4 common myths about using an adviser

//4 common myths about using an adviser

4 common myths about using an adviser

How to manage your finances is a deeply personal decision and many Australians want more information about the best way for them. But when it comes to seeking financial advice many of us don’t know what a financial adviser actually does and how and what they can help with.

So let’s look at the most common myths about financial advisers and financial advice.

1. Financial advice is only something you seek when retirement looms

There’s a persistent belief among some young people that they don’t need to worry about seeking financial advice until they are planning their retirement (which is a long time away). This is misguided on two fronts – firstly, you’re never too young to start planning your future, and secondly, financial advisers can improve your present situation as well as your retirement.

2. I don’t have enough money to need a financial adviser

This belief is along the same lines as saying, ‘only really fit people need personal trainers’. While it’s true that wealthier people may require more help with tax strategies and managing investments, a financial adviser can optimise even the most humble of budgets, as well as implement a long-term strategy for wealth creation.

3. Advisers only help with investments

Financial advisers can help with budgeting, insurance cover, wealth creation, estate planning, wealth succession and management, planning for retirement, maximising super and finding ways to legally pay less tax. A good financial adviser will look at the complete picture of your finances and help you understand how your overall position can improve. Investments may be part of that but it’s only a piece of the big picture.

4. A financial adviser will handle everything for you

While it would be nice if we could all employ a set and forget approach when it came to getting our wealth in order, it’s not that simple – nor should it be. While a good financial adviser will be able to help you sort out your financial position, a client who is engaged and willing to learn will always get better outcomes.Ask questions – lots of them – and you will optimise your position from the outset

For more information on how one of our advisers can help you, contact our office for a no obligation appointment!

2017-01-16T09:48:24+00:00May 15th, 2015|Financial Planning|Comments Off on 4 common myths about using an adviser