Overcoming the Stigma of Seeking a Financial Advisor
Embarking on the journey toward financial well-being is a commendable step, yet many find themselves paralyzed by the fear of the unknown, particularly when it comes to seeking professional guidance. From our experience, consulting a financial advisor can initially evoke feelings of vulnerability, embarrassment and even shame, deterring individuals from seeking the tools to take control of their financial future. In this post, we explore the “why” behind these emotions and provide simple strategies to overcome them and take that first step.
Understanding the fear
We believe the reluctance to seek financial advice often stems from the fear of judgment by others. This fear is deeply rooted in the psychological need for security and the avoidance of potential embarrassment. However, it’s essential to recognize that calling upon expert help is a strength, not a weakness.
Strategies to overcome embarrassment
1. Normalize the experience
Understand that seeking financial advice is a common and responsible choice. Many individuals, regardless of their financial status, consult advisors to navigate complex financial decisions. We consult our friends, family and colleagues on many important decisions, so why not have a partner to process your finances with? By recognizing that financial challenges are a shared human experience, the stigma surrounding seeking advice begins to dissipate.
2. Educate yourself
Knowledge is empowering and confidence-building. Before meeting with a financial advisor, educate yourself on basic financial concepts. This not only boosts your confidence but also enables you to actively participate in the conversation. Feeling more informed can reduce the fear of being judged and enhance your ability to make informed decisions about your financial future.
3. Shift your mindset
Instead of viewing a meeting with a financial advisor as an admission of failure, reframe it as a proactive step toward success. Understand that advisors are there to help you improve your financial situation and pursue your goals.. Even if you have concerns about your present financial status, shifting your mindset from shame to empowerment can make the process feel positive.
4. Seek recommendations
Referrals from friends, family or colleagues who have had good experiences with financial advisors can provide reassurance. Knowing that others have navigated the process successfully and benefited from professional advice can ease apprehensions. Personal recommendations create a sense of trust, making the prospect of seeking financial advice less daunting.
5. Choose the right advisor
Look for professionals who prioritize understanding your situation, needs and goals. A good advisor will create a safe and non-judgmental space for you to discuss your financial concerns. Research potential advisors and schedule an initial consultation to ensure compatibility and comfort.
Why work with a financial advisor?
1. Tailored solutions
Financial advisors customize strategies based on your individual goals and circumstances. This personalized approach ensures that your financial plan aligns with your unique aspirations and challenges.
2. Peace of mind
Collaborating with a financial advisor provides a sense of security and peace of mind. Knowing that a professional is overseeing your financial plan and guiding you through decisions can alleviate stress and anxiety. You are not alone on this journey.
3. Financial education
Advisors not only offer solutions but can also educate you on financial principles. This knowledge empowers you to make informed decisions independently, fostering long-term financial literacy.
4. Goal achievement
Financial advisors help set realistic and achievable financial goals. Through strategic planning and continuous guidance, you can make progress toward your objectives with clarity.
Overcoming the fear, embarrassment or even shame associated with seeking a financial advisor is a vital step toward achieving financial wellness. By understanding the psychology behind these emotions and implementing empathetic strategies, you can embrace the opportunity to take control of your financial future. Remember, seeking help is a sign of strength, and the benefits of working with a financial advisor extend far beyond monetary gains—they help pave the way for you to create a more secure and fulfilling
ABOUT THE AUTHOR
Brett Miller, CPA, CFP
Brett is Partner, Wealth Advisor, and Head of Mid-Atlantic Region in our Charlotte, NC, office. He joined from legacy firm Brightworth, where he led the Dental Services Practice Management group. Brett graduated from The Citadel with a degree in Business Administration (accounting concentration), obtained his Certified Public Accountant certificate in 2008 and became a CERTIFIED FINANCIAL PLANNER™ professional in 2010. He is a member of the American Institute of Certified Public Accountants and the North Carolina Association of Certified Public Accountants.
Brett is a native of Gastonia, NC. He and his wife, Sarah, have two children and live in Mint Hill. Outside of work, Brett enjoys running and golfing and is actively involved in his church and local Citadel alumni club.
CONTENT DISCLOSURE
This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.
Advisory services are offered through Corient Private Wealth LLC and its affiliates, each being a registered investment adviser (“RIA”) regulated by the U.S. Securities and Exchange Commission (“SEC”). The advisory services are only offered in jurisdictions where the RIA is appropriately registered. The use of the term “registered” does not imply any particular level of skill or training and does not imply any approval by the SEC. For a complete discussion of the scope of advisory services offered, fees, and other disclosures, please review the RIA’s Disclosure Brochure (Form ADV Part 2A) and Form CRS, available upon request from the RIA and online at https://adviserinfo.sec.gov/. We also encourage you to review the RIA’s Privacy Policy and Code of Ethics, which are available upon request.
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