“Only millionaires need a financial advisor.”
“I’m not old enough to talk to someone about managing my money.”
“Wealth management is for people who have yachts, not minivans.”
If you’ve ever thought any of these things, you’ve probably bought into the myths regarding financial advisors and planning. It’s never too late—or too early—to start thinking about your future. And today, is when your future starts.
Maybe you have reservations about consulting a financial advisor because you're uncertain about what to expect. Here are some common misconceptions about financial advisors, and the truth behind them:
Myth #1: Most people don't need financial advisors
Truth: While it's true that you may have the knowledge and ability to manage your own finances, the financial world grows more intricate every day. A qualified financial advisor has the knowledge to help you navigate a steady path towards your financial goals.
Myth #2: All financial advisors are the same
Truth: Financial advisors are not covered by uniform state or federal regulations, so there can be a considerable disparity in their qualifications and business practices. Some may focus in one area such as investment planning, while others may sell a specific range of products, such as insurance. A qualified financial advisor generally looks at your finances as an interrelated whole, and can help you with many of your financial needs.
Myth #3: Financial advisors serve only the wealthy
Truth: Some advisors do only take on clients with a minimum amount of assets to invest. Many, however, only require that their clients have at least some discretionary income. They work with people in all stages of life, helping them set up plans for college, retirement, estates, business succession, and more.
Myth #4: Financial advisors are only interested in comprehensive plans
Truth: Financial advisors generally prefer to offer advice within the context of a client's current situation and overall financial goals. But financial advisors frequently help clients with specific matters such as rolling over a retirement account or developing a realistic budget.
Myth #5: Financial planners aren't worth the expense
Truth: Like other professionals, financial advisors receive compensation for their services, and it's important for you to understand how they're paid. But a good financial advisor may help you save and earn more than you'll pay in fees.
You don’t need to be a millionaire, be a certain age, or own an extravagant boat to talk with a financial advisory. A Farm Bureau financial advisor can help you develop an overall strategy for approaching your financial goals that not only anticipates what you'll need to do to reach them, but also remains flexible enough to accommodate your evolving financial needs. Find a Farm Bureau advisor and start the conversation today.
Advisory services offered through FBL Wealth Management, LLC.
Neither the Company nor its agents give tax, accounting or legal advice. Consult your professional adviser in these areas.