Vanguard has created a three-part framework for measuring the value of financial advice to investors.

Using data derived from Vanguard Personal Advisor Services clients, the framework aims to show that the value of advice encompasses three dimensions: portfolio, financial, and emotional.

Portfolio outcomes: The implementation of financial advice altered the equity risk taking for two-thirds of investors, changed international allocations for 90 percent, and reduced cash holdings for 28 percent.

Additionally, portfolios based on index funds increased for 80 percent, leading to considerably...