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Measuring the Value of Financial Advice

Financial advice can add tremendous value to an individual, and this value can be quantified.  The key comparison is then whether the cost of this advice is more than its value.  Current debate ignores the value component and only debates cost.  Are you interested in broadening this debate?


Attached is a paper that was presented at the Actuarial Society’s convention in November 2007.  This paper addresses the debate about the cost of individual financial advice, but more importantly the value of this advice


PS: For the time pressed reader, consider reading the following:

-          Section 3: develops an important framework for evaluating the impact of industry changes to the balance between the amount of advice given and the value of this advice.

-          Section 4: deals with some key research findings in terms of individual’s abilities to do things right for themselves.

-          Section 5: develops methods of evaluating the ‘Net Real Value Added’ by advice vs. inaction, i.e. the value of advice.

-          Section 8: deals with the impact of initiatives on the general access to financial services.

-          Section 9: is a long section detailing the use of the above framework and methodology in 7 different examples of financial advice.


Thereafter try:

-          Section 2: details the well know problem with savings in South Africa.

-          Section 6: gives some interesting information on the profitability of a financial advice practice.

-          Section 7: deals with the cost to the consumer of advice on investment products.

  Downloads »

Value of Financial Advice by Colin Dutkiewicz, Levin and Dukhi
727 KB

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