Top 5 Crazy Myths About Financial Planning

June 24, 2019

We hear it all the time. Stereotypes about the financial planning world come by the 100s…no 1000s! More often than not, people don’t realise that a financial planner can be a useful asset to any and every stage of their life.

“Oh! But working with an adviser is just about spending less than what I am earning.’

WRONG! Let us debunk that myth right now for you. There are a lot of common misconceptions about financial advisers. Here are the top 5 crazy myths we are sooooo ready to debunk:

1. Financial planning is only for the rich

This one hits the list as number one that we are totally ready to debunk. The idea that financial planning is only for the high rollers is one we face on the regular. Regardless of age, life stage or income, anyone with a desire to live their best life possible can benefit from financial advice. The size of your income and your life stage is not correlated with the size of your dream. As advisers, we work with you to develop strategies specific to your situation. Remember, this is about you achieving your dreams.

2. The profile of a financial adviser is a 55-year-old man

We can see it now; you are spending your typical Saturday night watching your favourite sitcom. Ahhh there he is, Bob the financial planner. He is 50, wears the same suit every day, and works in a bland office. Sound familiar? Yep, the old stereotype. One we hear a little too often for our liking. Our team at Visia Financial Services cover an array of ages and a blend of both genders too.

Totally debunked…next!

3. Financial advisers only tell you how to invest your money

Yes, we can help with this of course! But this is not all we do. Beyond investments, a comprehensive financial plan looks at your overall financial situation — debts, income, savings and cash flow. Our plan considers any insurance needed to protect your assets, retirement and estate planning, and tax strategy. Our services are far more multi-faceted than the odd investment.

4. ‘I’ve got plenty of time!’

The misconception that you have tons of time to ‘sort it out’, is definitely a myth worthy of debunking. The reality is that important financial strategies prior to retirement are crucial and cannot be swept under the rug. A financial planner can help with the purchase of a first home, the growth of your family, education and even unexpected life hiccups. The fact is the earlier you start, the easier it is to set the path towards what is most important to you. When you have someone else looking out for you and working with you, you are setting the tone for wiser and more informed decisions as you move through life.

5. ‘I don’t need an adviser; I have my accountant’

Don’t get us wrong, accountants offer invaluable services. However, what makes us unique is that we take on a more holistic approach of your entire financial situation as a whole by factoring in your financial goals and by looking at primary financial factors that run your life. We consider things like your house and mortgage, your relationships, your entertainment and recreational needs.

At the end of the day, every single person can benefit from the care, guidance and advice of an experienced person who knows a thing or two about your dollars. We here at Visia Financial Services are here to help you every step of the way. We offer a judgement free zone and are invested in ensuring you reach your goals. Get in touch with us today, let us begin our journey together.

Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.

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