Barriers to Hiring A Financial Advisor

If you ask someone how their year has been, how often is “stress” mentioned?

If you drill further, how frequently does one of the culprits driving the stress involve some aspect of their financial health?

Confusion and frustration surrounding finances often lead to inaction or suboptimal decision-making. 

So why doesn’t everyone engage with a financial advisor?

A recent study found the following top six barriers to hiring a financial advisor:

  1. You assume you don’t have enough money to invest
  2. You perceive the cost as prohibitive
  3. You assess your financial situation as simple
  4. You enjoy managing finances yourself
  5. You have a hard time trusting someone with your finances
  6. You’re comfortable using Google when complexity arises

What if we told you…

  • There are other options available besides working with an advisor that has a minimum investment and charges a traditional 1% AUM fee?
  • It’s easier to make impactful change when your situation is less complex so that you’re agile when complexity arises and wealth accumulates?
  • You’re more likely to deprioritize your finances during emotional uncertainty?
  • Some advisors appreciate, if not require, getting to know how you spend your time before they ask how you spend your money?

The financial industry is moving fast in what we believe to be a better direction! Fee transparency, fiduciary obligations, code of ethics attestations, government regulation, and innovative technology contribute to more accessible, high-quality, fairly priced service models.

It’s not about being sold a product you don’t understand or signing up for an investment that locks you in unknowingly. It’s about driving impact with the advice provided that exceeds the cost. Will that be the case all the time? No, but we certainly hope it’s the case over the long term.

If you’re worried about:

  • Inflation
  • Economic recovery
  • Asset allocation
  • Tax strategies
  • Financial modeling
  • Retirement projections
  • Insurance protection
  • Estate planning
  • Education planning

Then isn’t it time to engage with a financial professional?

We’re happy to help you break down the barriers to hiring a financial advisor.

Check out these sites for a fee-only financial planner that may be a good fit for you:

Let’s have a conversation to see how we can help alleviate your stress in 2023; contact us today.

All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services.