Financial advice increases your wealth. It's been a "chicken and egg" question for years: Do wealthy people seek advice, or does advice increase a person's wealth? New Canadian research has proven convincingly that having a financial advisor helps people increase their wealth. People who've had a financial advisor for 4 to 6 years have more than 1 1/2 times the savings of people that do not have an advisor but similar in all other ways (such as age, income levels, and education). The longer people have had advice, the more their levels of savings improve. Those who've have had a financial advisor for 7 to 14 years have twice the savings of those who are not receiving advice. After 15 years or more, people with financial advisors have closer to 3 times the savings of those who do not have advisors – mostly because simply having an advisor encourages people to save regularly and save more. That leaves one less "chicken and egg" question for us to ponder.
Source: Help's Here! Resources for Seniors and Caregivers. Fall/Winter 2014. page 64.