Most Canadians choose financial advice and, when they do, they accumulate more assets and are better financially prepared for retirement, a report by the Investment Funds Institute of Canada says.

The report says advice builds people’s confidence in their financial future.

“Canadians have been, and continue to be well served by financial advice and the advisers who provide it,” says Joanne De Laurentiis, IFIC president and chief executive officer. “We know that individuals choose, overwhelmingly, to seek the assistance of advisers when important life events occur and benefit financially when they do.”

Advisers provide a wide range of services to their clients including setting and achieving planning targets, choosing the right vehicles and plans, and setting the right investment mix.

In addition, advisers contribute to financial literacy and are a trusted source for financial information for their clients and their clients’ children, the report says.