Created: October 17, 2022
Modified: October 17, 2022

Episode 81: Fears People Might Have When Approaching a Financial Advisor

Today’s question is in regard to fears people might have in approaching a financial advisor.

I Don’t Have Enough Money to Hire a Financial Advisor

One of the fears that we see people often have is they feel that they don’t have enough money to be sitting down with a financial advisor. You know, we sit down with people all the time. People from all walks of life, in varying degrees of age, amount of money saved, and preparedness for retirement, and I would venture to guess that in all, if not most of those scenarios, we were able to add value in some way. Even if someone has not done a good job saving for retirement, that is okay! We’re very often able to sit down with them, assess their situation, and give them a sense of what they need to be doing going forward to ultimately achieve their goals.

Understanding Investments and How They Work

Another fear that we see people have is that they feel they’re going to sit down with a financial advisor, then they’re going to take all their money and put them into all these complex investments and they’re not going to know where the money is and how it works. Now, hopefully, that’s certainly not the case. If you’re sitting down with and working with a competent, holistic, independent, trustworthy financial advisor, that certainly should not be the case. The way that we would approach it is by having multiple conversations and getting to a place where we’re building a plan and helping you understand what’s working well and what can be improved upon. Then, if you want our help on those things, helping you to improve your situation and ultimately be able to achieve your goals. If we help somebody out with investments, they’re going to have an understanding about where those investments are placed and how it ultimately works. And hopefully, the plan that you have prepared for you is simple and explained to you in easy to understand terms.

Past Financial Mistakes

Finally, the last fear that we see most commonly is people can be apprehensive because of some past financial mistakes or there’s some degree of embarrassment around lack of preparation for retirement. Again, if you’re sitting down with a competent, independent financial advisor, that person is not going to make you feel that you’ve done anything wrong. I would approach it from the standpoint of, where are you right now? Where do you want to be and what’s the best way moving forward? If mistakes were made in the past, that is okay. It is what it is. What is the best way to move forward and achieve your goals?

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