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

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

  • I am well prepared for retirement

    78 percent are a comprehensive planning participant, 60 percent are advice-supported, and 46 percent are self-directed.

  • I feel optimistic that I will reach my retirement goals

    79 percent are a comprehensive planning participant, 59 percent are advice-supported, and 56 percent are self-directed.

  • Have an IRA, 401(k), SEP or other vehicle for saving for retirement which is not company sponsored

    65 percent are a comprehensive planning participant, 55 percent are advice-supported, and 38 percent are self-directed.

  • I plan to maintain my current lifestyle when I retire

    49 percent are a comprehensive planning participant, 36 percent are advice-supported, and 32 percent are self-directed.

  • I regularly save the amount I need to meet my financial needs in retirement

    46 percent are a comprehensive planning participant, 25 percent are advice-supported, and 25 percent are self-directed.

  • I have a retirement income plan in place that deals with unique retirement risks including longevity, health care costs, and Social Security

    42 percent are a comprehensive planning participant, 21 percent are advice-supported, and 15 percent are self-directed.

  • I have estimated the amount of money I need to save for retirement

    54 percent are a comprehensive planning participant, 28 percent are advice-supported, and 29 percent are self-directed.

  • I have estimated the amount of annual income I'll need in retirement

    63 percent are a comprehensive planning participant, 35 percent are advice-supported, and 29 percent are self-directed.

Additional highlights from the study include:

  • Nearly three in four (73%) of those with a comprehensive financial plan say they are on track, or have already achieved their retirement goal, as compared to less than half (48%) of those with no professional support.
  • Nearly three quarters (74%) of baby boomers with a comprehensive financial plan say they are on track, or have already achieved their retirement goal, as compared to just half of those with no support. Less than half (46%) of those with a planner, but no comprehensive financial plan, report feeling on track or have already achieved their retirement goal.
  • Women with a comprehensive financial plan are three times as likely to feel "very" or "extremely" prepared for retirement as compared to women with no professional support (42% vs. 14%), and more than twice as likely as compared to women with a planner, but no plan (42% vs. 20%).
  • Among the affluent and mass affluent (over $100K in investable assets), 49% of those with a comprehensive financial plan feel prepared for retirement as compared to just 28% 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.