CFP-Sponsored Research Shows the Importance of Financial Planning

1. CFP-Sponsored
Research Shows the
Importance of Financial
Planning

2. CFP-
Sponsored
Research
Shows the
Importance of
Financial
Planning
First vice president of investments at Merrill Lynch,Thomas Zenovic
manages client accounts and provides financial advice. Dedicated to
providing high-quality services,Thomas Zenovic maintainsCFP
certification through the CFP Board.

3. CFP-
Sponsored
Research
Shows the
Importance of
Financial
Planning
Recently, the CFP Board released an article regarding a new
research study that found that most households inAmerica engage
in some type of financial planning.Sponsored by the Consumer
Federation of America and the CFP Board, this study determined
that around nine out of 10 households engage in either formal or
informal financial planning. However, the extent to which these
households plan showed large variation.Only around 20 percent of
decision makers within each household take methodical approaches
to financial planning, while around 35 percent are more basic
planners and about 33 percent are limited planners .

4. CFP-
Sponsored
Research
Shows the
Importance of
Financial
Planning
Basic planners, the largest percentage of the study’s
participants, have a plan for at least one savings goal, and over half
said they maintained a household budget. Comprehensive planners
have financial plans that include things such as insurance and
retirement, and two-thirds of respondents use a financial
professional to help with their planning.The study further showed a
strong correlation between saving financial preparedness and
planning. Not surprisingly, the results of this study show that
financial planning is important for households , and that financial
professionals are highly valuable throughout the process.