The Value of Financial Advice - Research Summary This portion of the report should be approximately 1,000 to 1,250 words in length. In Chapter 3 of the QAR Final Report, Ms Levy identifies the 'mismatch between the cost of advice and what consumers are willing to pay' among the potential barriers to advice (p. 49-50). This potential barrier is supported by a review of prior research which has highlighted consumers perceptions of the cost of financial advice as being 'too expensive' and 'not representing value for money'. While this research identifies valid constraints to the accessibility and affordability of financial advice in Australia, the discussion largely overlooks an equally important consideration - the value that good financial advice can provide. Industry research seeking to quantify the value of financial advice (such as Vanguard's Adviser Alpha and Morningstar's Gamma, for example) has largely focused on attempts to quantify the tangible benefits of advice, such as contributions to investment performance and overall net wealth. More recently, reports such as the Value of Advice Index published by FPA Australia in 2022 have also identified some of the more intangible benefits of financial advice, such as subjective wellbeing and overall quality of life. This shift in focus has also been reflected in contemporary academic studies, which have likewise increasingly attempted to identify some of the non-financial benefits of financial advice. Required: Points to be considered Who conducted the research? What type of data were used to inform the analysis? When and where was the research undertaken? What are the main findings / arguments of the study? How do the findings contribute to a holistic understanding of the value of financial advice?