bhavya bisht

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

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by bhavya bisht
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2 answers

RE: What are the common myths about Financial Plannerss and their work?

Renu
Renu

@vaibhavbhutra @meghnamukherjee Can you reply bhavya's query?

RE: What are the common myths about Financial Plannerss and their work?

Meghna Mukherjee
Meghna Mukherjee
Verified Career Expert
Counselor at Adaptive Minds
  • Mumbai

Pretty interesting question.

But before I answer this question, I would like to know why exactly did this question arise in your mind???

Generally when students think of a career, they are generally focused on what position, where they can work, future prospects etc.
But knowing the myth about a profession is something unique you thought about.

Anyways please note that every profession is surrounded by myths,because these days no one can be trusted.
And this being a Financial area, obviously it is the most non-trusted area.

As you might be aware that as Financial planners, your main role would be Financial advisory to investors for the proper growth of their funds. Since there are many methods to choose from, a Financial planner can be of help here.

Now when it comes to Finances, wont you like to be more cautious, or would you surrender it in the hands of an unknown planner.
So here is the 1st Myth: He is an unknown person, he would definitely not understand my issues. How can i trust him????
What I mean here is that investors instead of trusting the knowledge begin to follow the persons identity.

Secondly, as we know market or any company looks majorly for profit. Thus comes the 2nd myth, he is asking me to invest in XYZ, because if the company makes a profit, they will also make profit

Thirdly, when people work in an organization and especially in a marketing kind of profile, other than salary, their other source of income is getting a share or percentage of their investment.
So here comes the 3rd Myth, he is forcing me into this financial planning since he has and will earn his profit margin

Last, is we have been always taught to be aware of people who talk a lot, as it is the means for them to be convincing and sell a product, as they would touch the sentiments of an individual.
So here comes the 4th myth, When planners speak, they will always show us how the plans would be beneficial to us based on our sentiments and sell us their product.


Anyways, please note that these though are flaws, mainly when it comes to the financial sector, because after all it is our hard earned money. That is why it is said that, you need an advisor, but one needs to be thorough with their research and market study.
As the tag line goes," Investments are subject to market risk, please read the offered documents clearly before investing"

So it is not bad to take advise from a Financially sound person, but at the same time, one needs to be aware of the markets themselves and not follow planners blindly. Follow them blindly, and then begins the question of myth.

Hope this answers your query.

Wish you good luck.................

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