those Australians advised by a CFP© adviser report demonstrably further improved outcomes.

The research further found that financial advice promotes a better quality of life and provides many other non-financial benefits. Two-in-five advised Australians believe professional advice has benefited their family life (41%) and mental health (44%).

FPA Chief Executive Officer, Sarah Abood, says the study makes it undeniably clear that financial advice delivers benefits beyond the purely financial.


“Australians with an active relationship with a financial planner are better off in multiple ways. They suffer less financial stress, enjoy a higher quality of life, have more financial confidence, and are more satisfied with their wealth,” Abood says.


“Regardless of the client’s wealth or age, the study found advice promotes and enables better quality of life.”


Based on the study, the top 10 key benefits advised Australians received from a financial planner were:


  1. Greater confidence in having a comfortable retirement (47%)
  2. Improved financial wellbeing (40%)
  3. Improved financial decision making (37%)
  4. Improved money management (33%)
  5. Improved general wellbeing (e.g. peace of mind, health and social aspects) (32%)
  6. Improved ability to achieve desired standard of living (32%)
  7. Helped you achieve your financial goals (30%)
  8. Greater financial control (28%)
  9. Greater wealth growth (28%)
  10. Improved financial freedom (27%)

“On average, advised Australians rate their overall life satisfaction at 7.3 out of 10, significantly higher than the 6.4 rating from the unadvised,” Abood said.

“Advised Australians are also significantly more likely to feel financially secure than those who are unadvised (85% vs 62%), and are more likely to feel very or completely satisfied with their current level of wealth (35% vs 18%).”

The study found that there is twice as much confidence among advised pre-retirees that they will have enough money for retirement (52%) compared to unadvised pre-retirees (26%).

Similarly, with advised early retirees, there is significantly greater confidence in having enough money for the rest of their retirement than those who are unadvised (63% vs 40%).

The research found that pre-retirees who have received financial advice are nearly twice as likely as those who have not, to expect at least a comfortable standard of living in retirement compared to those who are unadvised (41% vs 23%).  Two-in-three early retirees who have been advised say they are living a comfortable or lavish lifestyle compared to only 1 in 3 of those unadvised (67% vs 33%).

Finally, advised clients with a CFP® professional benefitted more than clients of non-CFP® professionals (86% vs 78%).


“Advised clients of a CFP® professional benefit more than clients of non-CFP® professionals. They have the highest quality of life, the most financial confidence and are the most satisfied with their wealth,” Abood said.

With the cost of financial advice looming large for many Australians, the research found those who received financial advice thought it was worth every cent.

“Advised Australians overwhelmingly believe advice has made them tangibly financially better off and that its value outweighs the cost,” Abood said.


We are here to help

Calibre Private Wealth Advisers provides financial leadership and peace of mind for successful professional, business owners and their families.

We engage our clients in real conversations around their life and then help them use the money they have to get the best Return on Life

If you have any questions/thoughts in relation to this article or have a need for some advice and would like to discuss your particular situation, please contact Gordon Thoms or David Conte at Calibre Private Wealth Advisers on ph. (03) 9824 2777 or email us here.

The information contained in this article is of a general nature only and may not take into account your particular objectives, financial situation or needs. Accordingly, the information should not be used, relied upon or treated as a substitute for personal financial advice. While all care has been taken in the preparation of this article, no warranty is given in respect of the information provided and accordingly, neither Calibre Private Wealth Advisers, its employees or agents shall be liable for any loss (howsoever arising) with respect to decisions or actions taken as a result of you acting upon such information.



This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax/or legal advice prior to acting on this information. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product. The material contained in this document is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgment at the time of issue and are subject to change. Neither, the Licensee or any of the Oreana Group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Gordon Thoms and David Conte of Calibre Private Wealth Advisers are Authorised Representatives of Oreana Financial Services Limited ABN 91 607 515 122, an Australian Financial Services Licensee, Registered office at Level 7, 484 St Kilda Road, Melbourne, VIC 3004. This site is designed for Australian residents only. Nothing on this website is an offer or a solicitation of an offer to acquire any products or services, by any person or entity outside of Australia.

Liked this article? Share it!