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

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

  • Save 8% or greater of my income

    67 percent are a comprehensive planning participant, 47 percent are advice-supported, and 45 percent are self-directed.

  • Have an emergency fund

    86 percent are a comprehensive planning participant, 67 percent are advice-supported, and 58 percent are self-directed.

  • On track with saving for education (among those who named saving for education as a primary goal)

    53 percent are a comprehensive planning participant, 43 percent are advice-supported, and 29 percent are self-directed.

  • Financial plan covers college savings plan

    29 percent are a comprehensive planning participant, 3 percent are advice-supported, and 11 percent are self-directed.

  • Have an education savings account

    22 percent are a comprehensive planning participant, 12 percent are advice-supported, and 7 percent are self-directed.

  • I feel prepared for my family in the event of an unexpected emergency

    82 percent are a comprehensive planning participant, 72 percent are advice-supported, and 58 percent are self-directed.

  • On track with insurance and financial protection goals (among those who named insurance and financial protection as a primary goal)

    60 percent are a comprehensive planning participant, 37 percent are advice-supported, and 52 percent are self-directed.

  • Financial plan covers estate plan

    51 percent are a comprehensive planning participant, 17 percent are advice-supported, and 33 percent are self-directed.

Additional highlights from the study include:

  • Those with a comprehensive financial plan are nearly twice as likely to say they have estimated how much they'll need for retirement. In fact, 63% of consumers with a comprehensive financial plan indicate they have already estimated the amount of annual income they will need while in retirement as compared to just 29% of those without professional support.
  • More than half (54%) of baby boomers with a comprehensive financial plan say their plan includes estate planning – while only one quarter (25%) of those with no professional advice have an estate plan.
  • Gen Xers with a comprehensive financial plan are twice as likely (60% vs. 27%) as those without professional support to report being on track with their goals for education savings.
  • Among the mass affluent (over $100K in investable assets), more than half (55%) of those with a comprehensive financial plan say they have estimated the amount of money they will need to save for retirement as compared to just 42% of those with the same asset level and 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.