6 Reasons People Hesitate to Hire a Financial Planner
Unsure about hiring an advisor? Don't be.
A couple of weeks ago, I talked to you about why you do, in fact, need a financial planner, even if you think you have everything under control. Today, I want to explore some of the reasons we hear people give when they're hesitating to work with a financial advisor.
1. Isn't financial planning only necessary for when you're about to retire? Our answer to this is always, absolutely not! Quite the opposite, in fact. The closer you are to retirement, the less we can do for you. Now, that's not to say it's ever too late. But believe me when I tell you that most of the client families we work with who came to us within a couple of years (or weeks) of retirement, tell us they wish they'd met us years ago. Early in your career is the best time to learn the fundamentals (and not from a Google search), establish good habits and set up a plan for the future based on your unique needs and situation.
2. Financial planners are too expensive! I can't afford it right now. Okay, we get it. It does cost a little money. But I'd be willing to bet it's less expensive than you think. And, this is why we developed FeeForPlan.com, life-stage-based financial planning that involves a detailed plan and one-time affordable fee. We know money can be tight when you're just starting out, but making that investment now could have big payoffs down the road. And you can always put it on your Christmas wish list when your parents ask you what you want.
3. I don't make enough money to need a financial planner. You can't advise me on something I don't have. Again, I get it, times are lean when you're right out of school. But here's the thing: If you have a job, you have something. And our team can look at what (little) you do have and help you create a plan to help it grow. And as it grows, we can help you adjust that plan for bigger future goals. Being smart with your income when it's still small will help you be even smarter with your income and other assets as you build them. (And if you think you can't afford it, go back to reason #2!)
4. I need to build my assets first. Once I have a nest egg, I'll give you a call. Similar to point #3, although we hear this from those with higher incomes too, we can help you find the most efficient way to build that nest egg within your overall financial picture. Don't just let your paychecks build up in a savings account at your bank. Call us first, please.
5. I'm really busy. I don't have the time to put into working on a financial plan. One thing that sets our team apart is our Planning Checklist and Action Checklist. These simple, easy-to-read checklists help you see at a glance what the top priorities are in your financial plan, and work on them as you do have a spare few minutes here and there. We create the list so all you have to do is pick one thing and focus on that before worrying about anything else. We know you have a life. We just want to help you organize it.
6. Can't I find everything I need to know online? I'll tell you something. I used to think this too. In fact, we wrote a whole other blog about that. Sure, you can do a Google search and find a few generic articles about what to do when with your money. But that's the problem - they're generic. The advice they give is not tailored to your specific situation, your unique goals and your family's needs. And if you're doing your own financial planning, you're probably not very efficient at it. I know I wasn't before I joined the team at Family Financial Partners.
Whatever the reason you're hesitant to give us a call and come in for that first complimentary meeting, I guarantee you we've heard it before. Let us answer your questions and show you how we can help you work toward the future you envision for you and your family.