Why so many Australians are choosing to work with a qualified financial adviser

Recent independent research commissioned by the Financial Advice Association Australia (FAAA) found that Australians who receive ongoing financial advice experience higher levels of financial confidence, financial satisfaction, and overall quality of life than those who do not receive advice.

The value goes beyond wealth creation

The research found that the value of advice extends well beyond wealth creation. Clients consistently reported benefits such as:

• Improved financial wellbeing and peace of mind
• Greater confidence in their financial decisions
• Help to understand and simplify complex financial matters
• Saving time and effort managing their financial affairs
• Having a trusted professional partner to help navigate life’s opportunities and challenges

What clients said advice helped most with

According to clients surveyed, the three most important needs financial advice helped address were:

• Reducing financial worries and stress
• Creating a realistic plan for a comfortable retirement
• Helping them get the most from their financial situation

What over 90% of clients reported

The study also found that over 90% of clients said:

• The value they received from advice exceeded the cost.
• Their adviser had made them financially better off.
• Their financial literacy improved through the advice process.
• Their adviser helped them make better financial decisions.
• They trusted their adviser to act in their best interests.

Advice matters most during uncertain times

Importantly, during periods of market volatility and economic uncertainty, 96% of advised clients said having an adviser helped them remain confident in their financial strategy. Furthermore, 81% felt the value of their adviser increased during those times.

Perhaps the most significant finding was that financial advice improved more than financial outcomes. In addition to better finances, many clients reported improved peace of mind, greater confidence, reduced stress, and a stronger sense of financial security.

What this means at Mackinder Private Wealth

At Mackinder Private Wealth | Advisory, our experience over three decades working with entrepreneurial families, business owners, and professionals reflects these findings. Sound financial strategies matter, of course. However, the greatest value often comes from helping clients make better decisions, avoid costly mistakes, and gain the confidence that comes from knowing they have a clear plan and a trusted adviser by their side.

Stephen Mackinder, CFP
PRIVATE WEALTH | ADVISORY
www.mackinder.com.au
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