When it comes to financial planning, a lot of Wall Street firms have products they’re trying to sell. At Heritage Wealth Advisors, everything we do starts with the plan we create together. Our clients’ goals and priorities are always front and center. Once we’ve established those goals, we build forecasts and use data to help our clients optimize their resources to meet those goals.
Read on to learn the various ways that engaging in our holistic planning process has benefited our clients across generations.
Reason #1: Goal Achievement
According to the Huffington Post, simply writing down goals increases the odds of achieving them by 42%. The possible impact jumps even further when we build specific projections and scenarios, and consistently ground decisions in those goals to improve accountability.
Reason #2: Confidence Levels
The dramatic increase in confidence is another big reason why financial planning can be beneficial. According to the CFP Board survey, 52% of those with a plan feel “very confident” about managing money, savings, and investments, while just 30% of those without do. This means you have a significantly higher chance of feeling very confident about your finances when you engage in planning.
Reason #3: Increased Happiness
We hear the refrain “money can’t buy happiness” often. But what about planning, where you’re setting goals and creating a plan to achieve them? Research shows planning can make a difference in happiness levels. For example, 66% of those working with a financial advisor self-identify as “happy,” while only 34% of those DIYing their finances say the same.
The ‘Happiness Gap’
This trend is even more prevalent when it comes to higher-net-worth folks. The 2021 Consumer Financial Behaviors Study found that individuals with assets over $1.2 million who had an advisor displayed far more satisfaction than those who did not. By the time household assets reached $6 million or more, the “happiness gap” between those with and without advisors was higher than at any other level.
A psychologist involved in the study said this gap stemmed from anxiety resulting from “decision paralysis,” because people with more assets have more options available in using those assets. According to Harvard Health Publishing, while we think we’re happier when we have more choices, we’re actually less happy the more choices we have. The bottom line is that data shows people who engage in formal goal-based planning are significantly happier than those who don’t.
Reason #4: Generational Growth
Lastly, financial planning can have positive effects not just on one individual, but throughout entire families. The benefits can become even more powerful when planning happens across generations.
Our goal is to offer an experience that’s different from what you’d typically find with more mainstream financial firms. As an independent firm, everything we do is centered on a client’s plan rather than pushing products. We’re committed to providing actionable, goal-based advice anchored in a deep, personal understanding of our clients’ needs and expectations. If you’d like to learn more about how our team can help simplify your financial life so you can focus on the things that really matter, use the QR code to request a free consultation today.
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