Top reasons people give to ignore financial planners
A ‘free’ culture exists in our country. People are looking for free advices. On the top of that, they are interested in getting more returns without losing a single penny which of course, is not possible! No one can guarantee returns. Hence, it is always prudent for people to seek experts’ help. Also, do not expect free lunches. You either go to a mutual fund distributor or SEBI Registered Investment Adviser (RIA), in either case, you need to pay them. The only difference is that to a mutual fund distributor, you would be paying indirectly in the form of commissions while, to a SEBI RIA, you need to pay directly in the form of fees. Whatever be the case, people have a ton of reasons to ignore financial planning. We have listed some of them as below:
Don’t have time
This is one of the classic reasons that people give. It is understandable that one can be a little busy to take out proper time. However, they should not be a reason for not having a financial plan. In fact, on the contrary, financial planners are there especially for this reason as they know that people do not have much time to manage their personal finances.
Don’t have enough money
This is another classic reason that shows ignorance towards financial planning. People say that they do not have money. However, financial planners look for possible options to create a surplus to invest towards your financial goals. They do a cash flow analysis to understand your lifestyle, your income and your expense. Also, he looks at your assets that might help you in achieving your financial goals.
Have investments to take care of
Many people give this reason to ignore financial planners. They say that we are already doing what you are providing. Hence, we do not need a financial planner. However, an important thing here to note is that seeking experts’ help is always desired as they have know-how about the personal finance. By seeking help, you would understand whether the investments or whatever plan you are doing it yourself, is right or not. It is better to seek help than be sorry!