Americans that work with a financial advisor are twice as happy about and confident in their retirement plans as those not working with an advisor, according to a study released Wednesday by Franklin Templeton.
The 2013 Franklin Templeton Retirement Income Strategies and Expectations survey found that 90% of investors working with advisors are pleased with their retirement income plans, and 87% are confident in these plans. Just 44% of investors who are not working with advisors say they are happy with and confident in such plans.
“The findings confirm that the most essential emotions surrounding retirement income planning—happiness with, confidence in, as well understanding one’s plan—are all increased substantially when you work with a financial advisor,” said Michael Doshier, vice president of Retirement Marketing for Franklin Templeton Investments, in a press release.
For the study, some 2,000 adults 18 and older completed an online survey in January.
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Investors who work with advisors are much more likely to understand their retirement income plan (86%) versus investors who don’t (48%).
“Retirement income planning can be overwhelming, and professional assistance goes a long way in not only achieving financial goals, but feeling good about the process,” Doshier said.