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 four to six years have more than one and a half times the savings of people that do not have an advisor but are 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 seven 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 three 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.
