Why People Put Off Meeting with a Financial Advisor

Today’s Prep:

Are you avoiding meeting with an advisor? Let’s talk through some of those fears or doubts and help you overcome the hurdles to getting your financial plan in order.

(Click the featured times below to jump forward in the episode)

Equipping Points:

When it comes to our health, some are prone to avoiding going to the doctor until it’s causing an even bigger problem. Similarly, some people put off seeing a financial advisor. Why is that? On today’s episode we talk through some of the top reasons people resist seeing a financial advisor and how to overcome those.

Worried about the costs? When you work with a professional, you do have to pay them. But it might end up saving you more in the long run. The value of an advisor is not the investing but the advice and the coaching. Eric explains how the fee structure works with him and his team.

Are you opposed to someone telling you what to do? Some people hate the idea of being told to live on a budget. Instead of viewing it that way, think about an advisor being there to help you get to where you want. Do you want to travel or improve your home? What will it take to get there? What kind of returns do you need to make and what kind of risk are you able to take?

Are you concerned that you won’t know what the advisor is saying or you’ll be embarrassed? A good advisor will talk you through it and explain the planning process. The reason you go to a professional is to have someone who is good at it help you.

Finally, many people are avoiding the possibility of bad news. Just like putting off the dentist or a physical, no one likes being told off they are in bad shape and need work. Sometimes the fear of finding out is worse than the actual situation. Go to an advisor, get a retirement readiness review, and find out so then you can plan and act accordingly with your financial plan.

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:47] – Do you avoid going to a financial advisor?

[1:29] – It might be expensive.

[5:47] – They will tell me to do something I don’t want to do.

[7:54] – I’m embarrassed or won’t know what they are saying.

[10:22] – What if they give me bad news?


Today’s Takeaway:

That retirement readiness review is to help you get what you want, not tell you ‘don’t do this.’

-Eric Peterson

Related Resources:

Do You Agree or Disagree with this Retirement Advice?

Can You DIY Financial Planning?

The Customer Ain’t Always Right In Financial Planning

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

401(k) Mistakes You Don’t Want To Make

July 15, 2021

Many of us have a 401(k), but what mistakes can get overlooked? Eric shares a few key points to keep in mind when it comes to your 401(k).

Read More

Financial Blind Spots

July 8, 2021

What kind of blind spots should you look out for when it comes to your financial plan? We talk about four key areas that often get overlooked when retirement planning.

Read More

SECURE Act 2.0 – What to Know

July 1, 2021

Do you know about the changes proposed in the SECURE Act 2.0? Eric shares a few of the highlights as well as his thoughts on the changes.

Read More

Emotions That Drive Financial Decisions

June 17, 2021

Are you letting emotions sway your investing decisions? We talk about what emotions should you look out for and how can you invest based on logic.

Read More

Mailbag: What Should I Do With My IRA?

June 10, 2021

When should you use your IRA and how can it be best utilized? These three questions from the mailbag all mention their IRA as an option, but what does Eric have to say about all of these situations? Find out!

Read More

Avoiding the Tax Time Bomb

June 3, 2021

Are you nervous about all the taxes you might have to pay in retirement? We talk through strategies you can implement now to reduce your taxes down the road.

Read More

The ‘What If?’ Game

May 27, 2021

Are you looking at the future and wondering, “What if…?” We talk through several scenarios to see what may or may not be possible and how you can prepare accordingly. 

Read More

Navigating the New Administration’s Tax Plan

May 20, 2021

What kind of tax plans have been proposed lately? These plans may cause you to strategize differently when it comes to your financial plan.

Read More

Retirement Readiness Pop Quiz

May 13, 2021

Know all you need for retirement? Take this little quiz to see where you stand when it comes to retirement readiness.

Read More

Leave a Comment