Don't let these things deter you from using a financial planner!
Rochester Hills Financial Planning Services - Stoney Creek Advisors
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Here are the principal deterrents to financial planning, according to most people:
Unsatisfactory Results with a Prior Financial Planner
There are undoubtedly those bad apples that damage the reputation of financial advisors by being dishonest and pushing a product without taking the needs of the customer into account in order to earn a quick buck. However, a financial planner's duty is to disclose to the client their existing financial situation and, based on their needs, suggest an appropriate product that would at the very least close the gap between their shortfall and achieving their objectives. People will be inclined to listen if a financial advisor can show that their goals aren't just to make money but also to establish relationships and promote trust.
Lack of knowledge on insurance and financial planning
Aside from those with experience and knowledge in finance, the majority of people are perplexed by the variety of products that various insurers have to offer. As a result, they cannot be bothered to take advantage of what is necessary for them and instead rely on hearsay from friends or family members regarding what is "good" and what is not, rather than seeking out proper professional financial advice. Some people even purchase goods without fully comprehending their advantages and limits in order to help friends or family members who work in the insurance sector.
Insufficient funds to purchase insurance
It seems sense that someone would not have the money to invest in insurance if they are simply not making enough money, are unemployed, or have a low-paying job. However, it is not surprising that there is so little money set aside for investing in insurance when you consider that the bulk of the population belongs to the mass affluent category and would rather spend on a want than a necessity. Due to the continual pressure of modern culture and the desire of materialism, the majority of millennials today also engage in this behavior.
Thinking that their current coverage is sufficient
The majority of persons who have already made investments in insurance goods typically raise this as their main defense. It's great that they have invested in them because it demonstrates their belief that protection is essential during difficult times. Studies have revealed that, depending on an individual's current wage and earnings and taking into account inflation and other economic issues, there is always a gap falling short of fulfilling their financial goals in order to truly be sufficiently covered and have peace of mind. Therefore, it is essential to be receptive and ready to listen to a qualified financial planner whose job it is to close the gap.
Lack of conviction that insurance is required
Insurance can be thought of as a type of risk control. Daily, risk is all around us. The events of the future are beyond our control. There are some dangers that we can't really afford to keep. The majority of individuals do not realize how important insurance is until it is too late. Some of these unnecessary risks include witnessing a loved one or sole provider pass away from an infectious disease, leaving the living with insufficient money to carry on with their daily lives, or dying penniless due to poor retirement planning. They aid in risk management by allocating funds to "risk managers," often known as insurers.
These motivations for avoiding financial planning may only be eliminated via ongoing education and mentality and attitude changes. The goal of financial planners is to assist everyone achieve financial peace of mind; they are not the adversary.
Give a financial advisor a chance to guide you toward attaining your financial objectives the next time they approach you.
For experienced and trusted Rochester Hills Financial Planning Services, call Stoney Creek Advisors at (248) 266-2900 today!