You wouldn’t dream of not looking after your car, so why not apply the same care to your finances? As with a vehicle, ignore the warning signs and things may go wrong. Keeping on top of how to get the most from your money pays dividends. Financial advisors are like mechanics for your bank account, helping to solve your money worries and making you financially roadworthy. Let’s debunk some common misconceptions about financial advisors.
1 Only rich people need to plan financially
You don’t need to be wealthy to benefit from a financial advisor. An advisor can manage your debt, help you to set financial goals, put together a plan to assist your family, plan for retirement, begin investing, maximise an existing portfolio and more.
2 It is only for those about to retire
Many people wait until retirement is on the horizon before they visit a financial advisor. This is inadvisable. Starting a financial plan is rather like placing funds into a piggy bank: if you do it early, it becomes more likely that you will have good results.
3 You have to put your finances straight first
People get busy and finances can be complicated. You tell yourself that one day you will cope with your finances and see a financial planner. Don’t hesitate – go now. Most planners offer a first appointment free of obligation, which is a chance to chat about your current situation and see whether you want to proceed.
4 You don’t want an advisor – so far you have been OK
You may feel that you are happy with your situation, so why rock the boat? If the sun shines on your life, more strategies can be put in place than are possible when life is not going so well. Also, consider that life might throw some difficulties your way. A financial advisor can set up insurance for your family.
If you want an independent financial advisor Wiltshire offers firms such as Chilvester independent financial advisors.
The Money Advice Service explains what a financial advisor can do for you.
5 They just promote their own products
Contrary to popular belief, financial planners look at products from various providers prior to recommending products.