Scared of meeting with a Financial Adviser?
Are you on high guard when Financial Advisers start to present the services they offer?
Did you have a bad experience with a Financial Adviser?
Face it. Sooner or later, you are going to have to tap the services of a Financial Adviser.
Especially if you’re living here in the Philippines where financial literacy is a major concern for most working professionals.
A recent survey done by S&P in the Philippines shows that, among those surveyed, only 25% of Filipinos are considered financially literate.
Also, Philippine banks are getting richer and richer. There’s nothing wrong about putting your safety fund in your favorite bank but people need to understand that there are more options out there that can make their money work harder.
With that, it’s a continuing challenge for Financial Advisers (like me!) to spread the good news about being financially literate.
So with this post, I hope I get to convince people that Financial Advisers are not people to stay away from but rather people to partner with when it comes to money matters.
Here are the Top 5 Myths About Meeting a Financial Adviser
Financial Advisers push insurance and investment products
- Yes, Financial Advisers are part of an insurance company. However, we do not push investment and insurance products that do not fit the client’s current financial needs and financial capacity. We want to meet with potential clients face-to-face because we want to get to know them more. You see, personal finance and money management is 80% behavior and just 20% skill. A lot of behaviors and experiences about money are better understood if we get to see you and talk with you in person. Additionally, not all clients are qualified to invest in insurance and investment plans so you better consult with us to let us thoroughly assess your eligibility.
Financial Advisers do not care about your financial situation
- Actually, we do. Financial advisers need to take a look at your financial big picture. In my case, I discuss three parts with my clients: What are their financial goals? Where are they now with regards to their financial goals? How do we bridge the gap? We talk about assets, liabilities, expenses, and savings. We can even talk about their behaviors, beliefs, and attitudes about money. If you want to avail of a free financial consultation with me, click here.
Financial Advisers make investment promises that are too good to be true
- When it comes to investments, a basic concept dictates that the higher the potential return, the higher the potential risk. If the clients want something with high return with minimal risk and an adviser they meet tells them that he or she has an investment like that, they must run the opposite way. Professional Financial Advisers make sure that clients understand the risks and the guarantees with any investment plan that they present.
Financial Advisers are only after commissions
- Financial Advisers prioritize mission before commissions. Our mission is to help Pinoys achieve their financial goals through proper financial planning and with the proper investment vehicles. Of course, we earn commissions but we don’t get it from our clients. Our respective companies give out our commissions. You will discover that Professional Financial Advisers are sincere and they really want to help their clients with their financial objectives. It’s a lifelong commitment to walk with you as you build your financial security and eventually your financial freedom.
Financial Advisers do not practice what they preach
- Professional Financial Advisers are awesome role models not only on the subject of money but in other areas of life too. They do their own financial planning and they implement it. They also have their own investments with their own company that they represent. When you finally decide to meet with a Professional Financial Adviser, it’s also a good idea to prepare your own set of questions to get to know more about your Financial Adviser. If you meet with a true professional, you can see yourself be guided on your financial journey for the years ahead.
Which among these myths have you believed in the past?
Are there other reasons why you don’t want to meet with a Financial Adviser?
Leave a comment below or send me a message so we can meet and talk about Financial Planning!
To our success in all areas of life,
Argel Tiburcio, CIS, RFP Graduate Member
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