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Survey Shows Consumers Do Not Know What Constitutes Comprehensive Financial Planning
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Survey reveals confusion exists among the people who need Comprehensive Financial Planning
West Chester, PA (February 9, 2006) * Do consumers really know what services they are being provided by their financial planner? Are people engaging in relationships with professionals who are capable providing guidance on all of life's financial concerns? A new survey shows many people are confused by what constitutes comprehensive financial planning and are unsure if they are working with someone capable of providing such services.
In the Comprehensive Financial Planning: A Consumers' Point Of View Survey by Key Financial, Inc. in West Chester, PA, more than 100 consumers were asked a series of questions on financial planning and the elements which make it "comprehensive". The survey covered all major areas of personal finance, including Retirement Planning, Investment Planning, Asset Management, Estate Planning, Insurance Planning, and seven other disciplines * all of which comprise Comprehensive Financial Planning.
For example, 88% of those surveyed indicated that Retirement Planning is one of the elements they expect their financial planner to cover in the planning process. However, only 68% say their financial planner has actually covered Retirement Planning with them. This leaves 20% of those surveyed who are not receiving a vital piece of the planning puzzle.
"Clearly there is confusion on the part of consumers as to what truly comprises 'Comprehensive Financial Planning,'" said Patti Brennan, CFP, president of Key Financial, Inc. "There are a number of factors that are playing a part in this confusion, whether it stems from brokers now calling themselves 'Financial Advisors' or professionals are simply providing services they perceive consumers wanting and not needing. Either way, the needs of many consumers are not being met by the professionals they work with."
To receive a copy of the Comprehensive Financial Planning: A Consumers' Point Of View Survey Report, please contact Christen Rice of Perception, Inc. at 301-963-7555 or christen.rice@perceptiononline.com.
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