Despite increasing pressure to slash debt and rebuild retirement funds, two-thirds of consumers do not have a written financial plan, according to the 2009 National Consumer Survey on Personal Finance.
The survey, released today by the Certified Financial Planner Board of Standards, found that 64% of respondents do not have a written financial plan in place, despite studies conducted by the SEC that indicate that on average, investors with a financial plan have twice as much cash and investable assets as investors without a plan.
Investors with a college degree, higher household incomes and more assets to invest are more likely to have a plan. Of the 284 respondents who have a written financial plan in place, 62% were motivated to develop one because of retirement goals and planning. Meanwhile, 48% wanted advice on a broad range of financial matters, 41% were focused on savings goals and planning and 36% were concerned with investment goals and planning. The CFP Board of Standards spoke to 1,742 respondents in total.
“Those in the know who are using financial planning are finding it a valuable experience,”
When developing a financial plan, be sure to speak with an financial planner that can be objective and focus on your best interest. Unfortunately, many financial advisors develop a financial plan after only a 10 minute conversation with their client, and the plan functions more like a sales presentation than a comprehensive financial guide. It's best to speak with an independent fee-only financial advisor who has achieved the Certified Financial Planner designation to ensure your plan is holistic, comprehensive, and functional.
For more information, visit http://www.utahfinancialadvisor.blogspot.com.
About Mr. Jefferies
Lon Jefferies is an investment advisor representative with Net Worth Advisory Group, a fee-only financial planning firm in Salt Lake City, Utah. He is a member of the National Association of Personal Financial Advisors (NAPFA) and a candidate for CFP™ certification. He possesses an MBA and bachelor's degrees in Finance and Marketing from the University of Utah. Lon writes articles for local magazines such as Business Connect and Utah Business Magazine, and he consistently contributes articles to online magazines such as FIGuide.com and FILife.com (by The Wall Street Journal). Additionally, Lon is a platinum expert author at EzineArticles.com. Lon has been quoted nationally in publications such as the NY Times and Investment News.
Contact Info
View Lon's blog at http://www.utahfinancialadvisor.blogspot.com, and visit Net Worth Advisory Group's home page at http://www.networthadvice.com. Lon can be emailed at lon@networthadvice.com, or phoned at (801) 566-0740.
