EJM Advice

The 5 Most Common Myths About Financial Advisors: Busted!

As a financial services group with over 160 years of collective experience, we have heard every financial services myth under the sun as to why people don’t engage with a professional financial advisor. 

While most of us have no hesitation going to the doctor when we are sick, or to a mechanic when we have car issues – why is it that so many feel hesitant to seek help when it comes to their financial situation?

In this article, we will explain exactly what a financial advisor does, some common and popular myths about financial planning, and share some ways that a financial advisor might be able to improve your financial future.

What Are Financial Advisors? 

Financial advisors are experts who provide guidance for people to achieve their financial goals. 

They look into every aspect of their client’s financial situation, take time to understand their client’s personal and financial goals to create a tailored financial solution.

Financial advisors can give you investment advice, consult on your retirement plan, and help you with budgeting your income. No matter what your financial goals are, a financial planner can guide you down the right path to achieve success. 

5 Common Myths About Working with Financial Advisors

Through helping numerous individuals, couples, and retirees in Melbourne to create happiness in their own lives, we have encountered many excuses or myths about engaging with financial advisors and wealth management experts. Read on for a thorough debunking of these common myths:

Myth #1: Financial Advisors Are Too Expensive

Financial advisors charge according to the time, services, and outcomes they provide. While engaging with financial advice does involve an initial investment, the financial and lifestyle benefits you will receive are likely to far outweigh the costs.

Financial advisors are actively looking for ways to help you save money and achieve your financial goals. Like any professional service, there are fees attached. But following the guidance and personalised strategies from your financial planner can improve your financial situation now and for your future. 

Myth #2: Financial Advisors Are Only for Wealthy People

This is a big myth that hinders people from working with financial advisors. A financial advisor can assist you no matter what your financial status is. If you need help getting out of debt, ensuring easy retirement, or paying a mortgage, you can reach out to them for helpful solutions. 

Myth #3: Financial Advisors Only Give Generic Advice

When you work with experienced and trustworthy financial advisors, you don’t have to worry about receiving generic, cookie-cutter financial advice. Here at EJM Financial Services, we have a client-first philosophy, so we make sure that the advice we give is tailor-fit to your very specific needs. You can rest assured that our programs will be personalized to your particular requirements.

Myth #4: Financial Advisors Will Stop Me from Buying Things I Want

This is far from the truth. A financial advisor’s goal is to help you be financially secure and afford everything you want in life.

Even if you are in debt, a good financial planner will help you with realistic, achievable strategies to get you out of debt and into a financially secure situation.

Myth #5: Financial Advisors Only Encourage High-Risk Investments

Financial advisors understand that everybody has a different level of risk tolerance. A good financial advisor will never pressure you into making any decisions you are not comfortable with. 

Instead, they will help you to understand the level of risk you are comfortable with and advise you on strategies that fit within your risk tolerance. 

This is especially important when it comes to your investment strategy. Every investment comes with risk but with an experienced, trusted financial planner by your side, you can be confident that your money is in safe hands. 

The very best experts adjust the strategies according to your risk appetite and lead you in the direction you want to go.

Benefits of Working with Financial Advisors

When you work with a financial advisor, they can help you:

  • Set your financial goals straight. Financial advisors can help you create a definitive plan depending on the goals you want to achieve. With their help, you can be confident in your financial future. 

  • Receive expert insights. Financial experts are willing to conduct external investment research to reduce risks and increase returns on your investments. Financial advisors are knowledgeable and educated to help you down the smartest financial path.

  • Receive ongoing support and advice. You will work with financial advisors ready to give you personalised service. They will guide you until you achieve all your financial goals.

Looking for Financial Advice in Melbourne?

Being clueless about your finances is much more frightening than working with a financial advisor. You should look forward to consulting with one for better financial management and future plans. 

If you are in need of advice for financial planning for retirement and investments, work with EJM Financial Services today. Request a complimentary meeting with our experts and let us help you take the first steps towards financial independence!


This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.


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