What to Expect from Your Financial Adviser?
If you’re in the first stages of your financial life cycle, it is likely that you haven’t spoken to a financial adviser or no one in your circle of contacts has dealt with a financial adviser. Your entire idea of a financial adviser may even be based on public reputation of the profession, which historically has been poor.
Despite the increase in adviser reforms in recent years improving the confidence in advisers across the board. You should still know what to actually expect from an adviser and cast away old misconceptions.
1. Financial Planning Is Only Investment Advice
The worst myth that needs to be debunked is that we purely offer investment advice, like that of a stockbroker. I have had many interactions in day-to-day life where someone has thought the entire job was investment selection. In reality, the strategies put in place to help you achieve your goals is a significantly greater part of the process. The benefits that the appropriate strategy can provide, will see your financial situation increase greater than the investment choices made. Although there are advisers who advise on a particular part of your financial situation, a young person should prioritise an adviser who considers the entire picture as this will set them up for life.
2. Financial Planners Are Greasy Stock Salesmen
I agree, in the past the whole finance industry has had a greasy salesman undertone, financial advisers included. However, a majority of the financial advice industry have been working to remove this reputation. Nobody likes to feel as if they are being overly sold a product and with recent changes to legislation this should no longer be a problem. Based on your age, you will likely also be more comfortable with a younger financial planner and based on what I have seen with other younger advisers, we have chosen this career to help you and not just in it for the money.
3. Financial Advice Is a Once Off Thing
As our goal is to put you in the best position possible, it is also not a once off meeting but an ongoing relationship. Your life situation is constantly changing and so are your goals, it isn’t crazy to think that this means your financial plan will also need to be updated. Legislation is also changing and therefore your advice needs to be reviewed often. To ensure that you are putting yourself in the best financial and life situation, ongoing advice is a must.
Don’t let these three myths hold you back from financial success!
My goal for you after reading this, is to hopefully help dispel any negativity you held towards seeking advice and clear up what you really should be expecting once you begin the journey of working with a financial adviser. If you have any further thoughts that you would like cleared up, reach out, I would be more than happy to help you understand what I can do for you further.
Altitude Financial Planning is a Corporate Authorised Representative of Altitude Financial Advisers Pty Ltd
ABN 95 617 419 959
AFSL 496178
The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Document.
