judgement-free zone
judgement-free zone
what if the world doesn’t end tomorrow?
top 6 common misconceptions about seeking professional Financial Advice
We get it – it’s awkward to talk about money, especially to someone you don’t know. There are a multitude of reasons why people don’t seek out financial advice – based on the 100s of conversations we’ve had with new and potential clients, here are the top 6.
#1.
“Financial Advisers are scam artists looking to take my hard-earned cash!”
First things first, a legitimate Financial Adviser is not part of a big conspiracy. Secondly, genuine Financial Advisers are heavily regulated so as a client, you are protected by law. Thirdly, at CSS Financial, our clients can feel even more reassured as we are a Partner Practice of St James’s Place.
#2.
“YOU WON’T TAKE ME SERIOUSLY BECAUSE OF HOW I EARN MY MONEY.”
Often young professional people think that because they work in creative industries, they feel that a Financial Adviser wouldn’t want to work with someone like them because of their career path. Anyone from designers, creatives, freelancers, artists, micro business owners, adult performers and OnlyFans stars feel this way – and it’s simply not true.
judgement-free zone
judgement-free zone
#3.
“I’VE BEEN HERE BEFORE – BANKS AND FINANCIAL INSTITUTIONS SEE ME AS A RISK.”
Clients that work in unconventional jobs have told us that banks and financial institutions won’t deal with them. This misconception often comes from a bad experience in the past. Getting a mortgage is a classic example – one of our clients told us that a bank let them know that they “did not fit our risk profile” to be able to proceed with them. Imagine that?
Your home may be repossessed if you do not keep up repayments on your mortgage.
#4.
“INVESTING IS JUST TOO RISKY, I’D RATHER SPEND MY MONEY.”
Spend, spend, spend is tempting and seems ‘low-risk’ as you can see exactly where the cash is going. But what happens next?
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
#5.
“I don’t have enough money to have a financial adviser.”
When we speak to potential clients, they’ve mentioned the reason why they haven’t come to us sooner is that they’d assumed they would need to have a lot of money and a financial adviser wouldn’t be interested in talking to them. This is not true!
#6.
“I’m too young to start saving, make investments and especially – have a pension.”
Many potential clients think they need to be older to start thinking about saving, investing and understanding pensions. As long as you’re over 18, you’re never too young to come in, sit down and talk to us at CSS Financial - either face to face, or over a video call.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
“The world is a crazy place – who knows what the future holds. I want to live in the moment and enjoy my money now.”
‘Spend spend spend’ is possibly the riskiest approach to managing your money – depending on what you’re spending it on. Often young professional people can be earning thousands of pounds per month with plenty of ‘disposable income’ and they’d rather rent and have full access to their money, than buy a home and be on the property ladder. Yet, we tell all our clients that if you invest and save some of your earnings you are giving them the potential to grow, and you can spend them long into the future to enjoy the finer things in life.