Financial advisor use, life events, and the relationship with beneficial intentions

Abstract

This study investigated whether working with a financial advisor and incurring a recent life event were associated with having beneficial financial planning intentions. In a final sample of 953 online survey respondents, no relationship was found between working with a financial advisor and benefi-cial intentions over the next 12 months. Life events that incurred within the prior year, however, were positively related to beneficial intentions and when interacted with working with an advisor, had a positive moderating effect. These results suggest that planning for difficult life transitions is an important benefit of working with a financial advisor