People who seek the advice of a financial planner save an additional $2,457 each year, compared to a similar individual who does not have a financial planner, according to KPMG Econtech research.
On the basis of this figure, KPMG Econtech calculated that if an extra 5 per cent of Australians were to receive financial advice, there would be a 0.5 per cent of gross domestic product gain in national savings by 2014/15, compared to the current situation.
The research was commissioned by the Investment and Financial Services Association (IFSA), and chief executive John Brogden hopes it will improve the image of the industry among the public and in the Government.
The current Parliamentary Joint Committee Inquiry into financial products and services could lead to an increase in regulations for advisers, and Brogden said it was important to have a balanced debate.
"Australia is at a critical point now concerning the regulation of financial advice," Brogden said. "The debate that is taking place at the moment is extraordinarily critical of financial advice and there are no arguments being made about the benefits of financial advice. We are very keen to do that."
"I'm sick and tired of the debate being focused on purely the cost of financial advice, rather than on the value of financial advice, and this very clearly demonstrates the value someone gets from advice," Brogden said.
The research should also help advisers explain what they offer to clients, he said.
"This gives financial planners an extraordinary opportunity to sell the value of advice by putting a dollar figure next to it."
