10 Myths About Working With a Financial Advisor
Myths about working with a financial advisor abound, maybe you've heard a few:
- "I don't need one"
- "There are lots of hidden fees"
- "I will start later"
The truth is that financial education around saving and investing money is for everyone. And even though everyone has different perceptions and expectations about a financial advisor’s purpose, the goal remains the same: getting your money to work for you.
The sooner you start, the better. Developing good financial habits now, helps to prevent major catastrophes later.
- "I could never afford a financial advisor." Reality is, you can’t afford to be without one. Pineywoods financial will guide you in creating prudent strategies for your retirement savings, investments and other aspects of your future. We are flexible with you and your situation.
- "I’ll lose everything when the market swings." The volatility of the stock market can be daunting. That is why Pineywoods Financial focuses on the things you can control, by keeping an eye on the long-term strategy. Our firm specifically emphasizes that we are stick to extremely conservative and low risk strategies.
- "Hidden fees." Ask for complete details on all-in fees for each consultation or transaction. This is your money, your future — don’t be shy about it. We encourage you to ask questions and voice concerns. After all, we are here for YOU!
- "401 contributions are always enough." Without financial planning social security and 401(k) balances may not keep up with the cost of living.
- "There's no such thing as future security." Nothing in life is certain, but this is about managing circumstances and preparing for life’s transition.
- "I will start later." Early bird gets the worm. The same bird that secures his nest egg (see what I did there). It’s never too late to manage finances, but it will always be in your best interest to start early.
- "Advisors guarantees returns they can't meet." Nothing in life is guaranteed. Here at PFS, we simply put you in a better position for making custom financial decisions for short- and long-term planning.
- "Advisors provide shortcuts to making money." Not true, although market predictions exist, no one knows for sure. Our team is here to help you get you closer to your goal, while being transparent about the potential risks and measurements of time required.
- "Now that I have an advisor - I don’t need to know what’s happening anymore." Of course you do! Pineywoods Financial knows how crucial it is that our clients are in the loop. We help you understand the whole picture, complete with details of what works or why it doesn’t.
- "I will lose control of my future." Not true. At Pineywoods Financial, we put you in the driver seat. It is a top priority for us that our clients feel well-equipped and in the know about their money and their future.
Long-term planning and good financial decisions with the help of a professional advisor is a managed future. Understanding the basics of the financial advice will help to avoid overwhelming mistakes brought on by these myths.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.