1. Financial advisers are only for people that have a lot of money
This isn’t true. Whilst it is very common for people who earn a high wage to seek out financial advice, everyday folk also need and can get help. Whether it is to help maximise savings, plan for retirement or ensure you’re financially protected in the event of health issues, financial advisers are not just consulted by the top 3% of earners in the country.
2. Only older people need financial advice
This is also false. Whether you are a young millennial just getting started in life, a forty-year-old Gen X or a Baby Boomer, Financial Advice is useful for everyone. Maybe you’re just starting a new and exciting career, or you are going through a tough divorce, or maybe your kids have all moved out of home and you’re starting to see more of the Grandkids… financial advice can be utilised in all these situations. If you find yourself wondering how you can make the best of your financial situation, it’s very likely a financial planner can help you out by helping you prioritise the most important details of your situation.
3. Financial Advisers are only out to get my money
There is a lot of media around the few advisers who have abused their privileged position. Most advisers are personally motivated to ensure appropriate and cost-effective plans are built according to your needs and circumstances. Like other professionals (accountants, solicitors, doctors) they have a duty of care and are bound by a code of ethics. Many financial consultations, as a first timer, are free. If you don’t like what you hear, you can always walk away. You don’t have to sign your life away or decide on the spot. In fact, often, you are encouraged to take your time and think about it. Financial advisers don’t want to push you into a tough decision you’re going to drop next week.
4. I don’t need insurance if I don’t make a lot of money
Your ability to earn an income over your working life is a lot of money. And it’s worth protecting. Insurance is also about having financial relief in difficult times, paying off debt to alleviate repayments should you be disabled or when you die, leaving your family financially stress free. These things are all taken into account by a financial adviser and they help you navigate and build a cost effective, useful plan to protect yourself and your family.
5. I don’t want to be told how to live my life
That’s not what a financial planner does. Helping you plan your lifestyle or helping you make the right decisions to save are empowered by you. A financial adviser can guide you in the right direction or perhaps propose an idea you haven’t thought of yet. They are specialists who can help you make sense of your finances.
If you want help dealing with your finances, or if you just want to work out what is best for you, reach out to us, we can help put you on the right path.