Five common reasons for not taking financial advice
Many people don’t like thinking about their finances and are resistant to seeking or taking financial advice. However, most people would probably be better off and less stressed if they did.
See the benefits
Many people think – usually mistakenly – that financial advice is either really expensive or that it costs a lot more than it actually does. Many people also believe that financial advice is simply not worth it, although the cost of mismanaging their money or missing out on opportunities to manage it better may be costing them a great deal and way more than a financial advisor would.
Others might not trust the advice of financial advisors. Of course, some are better than others, and you need to do your due diligence when it comes to choosing one. Make sure that they are qualified by the Financial Conduct Authority watchdog. For more tips on choosing a reputable advisor on finance, check out tips from The Guardian.
Open to guidance
Some people think that financial advice is only for the very wealthy. The truth is that most people could benefit from having advice on managing their assets better and avoiding costly mistakes.
There is also the perception that investing means exposing yourself to risk. Of course, you can always speculate on the stock market, but there is a whole range of investment vehicles to suit a large range of appetites for risk. These days, software for IFAs also makes the whole process of looking at an investment and how it might play out much more streamlined. Seeing an array of possibilities that take several factors into account makes an informed choice that much easier. If you are in the financial services industry and you want to find out more about software for IFAs, you might wish to consult experts in this area such as https://www.intelliflo.com/, who can provide advice and guidance.
Most of us can get value from advice in an area in which we lack expert knowledge, and finance and money is no exception. For many people, the hurdles to making more of their assets are psychological, and once they open themselves to doing their research and taking advice from reputable sources, financial peace of mind could very well be within reach.