When someone considers working with a financial advisor, many questions may arise. Am I ready to work with one? Will they judge me for my financial situation? Do I have enough money to make it worthwhile? Is it too risky? All of these thoughts make sense—it’s natural to want to protect your money, your time and your future.
While you navigate these questions, it’s important to consider accurate information. There are plenty of myths about what it means to work with a financial advisor, and Client 1st Financial sets the record straight. Keep reading to discover the five myths we hear most often and, more importantly, our responses.
1) I can do it myself.
We’ll be the first to admit it—there is an overwhelming amount of free financial advice and information on the internet. Despite this, we still think that working with a professional financial advisor is a smart decision. Information you find online might be outdated, biased or incorrect.
Financial advisors have committed their professional careers to understanding how to serve clients like you. We do our best to see the whole picture, while online advice might only focus on one thing. We have a strong background in taxes and estate planning, a full suite of tools, applications and in-depth industry information to guide our decision-making.
2) Financial advisors are only for wealthy people with lots of assets.
This has been true in the past, but today, plenty of financial advisors don’t have minimum requirements for income or assets. At the end of the day, we exist to help you financially plan for your goals. Everyone is creating a legacy, and Client 1st Financial aims to help you establish one you can be proud of, whether it’s grand and noticeable or subtle and personal. We want to learn about your current situation and where you want to go, which will help us build a custom plan for your unique finances.
3) Investing in stocks is just too risky.
It’s important to note that stocks are not the only form of investing available to financial advisors. That’s not to say that stocks won’t be involved in your plan, but they will likely only make up one small part. Most financial advisors will build you a well-balanced, well-diversified portfolio, which provides you with much more stability and less risk. It’s up to you and your advisor to make these decisions, including how much risk you’re comfortable with.
4) I will have to give up control of my money.
When you work with a financial advisor, you’re still fully in control of your money. A financial advisor will look at your finances with you, provide guidance, and only make changes when you’ve approved of them first. You have the final say on everything that happens with your assets.
5) I will feel ashamed of my financial habits.
A good financial advisor should never make you feel embarrassed about your situation. No one is perfect when it comes to spending–not even your advisor. Your previous financial decisions will help your advisor figure out what to do next. If a financial advisor makes you feel this way, it might be time to try someone new.
Working with a financial advisor is not as scary as these myths might suggest, but if you’re still worried, that’s okay. We take a personal approach with new clients and discuss any fears and concerns to ease your mind before any real financial planning begins. Personalized, professional guidance might be the missing piece from the puzzle of reaching your financial goals. Contact Client 1st Financial to kickstart your journey to financial success.