I have some opinions that financial advisers don’t like.

Specifically, the one where I believe that many people do not need a financial adviser. In fact, I think many people should not be working with a financial adviser … yet.

Financial advice can seem like a maze to navigate, and most of the time, you don’t really need it.Credit: Simon Letch

Unsurprisingly, this ruffles the feathers of many professionals, but let me clarify.

I’m not anti-financial advisers. In a professional context, I’ve worked with several advisers, who all had high integrity and a desire to make a difference in the lives of their clients.

So, I’m not saying there’s anything wrong with financial advisers. What I’m saying is that many people aren’t at a stage where a financial adviser would be the best way forward.

What many people don’t realise is that financial advice originally was an industry that focused a lot on helping customers understand (and buy) financial products. So, the goal of financial advisers used to be to recommend (and sell) you financial products (e.g. insurance policies, super funds, investments etc).

There is work you should do before you walk into a financial adviser’s office.

Nowadays, this has changed, but even so, this historical context means that the way the profession has been designed (including the business model, and training requirements) means that there are certain things that a financial adviser might not be the best option for.

Today, I want to share some insights on when it might be useful to not see a financial adviser and what you might benefit from focusing on instead.

QOSHE - Reasons why you probably don’t need a financial adviser - Paridhi Jain
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Reasons why you probably don’t need a financial adviser

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26.03.2024

I have some opinions that financial advisers don’t like.

Specifically, the one where I believe that many people do not need a financial adviser. In fact, I think many people should not be working with a financial adviser … yet.

Financial advice can seem like a maze to navigate, and most of the time, you don’t really need it.Credit: Simon Letch

Unsurprisingly, this ruffles the feathers of many........

© The Sydney Morning Herald


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