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Exploration into the economic, financial and psychological benefits of financial planning
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Information Letter

Exploration into the economic, financial and psychological benefits of professional financial planning


As a financial planning client, you are being asked to complete an anonymous questionnaire about financial planning as part of a PhD research project being conducted by Julie Knutsen, student researcher at Griffith University.

Why is the research being conducted? The outcomes from the study will be used to inform the financial advice industry, academia and interested parties about the benefits of financial planning. The research is expected to further our knowledge of the educational, economic, financial and psychological benefits of financial planning in the professional financial advice context.

Risks to you: There are no risks to you by participating in this research.

Your confidentiality: The researcher does not have your contact details. Any information collected from the questionnaire will be anonymous. The researcher will not be recording any information that could link you with the survey. The surveys will be securely stored and will be only accessible to the researcher and a research assistant.

Your participation is voluntary: You do not have any obligation to participate in this research.

Questions/further information: If you have any questions about the research you can contact Ms Knutsen’s PhD Supervisor - Dr Mark Brimble, Ph 3382 1355, Logan Campus, Griffith University, University Drive, Meadowbrook, Email: [email protected].

The ethical conduct of this research: Griffith University conducts research in accordance with the National Statement on Ethical Conduct in Research Involving Humans. If you have any concerns or complaints about the ethical conduct of the research project you should contact the Manager, Research Ethics on 373 54375 or [email protected].

Feedback to you: At the completion of the project you will have the opportunity to receive a summary of the results from this research via your financial planner.
 
 
 
 
* What is your age?
 
Younger than 18
 
18 - 24
 
25 - 34
 
35 - 44
 
45 - 54
 
55 - 64
 
65 or older
 
Prefer not to answer
 
 
* What is your gender?
 
Male
 
Female
 
 
* What is your highest level of education?
 
Grade 10
 
Grade 12
 
TAFE Graduate
 
Trade School Graduate
 
Undergraduate University Degree
 
Postgraduate University Degree
 
Other
 
 
 
 
* How many dependant children do you have?
 
None
 
1 Dependant
 
2 Dependants
 
3 Dependants
 
Other
 
 
 
* What is your work status?
 
Working full time
 
Working part time
 
Retired
 
Other
 
 
 
 
* How long have you been a financial planning client?
 
Less than 1 year
 
1 - 2 Years
 
2 - 3 Years
 
3 - 4 Years
 
More than 4 Years
 
Other
 
 
 
* How many sessions do you have with your financial planner each year?
 
2 Sessions per year
 
3 Sessions per year
 
4 Sessions per year
 
More than 4 Sessions per year
 
Other
 
 
 
Have you been to other financial planners before?
 
Yes, 1 other
 
Yes, 2 others
 
Yes, 3 others or more
 
No
 
If more than 3, how many?
 
 
 
In relation to the professionalism of your financial planner ...
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Processes were aimed at understanding your financial needs and objectives.
* You have been able to understand if the advice is appropriate for you.
 
 
Your financial planner builds your self-belief for financial success by:
Strongly disagree Disagree Neither Agree Strongly agree N/A
Identifying tasks to be done to achieve your financial goals.
Conducting performance analysis to track your success.
Providing resources available to you to achieve your financial goals.
Identifying beliefs that stop you from achieving your financial goals.
Connecting you with like-minded others who are achieving financial success.
 
 
Importance of guidance and direction:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Your financial planner's guidance and direction is important to achieving your financial goals:
 
Does your financial planner's guidance and direction help you to:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Identify your goals, needs and objectives.
* Set specific, measurable and achievable goals and objectives.
* Align your financial aspirations with planned and achievable tasks.
 
 
As a result of financial planning ...
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Your financial planner structures situations for you to master and improve your financial capabilities.
* Your financial planner motivates greater accountability for your goals.
* Your financial planner motivates better financial behaviour.
* Your financial planner enables you to take personal control over progress towards your goals.
* Your positivity for your financial success has increased over time.
* Your positivity is now matched with the skills and knowledge to achieve your financial goals.
 
