There are many misconceptions about financial advice and exactly who needs it.

As a result, lots of people don’t even look for advice and guidance, even if it could transform their lives and help them reach their goals.

That’s why we thought we’d debunk some of the most common myths that often do the rounds.

We firmly believe that financial planning is for everybody – regardless of age and circumstances, so why should you miss out on the opportunities it can bring?

1. I can make decisions for myself

You’re a grown adult who can make your own decisions, so why on earth would you want someone else to take a look at your affairs and tell you what to do?

Well, firstly, a financial planner can only advise, so while they may strongly recommend certain courses of action, you don’t have to do what they say. The power is in your hands.

And secondly, how much do you really know about the finer points of your financial arrangements? Can you confidently say you know everything there is to know about current tax regulations and allowances, or how much you’ll be liable to pay in inheritance tax if you passed away tomorrow? Do you know if you’ve got the right insurance cover in place to cover all your needs, or can you be certain you’re putting enough into your pension to enjoy the retirement you want?

Even if you think you know it all, it really wouldn’t be painful to get an expert third party to cast an eye over your finances.
Not only would you be consulting with professionally regulated specialists with huge expertise in this area, they’d also be able to look at your arrangements from a different perspective. Such professionals will offer friendly advice in your best interests, and they might even come up with great ideas and options that had never occurred to you.

2. I’m not old enough

Younger people often don’t have as high an income or as many assets as their older peers, and that’s led many to believe that financial advice isn’t for them.

But that’s not actually true, as professional financial planners can help younger adults set up their finances in a way that makes their money work harder for them over the coming years.

That could make a huge difference to them further down the line, and help them achieve common lifestyle goals such as getting on the property ladder or retiring early.

3. Only the super-rich need advice

While many clients of financial planners will be high net worth individuals, they are by no means the only people who use their services.

That makes sense, as people on more modest incomes will have similar aspirations to the super-rich, such as wanting to grow their wealth, expand their investment portfolio and enjoy a good standard of living in retirement.

So just because you wouldn’t consider yourself a high net worth individual, don’t rule out the advantages that speaking to a financial planner could have, and the positive impact this could have on your life.

Be guided by facts, not feelings

It’s easy to be led by your emotions when you’re making big financial decisions. From excitement and eagerness to greed and fear, how you feel can strongly influence the course you take.

But a regulated financial planner will approach your finances from a place of complete objectivity, using a rational, evidence-based approach and thinking about your unique circumstances and goals every step of the way.

You have nothing to lose and everything to gain by speaking to an adviser, so don’t tell yourself that you’re not the right person to benefit from financial planning.

If you have goals you want to achieve and want to make your money work harder for you, then a professional expert can help you.