The Value of Advice
The key conclusion of the most recent (2016) value-of-advice study is that investors who use advisors are better off over time.
According to the study, households that had chosen and retained a financial advisor accumulated:
Short Term: 69% more in assets, on average, over four years, than non-advice households.
Long Term: 290% more in assets, on average, over 15 years, than those households without an advisor.
Based on data from a 2014 Ipsos-Reid survey which provided responses from 1,584 households, consisting of 487 with advisors and 1,097 without. Individual respondents were at least 25 years old, with at least $1,000 in household assets and household incomes of less than $250,000.
Montmarquette, Claude and Viennot-Briot, Nathalie. Centre for Interuniversity Research and Analysis of Organizations (CIRANO). “The Gamma Factor and the Value of Financial Advice”. 2016. )