It pays to have a plan

The value of financial planning is clear as nine out of ten respondents to a new survey say they believe they have clear financial direction with a comprehensive financial plan. According to the Value of Financial Planning study released by the Financial Planning Association, this is nearly 50 percent higher than those without professional support.

The study also finds those with a financial planner and a comprehensive plan are 50 percent more likely to feel their goals are financially secure as compared to those without a professional financial planner (75 percent versus 49 percent).

"Although conducted prior to recent events, the findings show that those with a comprehensive planning relationship feel more in control of their financial future and believe they are more prepared for the unexpected. This outlook keeps them focused on long term goals rather than reacting to market events, which is critical during these difficult economic times," said Jim Barnash, CFP(R), national director of Financial Planning, Ameriprise Financial.