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Top 3 Misconceptions About Financial Planners - 2 People Meeting A Financial Planner

Top 3 Misconceptions About Financial Planners

Many Australians do not consult financial planners because of preconceived misconceptions they hold about advisers. No matter what your stage in life consulting a financial adviser is an investment in your future. A financial planner will work with you to help you achieve what is important to you and your family. A great financial planner works hard towards adding tangible benefit to your life.


Here are the top three most common misconceptions about financial planners:

1. Financial Planners Only Help Wealthy People

Do not avoid getting help from an adviser because you think that you are not wealthy enough or do not earn enough money.  It is the job of a financial adviser to assess your financial situation, no matter how prosperous or dire, and to come up with strategies to improve your financial position.  Financial planners work with people in all stages of life, singles, young couples, families, pre-retirees.  Importantly, a good financial planner will focus on what your goals are and formulate a plan to help you achieve them.  So, whether you are a young couple wanting to save for a house and get married, a single person with mounting debt, a family wanting to put money away for this child’s education, a pre-retiree wanting to travel Australia in a caravan, a financial planner is there to help you achieve your goals and improve your financial outlook.

2. Financial Planners Just Help You With Retirement And Superannuation

Having an ongoing relationship with a financial adviser is about much more than just what to do with your superannuation.  A good adviser will take a holistic view of your financial position and advise you on strategies to maximise and protect your financial position and reduce your risk.  Depending on your financial circumstance and stage in life, quality advisers will cover off many facets such as:

  • Personal insurance advice
  • Tax (financial) advice
  • Investment strategies
  • Budgeting advice
  • Centrelink advice
  • Debt reduction strategies (mortgage and other debts)
  • Property investment implications
  • Estate planning assistance

They can also address traditional aspects of retirement planning and superannuation.  Remember, the key role of a financial adviser is to help you achieve your goals.

3. All Financial Planners Are The Same

Just like not all doctors are the same, not all financial planners are the same either.  At the most basic of assessments, not all financial advisers have the same qualification.  To feel confident that you are receiving sound advice seek out a Certified Financial Planner (CFP).  CFP is the highest level of qualification a financial planner can hold and helps you to know you are getting advice from an adviser that is experienced in the many different facets of financial planning.


You Will Be Better Off With Advice

Research shows if you seek expert advice from a financial adviser, you will be better off.  In a 2018 study ‘Value of Advice’ by Core Data[1] it was found that everyday Australians who received financial advice confirmed that it added tangible value to their assets in retirement and peace of mind. Of those who received advice, almost 83% said they felt very well or reasonably well financially prepared for retirement. Of those who do not seek financial advice, only 33% felt they were financially prepared. Likewise, in a 2017 study by Sunsuper[2], of those currently advised 80% said they felt more confident making financial decisions as a result and the same proportion believe advice has brought them more peace of mind. Importantly 75% believed that financial advice is worth more than it costs. So, toss away any preconceived ideas you have about financial advisers and make an initial appointment to see how you can be helped.

For expert financial get in contact with Elliot Watson Financial Planning 02 4038 1623.

[1] 2018 study ‘Value of Advice’ by Core Data
[2] 2017 study by Sunsuper

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.

Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Elliot Watson

Elliot Watson*

Elliot Watson is an award-winning Certified Financial Planner with over 15 years' experience. He is passionate about helping people grow and protect their wealth.

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