News

We have just had ‘World Financial Planning Day’ and ‘Pensions Awareness Week’, so I feel now is as good a time as any to explore the Value of Financial Planning in our ever changing and complex world.

Money can be a huge source of stress for many people and over a prolonged period of time it can take a real toll on a person’s mental health. Unfortunately, the current economic climate is not helping matters. The global economic outlook is strained with stubbornly high inflation, high interest rates and the costs of living squeezing day-to-day budgets for some families.

The good news is professional financial planning can help. Financial Planners support people in taking control of their finances, empowering them to feel more confident and stay on track to achieve their financial goals.

The Financial Planning Standards Board, FPSB® Ireland recently commissioned research into the Value of Financial Planning and the top five benefits of working with a Financial Planner reported by clients were:

1. Improved financial wellbeing and peace of mind
2. Help to explain and simplify financial matters
3. Better financial decision-making confidence
4. Improved financial freedom and control
5. Help to establish and achieve goals

FPSB® Value of Financial Planning IndexTM measures the impact of financial planning on the lives of clients. It found that clients advised by a CERTIFIED FINANCIAL PLANNER professional:

• Experience a higher quality of life, feel better about their health, connection, purpose, and life satisfaction
• Are more satisfied with their financial situation, feel better about their spending capability, personal financial risk management, and overall wealth
• Have greater financial confidence, feel more confident about their financial security and ability to achieve their personal financial goals
• Have better experience with the financial planning process, feel more optimistic about meeting their financial needs and achieving financial gains

The study found that Clients of CFP^® professionals report that they feel particularly satisfied. Across the globe, people who work with a CERTIFIED FINANCIAL PLANNER professional say they experience the highest quality of life, enjoy the most confidence, feel most satisfied with their financial situation and attribute the most benefit to the recommendations they receive.

• 54% report financial planning positively impacted their mental health
• 61% say financial planning positively impacted their family life
• 70% report living with a strong sense of purpose
• 70% say they are confident of solving most challenges
• 70% feel they cope better when faced with health issues
• 80% feel their finances are tangibly better off
• 80% of clients agree financial planning helps fulfil life dreams
• 90% of clients feel financially secure
• 96% which is almost all clients trust the Certified Financial Planner to act in their best interests

Finding someone you can trust with your financial situation is easier than you think, just look for a, CFP^®professional who has committed to rigorous standards of competency and ethics and has achieved the globally recognised symbol of excellence in financial planning.

Lisa Doherty, CFP^® BBS QFA RPA SIA is a CERTIFIED FINANCIAL PLANNER™. You can contact her through John F. Loughrey Financial Services by telephone on 074-9124002 or by email on lisad@jfl.ie