The Certified Financial Planners Board and the Consumer Federation of America performed a research study earlier this year involving a sample of 1,002 household financial decision makers nationwide which included 60 financial planning related questions.
With their results they have defined 4 types of household financial planners:
Comprehensive
19% of respondents were defined as “comprehensive.”
A comprehensive planner has a financial plan with specific savings strategies for accomplishing short and long-term goals ranging from spending habits, to college savings, to retirement savings.
67% of the comprehensive planner used a CERTIFIED FINANCIAL PLANNER™ (CFP®) or Registered Investment Advisor to help prepare a detailed financial plan.
Basic
38% of respondents were defined as “basic.”
Most (80%) basic planners have an individual plan to accomplish one or more financial savings goals. However, only 35% have a comprehensive plan that organizes their individual goals to create a course of actions to achieve all of their financial goals.
Limited
33% of respondents were defined as “limited.”
Many (69%) limited planners have a spending budget or a plan to save for retirement, but not both. Only 11% of limited planners have a comprehensive plan.
Non-Planners
10% of respondents were defined as “non-planners.”
Almost all (92%) of non-planners have no plan for savings to achieve financial goals and 99% say they have no plan to make a comprehensive plan.
What does becoming a comprehensive planner do for you?
As re-enforced with the graph to the right, a comprehensive plan can give you the sense of clarity and confidence to plan for your short and long-term financial goals.
If you would like to build a comprehensive financial plan that will help you with short and long-term savings strategies such as the ones from the above graph then please request a Financial Planning ePacket and one of FSI’s CERTIFIED FINANCIAL PLANNERS™ will contact you!
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