Reena Rajesh

What are the common myths about Financial Planners and their work?

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by Reena Rajesh
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RE: What are the common myths about Financial Planners and their work?

Alok Agrawal
Alok Agrawal
Verified Career Expert
Mananger at Etoe Group/Career Counselor
  • Bangalore

Hello..


As I am working as an financial analyst in my company I can explain all the myths associated with financial planning better. There are several myths associated with financial planning, some of them are as mentioned below:
  • Financial planning will lead to increase sales: A financial planner is a person who is based on fee only not related in nay manner in sales of any products of company. They only advise you how to increase sales keeping in mind your priority and best interest first.
  • People think financial plan as too costly, they cannot afford a financial planner as it will be too costly for their company to afford them which is completely a myth. Generally the financial planner will charge you based on your requirement and necessity not as per any other fee structure. They will only charge you as per your budget and need areas not for all they want and do.
  • Financial planning is just about investment not any thing else. But this is a myth a financial planner is doing a lot many other task like cash flow plan, income tax advise, riskmanagement, audits, investment planning etc.
  • Generally people think financial planning will take too much time and they are busy andcannotgive sufficienttime to seek a financial planners advise. Butgenerallyfinancial planner will try to make best use ofavailable time and give you best solutions to your problem within that time frame because they value your time and money. streamline paper work process help a lot in managing time.
  • One more myth is that people think they will not be able to understand a financial plan, it is too complicated and complex to understand and follow. But the reality is a financial planner will make you understand the plan in the easiest way possible to help you implement and execute the same in proper way.
  • Some people even feel uncomfortable discussing about their money as it is their money and they do not want to reveal all details to any one else, some times this also one myth.

Apart of all these many more myths are associated with financial planning, hope you get your answer for your query.

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