Many people avoid talking to a financial planning advisor the way others avoid going to the dentist. In fact, it’s not uncommon for someone to think that consulting a professional financial planner is unnecessary since he or she already has investments in a 401(k) plan and life insurance policy.
The truth is an independent financial advisor will provide you with experienced financial guidance to help you achieve your long-term financial goals. Without one, you run the risk of jeopardizing you and your family’s future and missing out on financial planning strategies that may improve your investment management.
Here are the three most common misconceptions about financial planning advisors:
- Financial Planning Advisors Only Help Wealthy People: This misconception is likely the number one reason why people avoid consulting a financial planner. There are many independent financial planners who work with young adults and families to help them achieve their personal goals and retirement planning. When you meet with a financial planner, be honest about your budget, as most advisors can work with you on an hourly or fixed rate.
- Financial Planning Advisors Are All the Same: There are many different types of financial advising firms from which to choose. That’s why it’s important to find an independent financial advisor with whom you are comfortable. When researching a firm, look carefully at each agent’s designations to find which one is right for you. For example, a Certified Financial Planner (CFP) is a good indication that the agent is experienced in many different financial practices.
- Financial Planning Advisors are Only Interested in Making a Profit: Although this misconception is untrue for many financial planning firms, you still want to be careful when choosing an advisor. Do your research to ensure the firm’s financial planning services match your specific goals and objectives and that the advisors are committed to building lasting relationships with each client.
To find a financial advisor near you, contact Focus Financial today. With over 100 experienced, independent financial planners specializing in different practices, our team is here to help you make better financial decisions and stay on track with your personal and financial goals.