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Financial advisors and consumers don't see eye to eye onspending and saving or on budgeting and managing money, accordingto new research by the Certified Financial Planner Board of Standardsin collaboration with Heart+Mind Strategies, a consulting firm.

Seventy-eight percent of consumers surveyed said it was easy tosave money, but only 39% of advisors agreed. Similarly, 88% ofconsumers believed it was easy to manage money, while just 30% ofadvisors agreed.

“Just like a doctor needs to know a person's symptoms beforemaking a diagnosis, so does a financial advisor need to know what aconsumer is spending and saving before developing a comprehensivefinancial plan,” CFP Board CEO Kevin Keller said in a statement.

“While there may be some hesitation by consumers to ask forhelp, if financial advisors don't proactively engage them onbudgeting and cash flow needs, they are missing a clear opportunityto help their clients take control of their financial futures.”

The study was based on an online survey conducted Oct. 25 to Nov. 2among 133 full-time financial advisors and a national sample of 300adults between 35 and 65 years old, who were the primary or shareddecision maker for personal finances and had investable assets ofat least $100,000.

Advisors in the survey said more cash flow management, orbudgeting, would benefit consumers, many of whom do not see this asimportant.

Forty-eight percent of advisors said clients with a mismatchbetween their spending and their overall goals would be helped mostfrom cash flow management.

A fifth of advisors said budgeting would benefit clients whohave a low awareness of their spending, or ones who need to see theeffect of saving more or spending less on future goals.

Virtually all advisors agreed that clients become more confidentand secure about their financial futures by developing a budget andperforming cash flow exercises. But doing so can be achallenge.

Clients often withhold data, provide inaccurate information orresist adjusting their habits, the research showed. Nevertheless,advisors continue to see it as a critical component to successfulfinancial planning.

Three-quarters of firms in the survey said they provided someform of cash flow management, and more than half included it in aclient plan all or most of the time.

“Understanding earnings and expenses are core to financialwellness at every income level,” Keller said. “Even thoughbudgeting can be a time-consuming process, it's well worth it.”

Read more: 

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• Financial wellness programs need nurturing tosucceed
• Financial advisors get high marks, need to engageclients more