Ninety percent of people who work with a financial advisor are happy with their retirement income plan, according to a Franklin Templeton survey.

Eighty-seven percent who work with an advisor are confident in their plan. And 86 percent of respondents who work with an advisor are more likely to understand their plan, according to the survey.

For those respondents without an advisor, 44 percent are happy and confident in their retirement income plan and 48 percent understand their plan.

“The findings confirm that the most essential emotions surrounding retirement income planning—happiness with, confidence in, as well understanding one’s plan—are all increased substantially when you work with a financial advisor,” said Michael Doshier, vice president of Retirement Marketing for Franklin Templeton Investments.

The 2013 Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey found that, when choosing a financial advisor, retirement experience is a key consideration. Fifty-eight percent of respondents cited experience with retirement planning as the most important factor when selecting an advisor.
According to the findings, 51 percent of respondents indicated that they would switch financial advisors or begin working with one for the first time if an advisor developed a written retirement income strategy for them. This was particularly true among respondents in key asset accumulation years, specifically, 65 percent of those ages 35 to 44 and 62 percent of those ages 25 to 34.

A retirement income plan designed to meet expected expenses was what 33 percent of respondents wanted most from a financial advisor. Twenty-three percent cited an advisor's understanding of their goals, concerns and fears about retirement as most important to them. Selecting investments that matched their retirement income plan and risk tolerance was most important in an advisor to 19 percent of respondents.

The survey found that many respondents are actively considering changes to their long-term financial plans. Over the next five years, 31 percent anticipate changing their retirement strategy, 22 percent plan to make changes in their retirement investments and 13 percent anticipate beginning to work with a financial advisor for the first time.

The Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey was conducted online among a sample of 2,002 adults comprising 1,001 men and 1,001 women 18 years of age or older. The survey was administered from January 10 to 22 by ORC International’s Online Caravan.