Financial Planning Survey

I found this Financial Planning Survey to be very important and useful. There is a brief summary on the methodology of the survey and the ability to download the entire report for your use.

Methodology

This survey involved 53 consumer volunteers each approaching 3 financial planners and seeking a comprehensive financial plan. Each volunteer genuinely wanted financial advice and sought a plan for their own financial circumstances. The profile of consumer volunteers and financial planners was selected to match the profile of the industry as a whole. The cost of the advice (fee and/or initial commission) ranged from nothing to $17,000. The survey received 124 plans that were then assessed by a panel of experts.

The plans were assessed against:

• good practice standards;
• consumer expectations; and
• regulatory obligations (where applicable) (pre-FSRA).

The industry experts judged the written advice against what ought to be in a comprehensive financial plan, based on industry good practice standards and legal requirements. In other words, it measures what consumers received compared to what they asked for (and paid for). Download survey from link below: Quality-of-Planning-Advice-Survey-201101