Core Insights - The report by Vanguard highlights the importance of "peace of mind" as the primary value that financial advisors provide to clients, emphasizing the need for advisors to communicate this effectively [5][6][11]. Group 1: Value of Financial Advice - Financial advisors have historically struggled to quantify and communicate the value of their services, often focusing on investment performance while underestimating the benefits of financial planning and emotional support [4][18]. - The study identifies four key areas of advisor value: tax-efficient investment gains, planning toward long-term goals, emotional benefits, and time savings, with "peace of mind" being the dominant reason clients seek advice [10][11]. Group 2: Client Preferences and Communication - Clients value a multifaceted approach to measuring success, indicating that advisors should personalize their communication and use multiple relevant success metrics tailored to individual client preferences [7][16]. - The report suggests that every interaction between advisors and clients should focus on enhancing peace of mind, with emotional value increasing when advice is timely and trust is built through effective communication [12][18]. Group 3: Implications for Advisors - The findings imply that advisors must develop tools to provide clients with specific metrics that reflect the value of their services, thereby enhancing client retention and attracting new business [3][8]. - The report underscores the necessity for advisors to engage clients in discussions about their definitions of retirement success, ensuring that communication is clear and relatable rather than overly complex [16][18].