The Biggest Misconceptions Regarding Financial Advisers – What You Need To Know

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  • November 22, 2018
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“Unveiling real facts about financial advisers, to avoid harmful misconceptions.”

There’s a lot of misconceptions about financial advisers, and their importance is often questioned to reduce its value. In reality, financial advisers conduct complex tasks for the benefit of their clients – advising someone regarding their assets and financial decisions is a delicate commitment.

Financial advisers can turn into someone who gains all of our trust to develop a successful financial relationship that benefits both parties. Unfortunately, media, news and other factors have contributed to give an overall misconception of the duties and accomplishments expected from a financial adviser.

Most people think that the only people who can have financial advisers are the wealthy. Also, people believe that this is something they can do by themselves, but having professional guidance for your finances is in reality a wise move to make. Modern times have changed some conceptions about work, investments, retirement and right now everyone can use the support of a financial advisers.

Before you try to be your own financial adviser,  perhaps putting your finances at stake, take a look at some of the common misconceptions surrounding financial advisers.

Financial advisers can only be hired by wealthy people:

This is the biggest misconception about financial advisers, and this myth has caused many people to become their own financial adviser. This option will involve a lack experience, which can lead to a negative outcome. A long time has passed since financial advisers were only for rich people and investments are now there for everyone to benefit. You cannot overlook the fact that having a trustful source of knowledge for something that can be profoundly complex and risky as handling finances can only be positive.

You don’t have to be financially wealthy in order to enjoy good financial advice. If you are thinking about your future or dream about retiring early, then you should find a way to boost your finances. A reliable and good financial adviser will get you there while taking care of how you invest your hard earned money. Not all advisers are the same.

Financial advisers are still pretty expensive, right?

Wrong. However, it is essential that you understand how valuable their knowledge is. Try to find an agency or financial adviser who charges you accordingly to your investments, with transparent and reasonable fees. Remember that the whole aim is for you to grow financially, so a good advisor should give results that are significantly larger than the price you have to pay for the service

How do I know if I can trust my financial advisor? How am I not just another client?

Poor advice will lead to financial loss. Thorough research is recommended before choosing an agency. See if the services offered are on the same page as your financial development goals. Look for a company that develops strong relationships as you will be dealing with them and entrusting your finances to them. Take advantage of the whole variety of options available, see their reviews, if they have any certification to accredit their expertise and how much do they value their clients.

I can just do it myself, can’t I?

Yes, you can take care of your finances yourself, and if you have the financial knowledge, you should, by all means, go for it. However, if you lack the expertise and the first-hand experience, then maybe it’s a decision that can backfire.

You need someone who is aware and updated on all market changes and new investment opportunities to accomplish financial goals. We’re not suggesting that all financial advisors will always make the correct decision, especially considering most pushed us to utilise PPI before we all realised it was paying for a non-existent service.

If you don’t have a keen eye to do this, then you can avoid an unnecessary hassle and hand over your financial projection to a professional company to help you get where you want to be.

Whether you consider financial advisors  useful or not, they do provide a service that can be highly rewarding for your plans for the future. If you’re hesitating about making a move towards finding a financial adviser, please feel free to visit us and see how we can help you achieve the financial status you´re looking for.