Debunking the myths which bar individuals from seeking professional help for their finances
On a daily basis, all of us make financial decisions, dozens of small choices which are related to small amounts of dollars. But apart from the smaller financial decisions, there are also bigger choices that need to be made. Whenever we fall short of ideas and decisions, we tend to think of the hiring a financial advisor but at the same time, there are many myths associated with the activity of seeking help of fiscal advisors who are professionals.
Myths always surround most industries and this is also not an exception. The culture of demanding commissions, mis-selling scandals or the recent move to fee-based models will turn you off from seeking help of financial experts. As per experts, you are actually missing out on the extra dollars or the tax saving tips by not getting help from professionals. So, what are the myths that need to be dispelled? Here are few you should know of.
Myth #1: You require being wealthy in order to hire a financial advisor
Fact: The elimination of the commission system has made the cost of advice clear to the consumer and hence this may seem to be more expensive but this is even more transparent as you would always have to pay some amount to the adviser. There are lot of banks which have stopped with their advice market and they usually focus on high-net worth people and will offer you services which are more conventional retail investors to manage their funds. You may have to be wealthy enough to visit a wealth manager but most of the financial advisors will love to sit down with clients to assess their situation.
Myth #2: Advice takes up too much time
Fact: You might feel that a financial advisor will take too much time but it is not entirely correct. Seeking financial support will not necessarily mean endless papers of form filling or spending an entire evening talking about money. There are even lot of companies that offer financial advice and which allow you to fill up all information online or on the phone as it is a cheaper and an effective option.
Myth #3: Majority of the effective tax planning is totally dodgy
Fact: Often there are daily announcements from the federal government on catching the tax avoiders but this has not helped the tax planning industry. Avoiding taxes is legal and this is actually known as tax evasion on which the HMRC and the Treasury is always looking forward to clamp down. There are several tax advising companies which are entirely legitimate and hence you should certainly reap benefits by seeking help from them.
Myth #4: It’s tough to find the right advisor
Fact: Companies offering investment and financial solutions like Financika are there to help you with all your financial issues and if you are left to wonder ‘is Financika legit’, you should check their records with the BBB and go through the consumer testimonials. Similarly, for any other company, you should do your bit of research before hiring them.
Hence, when it comes to seeking financial advice, you should stop believing in the myths mentioned above. Start believing in the facts and help yourself with making better decisions.