A study launched on 4th October 2023 has found New Zealanders who work with a financial planning professional are better off. It was undertaken for the Financial Planning Standards Board (FPSB) by independent research firm MYMAVINS and surveyed 1,001 advised and unadvised New Zealanders aged 25 and over and earning over $90,000 a year or holding over $50,000 in investable assets.

The Financial Planning Standards Board Value of Financial Planning Research 2023, examines the value of financial planning, measuring the financial and non-financial impact of financial planning across quality of life, financial confidence, financial satisfaction and experienced value, while debunking the myths surrounding financial planning.

While close to 3 in 5 (60%) clients of financial planners are highly satisfied with their wealth, just 1 I 3 (33%) unadvised clients feel the same way, the study found. It also found that around 9 in 10 (90%) clients of Certified Financial Planners (CFP) professionals feel financially secure and a similar proportion (80%) feeling tangibly better off. In addition, 99% of New Zealand clients trust their financial planner to act in their best interests, every one of those surveyed say they are likely to continue the relationship with their planner.

It further found that close to 9 in 10 (90%) clients of New Zealand CFP professionals say the value of financial planning outweighs the cost, with 99% saying they trust their financial planner to act in their best interests, and Gen Y-ers are more hands on, having greater experience with direct investing. 1 in 5 of Gen-Y-ers have taken up direct online trading since 2010, with a further 1 in 10 already trading before the pandemic and continuing to do so.

Click here to view the full report.


– END –