Reasons Why You SHOULDN’T Hire a Financial Adviser
September 6th, 2024 | 3 min. read
So, you’re thinking about hiring a financial adviser? Hold on a second! Before you jump into a decision that could dramatically improve your financial life, let’s consider a few totally legitimate reasons why you might want to avoid working with one.
After all, who needs professional advice, right?
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You love guessing games with your money
Why hire an adviser when you could make every financial decision a fun guessing game? It’s like playing “Wheel of Fortune” with your retirement savings! Spin the wheel, pick a stock and hope for the best.
Who needs boring things like research, strategy or a diversified portfolio? Keep the adrenaline high by going all-in on that hot stock tip from your neighbor’s cat sitter.
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You don't like having someone to talk to when the market crashes
Let’s be real: when the market takes a nosedive, it’s so much fun to panic alone in the dark. An adviser might try to calm you down with rational advice, like not selling all your stocks at rock-bottom prices. Who needs that kind of negativity?
Sometimes, it’s better to just pour yourself a glass of wine and make rash decisions without anyone talking you off the ledge.
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You enjoy paying more taxes than you need to
Who doesn’t love the thrill of sending more money to the IRS than necessary? Some people might think it’s a good idea to minimize their tax burden, but where’s the fun in that?
A financial adviser could help you find tax-efficient strategies to keep more of your hard-earned money in your pocket, but if you’d rather make a larger-than-life contribution to Uncle Sam, by all means, skip the professional help.
After all, paying extra taxes is just your way of saying, “I love funding government projects I’ll never see!”
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You believe retirement is overrated
Who needs a retirement plan when you’re planning to work forever? Advisers are notorious for discussing things like 401(k)s, IRAs and the importance of saving for the future. All for the crazy idea of having enough wealth to live the kind of life you want to live.
But if you’re someone who thinks retirement is just a conspiracy theory, then clearly, an adviser isn’t for you.
Keep working until the day you drop – it builds character!
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You trust your gut over proven financial strategies
Your gut has gotten you this far, right? Who cares if the professionals use data, historical trends and sophisticated software to build a financial plan?
You’ve got your gut, and it’s never steered you wrong (except that one time with cryptocurrency...and that tech startup...and maybe that real estate investment in a “booming” market). But hey, who’s counting?
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You’re a fan of financial jargon bingo
Working with an adviser might mean fewer chances to fill your bingo card with phrases like “collateralized debt obligation,” “inverse yield curve” and “quantitative easing.”
Good advisers tend to explain things in plain English, making finance accessible and understandable. But where’s the challenge in that? If you prefer navigating a sea of jargon on your own, keep doing what you’re doing!
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You think estate planning is only for royalty
Let’s face it: “estate planning” sounds so fancy. It’s not like you have a castle or a crown (or do you?).
Financial advisers like to make estate planning sound important for everyone, talking about wills, trusts and avoiding probate. But if you’re more of a “let’s see what happens” kind of person, definitely steer clear of any professional who wants to prepare you for the future.
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You like surprises, especially financial ones
What’s life without a few surprises? Like discovering you’ve run out of money in your golden years or finding out too late that your insurance doesn’t cover a major expense.
Advisers might try to take the excitement out of these surprises by planning ahead and creating safety nets. How boring! If you thrive on unexpected twists, you’re probably better off without one.
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You enjoy the “solo” approach to everything
Who needs advice when you’ve got Google and a can-do spirit? Sure, financial advisers bring years of education, experience and fiduciary responsibility to the table, but you’ve got YouTube tutorials and a “figure it out as you go” mentality.
Who needs a co-pilot in life’s turbulent financial skies? Just keep flying solo – you’re bound to land somewhere, eventually.
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You have no desire to sleep soundly at night
Peace of mind is so overrated. Some people might find it comforting to know they have a trusted adviser managing their financial future, ready to offer advice and support.
But if you enjoy staying up late worrying about market volatility, unforeseen expenses and whether or not you’re saving enough, then by all means, keep doing things your way!
The bottom line
Of course, if you’re one of those rare individuals who actually prefers confidence, clarity and peace of mind in your financial life, a financial adviser could be just what you need. But if you thrive on chaos, uncertainty and doing everything the hard way, well, then maybe you really shouldn’t hire a financial adviser.
Just kidding, you totally should!
And if you’re curious to learn how working with an adviser could benefit you, why not schedule a free consultation today? It’s the perfect way to see if professional guidance is right for you – no guessing games involved!
Advance Capital Management is a fee-only RIA serving clients across the country. The Advance Capital Team includes financial advisers, investment managers, client service professionals and more -- all dedicated to helping people pursue their financial goals.
