Survey results show how many participants agree with or behave in the following ways:

  • Comprehensive financial planning participant1
  • Advice-supported2
  • Self-directed3

  • Have re-balanced my portfolio

    42 percent are a comprehensive planning participant, 31 percent are advice-supported, and 16 percent are self-directed.

  • Have added money into new accounts

    15 percent are a comprehensive planning participant, 10 percent are advice-supported, and 10 percent are self-directed.

  • Have taken advantage of the down market by investing in low priced stocks

    18 percent are a comprehensive planning participant, 15 percent are advice-supported, and 9 percent are self-directed.

  • Have added more money into existing accounts

    27 percent are a comprehensive planning participant, 19 percent are advice-supported, and 19 percent are self-directed.

  • Have actively taken advantage of the down market

    16 percent are a comprehensive planning participant, 10 percent are advice-supported, and 11 percent are self-directed.

  • Have tried to minimize the hit to my portfolio with some investment changes during the down market conditions

    28 percent are a comprehensive planning participant, 30 percent are advice-supported, and 13 percent are self-directed.

  • Have taken no action to manage my finances in the past year since the market changed

    5 percent are a comprehensive planning participant, 11 percent are advice-supported, and 24 percent are self-directed.

  • I feel financially prepared even during these changing market conditions

    74 percent are a comprehensive planning participant, 59 percent are advice-supported, and 54 percent are self-directed.

Additional highlights from the study include:

  • Nearly three quarters (72%) of respondents believe the economy has pretty seriously gotten off on the wrong track.
  • More than half (51%) of baby boomers with a comprehensive financial plan indicate they have rebalanced their portfolio in the past year — three times as many as those without professional support (16%).

  • With no professional support, men are more than 50% more likely than women to say they have taken advantage of low interest rates during the past year (14% v. 8%); but with a comprehensive plan, women are more likely than men to report having done so (25% v. 19%) – as the rate for women increases 3-fold when they have a comprehensive plan (25% vs. 8%)

  • Among the mass affluent (over $100K in investable assets), 46% of those with a comprehensive financial plan say they have rebalanced their portfolio in the past year as compared to only one in five (22%) of those with no professional support. This rate is even higher among the affluent (over $1Million in investable assets), where six in ten (58%) of those with a comprehensive financial plan say they have rebalanced their portfolio as compared to less than one quarter (23%) of those with no professional support.

FPA® and Ameriprise® Value of Financial Planning study conducted by Harris Interactive, August 2008.

1 Comprehensive financial planning participant: Works with a professional advisor and has a written, comprehensive plan that covers at least 3 of the following areas: retirement, investment planning, savings, insurance, estate planning, taxes, debt and college saving.

2 Advice-supported: Works with a professional advisor but does not have a written, comprehensive plan.

3 Self-directed: Does not work with an advisor and does not have any type of plan other than a basic personal (non-professional) plan.