A recent study shows that Australians who have an active relationship with a financial planner are not only better off financially than unadvised Australians – they also have a better quality of life.

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

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

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%)

Other finding:

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%).
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.

Study conducted by the research consultancy MYMAVINS.

An online quantitative survey was conducted from the 9th September to the 20th September.

The final sample composed of 1,051 individuals consisting of Australians 40 and over:

· 406 were advised

· 645 were unadvised

Peter Graham
Tuesday 4th October
Plannerweb

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David Forrest

Director
BEc (Acc), MBA, CPA, FFin

David has been in the Financial Services Industry for nearly 30 years. He was one of the founding Directors of the successful Financial Planning and Stockbroking Practice, Henderson Gregory Forrest, for a decade. Prior to that, he held senior roles in companies such as ING, KPMG Accountants and AMP. David was previously Chairman of OAMPS Superannuation Trustee Board and currently serves as an independent Board Director for several companies.

David’s extensive experience in all forms of superannuation, including Self Managed Super Funds (SMSF), Defined Benefit Funds, retirement funding through Account Based Pensions, stockbroking with a focus on Direct Share Investment, Taxation/Remuneration Planning, Centrelink, Aged Care and business management, equip him to advise expertly on all aspects of Financial Advice.

Those with a particular interest in superannuation/SMSFs, direct share investment, salary packaging or applying for the Centrelink Pension will find his knowledge and ability in formulating and implementing creative, logical and simple wealth creation strategies a valuable asset.

David maintains a strong personalised client service focus, providing tailored solutions for clients.

Qualifications:

Bachelor of Economics with Accounting Major (BEc (Acc))
Master of Business Administration (MBA)
Certified Practising Accountant (CPA Australia)
Graduate Diploma in Applied Finance and Investment (FFin)

Memberships:

Member of the professional association of Certified Practising Accountants (CPA Australia)

Contact:

David Forrest is an Authorised Representative of Integrity Financial (SA) Pty Ltd ABN 16 133 921 187 — AFSL No 334846

Michelle Forrest

Business Finance Manager
B Bus (Acc), CPA

Michelle’s career has spanned across the Financial Services, Retirement Living and Aged Care industries working in the private sector, not for profit and more recently with the state government for over 20 years. Her experience extends to many facets of the financial services industry, having worked in superannuation administration, technical support and financial planning practice administration.

Commencing with AMP and subsequently working in commerce and accounting roles with companies such as Brambles, Adelaide Bank Retirement Services, ECH Inc and SA Health and Wellbeing, Michelle returns to financial services after working in practice financial management at Henderson Gregory Forrest. This wide range of experience from senior accounting and management roles has provided Michelle with a strong background in business administration.

With an astute financial acumen and keen interest in business improvement strategies, Michelle ensures the smooth running of the Integrity Financial Advisory practice providing valued management support to our personalised client service focus.

Qualifications: