When your car breaks down, what do you do? You go to a good and affordable mechanic but when your finances keep you up at night, you just stare at the ceiling.
If this sounds like you, then you’re not alone, and in fact you’re just like the average Gen Y.
Here are the most common misconceptions about working with financial advisers.
1. Working with a financial adviser involves talking once a year to a total stranger.
Trust is high on the list of priorities for financial advisers – especially the good ones.
Usually, you can communicate with your adviser whenever you have a question, or need advice, and can get on a call at least a couple of times a year.
2. Working with an adviser will put my financial information at risk.
Your privacy is a top priority for financial advisers.
Not only will they be working to protect your money, but all information provided to them, whether data and facts or feelings and emotions remains confidential and protected.
Shopping online probably puts your credit card information and money at more risk than working with a financial adviser.
3. Financial advisers don’t work with people who are disorganised like me.
A financial adviser is not there to judge your life choices, or how good you are at keeping your money organised.
On the contrary they’re there to help.
They’ve seen it all and more.
4. How do I know if a financial adviser is legitimate?
Becoming a financial adviser takes a long time.
Like becoming a doctor or lawyer, it involves rigorous studying and specific certifications, along with experience.
You can use the Australian government’s Financial Adviser register to search your financial adviser, and find information relating to their education levels, professional memberships and even whether or not they have received any disciplinary action.
5. How can I trust anyone with my money after what happened during the global financial crisis?
Many people are so paralysed by the fear of losing money that they’re not willing to even try to build wealth.
Staying safe and secure in your inactivity is a sure-fire path in the opposite direction to that of financial freedom.
We lived through the GFC too, and saw people in our own lives suffer, and because of this we know that being cautious is a good thing.
You just want to play it smart, and your financial planner will understand that.
6. What if I spend money on a financial adviser and it’s not worth it?
Not working with a financial adviser can be the most expensive decision you ever make.
At the end of the day, a financial adviser is there to help you make more money and ultimately, get rich.
Most financial advisers offer a no-cost, no-obligation session for anyone interested in finding out more about what their financial future could look like with help from an expert, and whether or not they might be the right fit for them.