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4 Myths About Financial Advisers

4 Myths About Financial Advisers

When you’re sick, you go see the doctor.

When you have a problem with your car, you go to the mechanic.

When you have financial questions or issues, so many of us are too shy or avoid seeking a specialist financial adviser.

The way you manage your wealth can ultimately shape your future and quality of life. However, many Australians go it alone without seeking support from experts.

Some people do not work with financial advisers because they do not see the benefits they provide or are not exactly sure what a financial planner does. 

However, the benefits of receiving financial advice are significant and shared by so many Australians who engage with an experienced, independent financial adviser. 

Partnering with a financial planner can also empower you to make smarter decisions with your money, allowing you to fund investments like a new home or your dream retirement. 

What are Financial Advisers?

Financial advisers are professionals who guide you on the best ways to manage your wealth. Before providing you with advice, a financial planner will analyse your current financial circumstances and your goals. This way they will be able to provide you with a personalised plan to help you reach your financial and wealth goals. 

A good financial planner will provide tailored solutions. These solutions include investment advice, retirement planning, and insurance advice. They help people achieve objectives such as saving and planning for early retirement.

Here are some of the most common myths about financial advisers and the truths behind them:

1. They Will Give You Only Generic Advice

Some people don’t seek financial planning services because they think they will just be given generic advice that they could easily find somewhere else. 

At Central Coast Financial Planning Group, that is far from the truth.

Good financial advisers worth their salt will give wealth management strategies designed specifically to meet your needs, goals, and desires. To make sure the advice fits what you want and need, our friendly advice team will get to know you, your hobbies and interests, future goals, and potential lifestyle challenges. 

We believe personalization, full transparency, and education are crucial to deliver quality financial advice. 

We will never force you to accept recommendations that you aren’t comfortable with. Instead, they will offer alternatives that you’re more willing to take.

2. You Will Be Asked to Make High-Risk Investments

Financial advisers understand that everyone has a different risk appetite, which means they won’t force you to make high-risk investments if you’re risk averse and the recommendations are not in your best interests.

Some clients are willing to take bigger risks for the chance of getting a more significant return, while others are more moderate about their preferences. Both are completely acceptable, and your financial adviser will work with you to create a strategy that matches the risks you’re willing to take.

3. They’re Too Expensive

Like all other professionals, financial advisers charge a fee for their guidance and expertise. 

While the fee may seem costly, the truth is their advice and guidance can help you to save money in the long-term. 

In fact, in a 2020 study by IOOF1 revealed that 90% of Australians who received financial advice say that engaging with a financial planner left them in a better financial position. 

A financial planner’s goal is to help you structure their finances for the best possible returns and to ensure you will be financially secure for the rest of your life.

4. They’ll Only Tell You to Stop Spending on What You Enjoy

Lastly, many people are afraid that financial advisers will tell them to stop spending money on their hobbies, interests, and nice-to-have items. 

The reality is financial advisers want to support your goals and help you be able to enjoy all the things you want in life without having to worry about the costs. 

Whatever you like to spend your money on and whatever your goals may be, a financial planner from Central Cost Financial Planning Group can help you enjoy your life without limitations. 

Looking for financial advice on the Central Coast?

Financial advisors are in the business of helping people manage their finances better to achieve their lifestyle and financial goals. By seeking financial planning services, you can take the first step to financial freedom.

If you’re looking for financial advice on the Central Coast, let us know! Our team of specialist financial advisers can help you manage your investments and make smart financial decisions for your future. 

Our services include aged care financial advice, asset management services, retirement planning, and more. Book a meeting with us today!

REFERENCES

1 The True Value of Advice Report, IOOF. December 2020

 

Disclaimer: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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