 
Does your financial planner's wealth creation approach help you to:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Explore various wealth creation strategies.
* Understand if strategies are appropriate for you.
 
Are the strategies valuable to you because:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* The potential opportunities for passive income are planned out.
* They are realistic, manageable and uncomplicated strategies.
* They show the potential you have to increase your wealth.
* They can be sustained and withstand a market downturn.
 
 
Education Support
Strongly disagree Disagree Neither Agree Strongly agree N/A
* The educational support provided by your financial planner is valuable to you.
 
The education support is valuable because:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* It is targeted to your financial problems.
* It supports positive changes in your financial behaviour.
* You are better informed about the advice you received.
* You are now more confident with financial decision making.
 
Does the educational support help you to understand how to:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Discern which investment options available to you.
* Invest in property.
* Invest in shares.
* Minimise taxation.
* Plan for a better business.
* Protect your wealth with estate planning.
* Analyse and manage investment risk.
 
Have the personal outcomes from the education support been:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* You can now discuss your financial affairs with ease.
* You are more motivated to manage your money better.
 
 
Communication Effectiveness
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Verbal advice is clear, factual and sufficiently detailed.
* Written advice is understandable.
* Your financial planner is available to share and hear your concerns.
* Your financial planner supports your decision making by engaging you in discussions.
* Your financial planner communicates why and when external expertise is necessary.
* Your financial planner is consistent with motivating and encouraging feedback.
 
 
Teaching Effectiveness
Strongly disagree Disagree Neither Agree Strongly agree N/A
* You are satisfied with your financial planner as a teacher.
 
The teaching is effective because:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Your financial planner structures situations for you to master financial capabilities.
* Your financial planner provides financial tools to assist your financial understanding.
* The teaching is tailored at an appropriate level for you.
 
Are the financial tools useful because they help you:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Take control of your finances.
* Track your progress.
* Have more confidence with budgeting.
* Have more confidence with planning for future expenditure.
* Have more accountability for your finances.
* Know when you could take advantage of your financial opportunities.
 
 
Benefits of the Money Max financial profiling to your financial goal achievement:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* The Money Max financial profiling tool helps you understand your relationship money.
* The Money Max financial profiling has helped my financial planner to communicate with me about money.
* The Money Max financial profiling has helped my financial planner customise their approach to meeting my needs and objectives.
 
Financial planning has long term benefits for you such as:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Improved your ability to be less reliant on social security.
* Improved your ability to fund and live a comfortable retirement.
 
Financial planning has financial benefits for you such as:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Better cash management and budget systems.
* Better debt management and ability to save money.
* Better tax planning.
* Better contingency planning (i.e. appropriate insurance cover).
 
 
Financial planning has peace of mind benefits such as:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Prepared for life changing events (i.e. redundancy, untimely death or illness).
* You have reduced levels of financial stress.
* Feeling freer to enjoy personal wellbeing activities (i.e. holidays, family life).
* Creating clearer pathways towards your financial goals.
 
Financial planning has improved your sense of financial satisfaction by:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Having you practice desirable financial behaviour.
* Having you improve your financial knowledge levels.
* Having you improve your ability to meet your financial demands.
 
Financial planning has a positive effect on your health because of:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Reduced your anxiety about debt.
* Reduced your anxiety about overspending.
* Reduces your anxiety about excessive risk taking.
 
 
Your client relationship with your financial planner:
Strongly disagree Disagree Neither Agree Strongly agree N/A
* Empowers personal accountability for attaining your goals.
* Empowers you to achieve your financial goals.
* Empowers you to acquire greater financial knowledge.
* Empowers greater confidence in your financial abilities.
* Empowers you to think more positively about wealth creation.
* Empowers you to act on the financial advice.
* Your positivity for your financial success has increased over time.
 
As a result of financial planning:
Strongly disagree Disagree Neither Agree Strongly agree N/A
Your financial planner motivates better financial behaviour.
Your financial planner enables you to take personal control over your goals.