Study Methodology

An online survey was conducted by Harris Interactive between June 27 - July 18, 2008 among 3,022 adults with more than $50,000 in annual income or investable assets. Individuals who completed the survey were divided into three segments:

  • Comprehensive financial planning participant

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

  • Advice-supported

    Works with a professional advisor but does not have a written, comprehensive financial plan.

  • Self-directed

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

Results for all groups were weighted as needed for age, gender, race/ethnicity, level of education, region of the country and household income to reflect the national population with greater than $50,000 in income or assets.

Objectives

The study was conducted to validate the value and impact of professional financial planning. Conducted among key demographics, the study was designed to:

  • Compare attitudes and behaviors across gender, age and income.
  • Assess consumer satisfaction with advice relationships, the perceived value of advice and financial planning, and behavioral differences between consumers with a comprehensive financial plan and those without a plan.
  • Understand retirement readiness among those surveyed and their confidence in reaching long-term goals.
  • Determine how market volatility concerns have affected consumers and their financial actions.

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