Episode 81: Fears People Might Have When Approaching a Financial Advisor
Have your question answered on the Money Wisdom Question Series!
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?
Click Here for Your FREE Copy of “The Value of an Objective Opinion”
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
What’s the Best Age to Start Taking RMDs?
Is it better to take your required minimum distribution (RMD) sooner rather than later? While the IRS determines when you must begin taking RMDs, you may benefit from taking them earlier. An RM… -
Should I Downsize My Home for Retirement?
Equity is on the minds of many pre-retirees and retirees today, more specifically: Should I downsize my home in retirement? And if so, when is the right time to do it? In this week’s Money Wisd… -
Podcast Episode 410: 2 Key Questions to Ask a Retirement Planner
Prefer to watch? Click here to watch and listen on YouTube. Meeting with a financial planner often sparks some of the most important questions. When it comes to retirement, there’s a lot to con… -
How Can You Protect Your Retirement Assets for Your Family?
When you’re focused on planning for retirement, it’s easy to overlook how you can protect your assets for both yourself and your family. While there’s no one-size-fits-all approach, your first ste… -
Podcast Episode 409: Which Retirement Accounts Should I Withdraw from First?
Prefer to watch? Click here to watch and listen on YouTube. Planning for retirement doesn’t end when you stop working. In fact, one of the most important financial decisions you’ll face in reti… -
How to Jumpstart Your Retirement Planning
Retirement planning can feel overwhelming, especially after decades of hard work and diligent saving. With so much to consider, how can you ensure your money lasts as long as you do? The good news… -
What Level of Risk Is Right for Your Retirement Plan?
In this week’s Money Wisdom Question Series, Ian Fergusson, RICP® addresses a fundamental concern for anyone approaching or in retirement: What level of risk is appropriate for my retirement plan?… -
Podcast Episode 408: What to Do in a Down Market
Prefer to watch? Click here to watch and listen on YouTube. As recent market fluctuations have stirred up a lot of economic uncertainty, there’s a particular question on many investors’ minds: … -
What Estate Planning Steps Should I Take?
With retirement on the horizon, you may be wondering what steps you should be taking from an estate planning standpoint. At its core, there are three key estate planning considerations to keep in … -
Case Study: What Should My Investment Portfolio Include?
As you approach retirement, your investment strategy must shift from aggressive growth to a focus on income generation, asset preservation, and moderate growth to outpace inflation. Consider th…