The Hidden Benefits of Financial Planning: Beyond Money and Wealth

Financial planning has long been touted as a way to secure one’s financial future, but recent studies have shown that the benefits go far beyond just money in the bank. Research conducted by the Leeds School of Business in Colorado has found that individuals who plan for their financial future are likely to live longer than those who do not, with those with the least wealth benefiting the most in terms of decreased mortality risk.

But the benefits of financial planning don’t stop there. According to a study by the Financial Planning Standards Board, improved financial wellbeing can have a positive impact on health and family life by alleviating stress. This may not come as a surprise to financial advisers, but there are other hidden benefits to financial advice that we should all be shouting about.

One such benefit is the positive impact financial advice can have on family relationships and the local community. Financial advisers can help reduce family disputes related to money, leading to more harmonious relationships. They can also facilitate discussions about financial goals within families, fostering better communication and understanding among family members.

Moreover, financial advice can have a ripple effect on family members, with children and even grandchildren learning about money management from observing good financial decisions. Additionally, financial stability can empower individuals to contribute to charitable causes, positively impacting the community and society as a whole.

Financial advisers also act as a sounding board for their clients, helping them navigate financial decisions and being alert to financial scams. Unlike friends and family who may feel obligated to tell clients what they want to hear, advisers provide informed guidance and honest feedback, even when it may not be popular.

Furthermore, advisers often find themselves providing emotional support to clients, especially during major life events. Whether it’s helping clients navigate retirement decisions or providing support after the loss of a loved one, advisers play a crucial role in providing both professional and personal support.

In conclusion, the benefits of financial advice extend far beyond just money management. From improving family relationships to contributing to the community and providing emotional support during life’s challenges, financial advisers play a vital role in helping individuals achieve financial wellbeing and overall happiness.