5 Myths about Seeking Financial Advice You Need to Know

Only 27% of Australians seek financial advice, according to the Australian Securities and Investments Commission. This figure is overwhelmingly saddening. That’s why it’s important to seek guidance from professionals. You can better your financial situation and achieve your goals with sound financial advice. Furthermore, 90% of advised consumers say that financial coaching improved their financial situation. Now, we’ll debunk some of the common myths about financial advice.

Myth 1: Financial Advice Is Exclusively for Money-Making Plans

While amassing wealth is one way that financial advice can help you, it is not its sole purpose. Professional assistance is also beneficial to different people in addressing retirement planning, superannuation, insurance, estate planning and aged care.

Myth 2: Only the Very Wealthy Have Access to Financial Advice

This is absolutely wrong. Everyone has access to financial guidance. We can assist you if you are new to debt management and wish to protect your family. Perhaps you’re in the middle of your job and understand the need for change, but you’re not sure where to start or how to support your children’s education. Or maybe you’re thinking about retiring soon. Life is a roller coaster ride filled with ups and downs. Sound financial advice is one of the keys to helping you overcome life’s challenges.

Myth 3: The Cost of Advice Is High, but the Return Is Small

It’s true that financial advice does not come cheap. You are, after all, paying for a professional service. However, the majority of the people who seek financial advice and apply it to their lives have experienced improvements in their situation. In general, the advice will help you make better financial decisions. Financial advice can help you save money on interest and fees while also helping you develop your wealth.

Myth 4: You Don’t Need Professional Financial Advice

Real financial advisers become professionals after meeting extensive education, training and supervision requirements as well as completing 40 hours of professional development per year. Yes, these are all necessary for them to prove that their skill, expertise, and experience are tools to handle your assets better than you. Additionally, they learn, study, and keep up with trends, legislation, and research for you! This is the value that you’re truly paying for when you hire such professional services.

Myth 5: Only Grave Financial Troubles Call for Financial Advice

As you can see, financial advice is available to everyone, regardless of financial situation. Let’s say, you simply want to learn how to stabilise your assets or divide them according to your priorities. Financial planning can help you finance a special event or your children’s education, build your small business, help you with investment strategies, retirement planning, and tax efficiencies, and help you leave a legacy. For almost any situation, financial coaching could be helpful!

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Financial requirements are classified according to their level of complexity. So, work with professionals who can provide guidance in a variety of areas to help you improve your financial situation and achieve your financial goals.

Keep in mind that the previous information is general and does not apply to your specific situation. You should do your own research and, if necessary, seek professional financial guidance. Because the Australian financial and tax systems are constantly evolving, the information provided here may be out of date. Again, before you begin, seek professional financial guidance.

Are you looking for professional superannuation services? Newcastle Financial Planning Group knows the best ways to maximise the benefits of your super and help you overcome obstacles along the way. Get started today with specialised superannuation and planning advice from our friendly team!

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Coastal Advice Port Macquarie and Sydney Wealth Advisers are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.