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Top Objections to Working with a Financial Services Professional

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Financial Services Professional
One of the major reasons I entered the financial services field for my first career out of college was the fact that I could help people plan for their financial future and see a direct positive impact on their lives. I personally see a need for everyone to sit down with a financial service professional (at least one that does the same things as I do). However, I have come across many people, especially ones that do not personally know me, who will provide an objection to working with a financial professional. I can understand if someone is hesitant due to the fact they don’t know me as well, but the following objections that I often receive don’t relate to that lack of trust…

1. I’m Not Interested

Do you plan on ever retiring and staying retired? Do you have kids? Do you have a life insurance need? Would you like more money in your pocket as opposed to paying it to the government? If you answered yes to any of the above questions, you should be interested in working with a financial professional. Many of us go on with our lives without thinking about retirement, saving for kids’ college, etc. We seem to only be interested when we face a burden or get really close to retirement for example. By then, it could be too late.

2. I’m Already Set

A lot of people that have already worked with a financial professional tend to think they are set for life. Not every financial professional is the same, just as not every doctor is the same. If you had a disease, especially a life threatening one, would you consult only one doctor about treatment? However, unlike a doctor that charges you for a visit every time, many financial professionals will provide you a free review of your financial situation. In addition, do people have major changes in their lives? It’s important to review your financial situation at least every year as both your life changes as well as laws and products change. So what do you have to lose other than a couple of hours of your time?

3. I Don’t Have Money

A common misconception is that you need a lot of money to invest in your future. In reality, there are investment programs out there that can start with $50 a month of savings. Do you eat out a lot? Cutting down on just the soft drinks will not only be healthier for you, but you could also save $30 a month. Think of the other unnecessary expenses you take for granted in your monthly budget and you will be surprised by how much you can really save.

4. I’m Still Young

This is a common objection from young people when it comes to planning for retirement. They think they still have 20 to 30 years to think about it. Procrastination is never a good thing. About 61% of U.S. households find it difficult to maintain their same standard of living in their retirement years. The median income of people ages 65 and over is around $17,000 a year. Planning for retirement isn’t something that just happens overnight. If you want to retire at the age you choose, with the income you want and stay retired, it will require years of planning and dedication. The younger you are, the more you can save and the longer you have to build up substantial retirement assets.

5. I’m Too Busy

Just like with not having enough money to save, by managing your time and working efficiently you can spare a few hours of your time to start a path towards a burden-free financial future. Running a really tight schedule? Have a 30 minute to 1 hour lunch with a financial professional instead of by yourself or with friends.

About

Ahmed study technology and has passion about business.

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{ 7 Responses }

  1. Suzanne says:
    Thank you Ahmed. One of the smartest things I ever did was work with an advisor when I was in my late 20's to help me set up a 401k plan for my small business. That money has grown over the years and is quite a nice nest egg. The important point however is, I learned from the advisor how important it is to save and not spend everything you earn, or plow your profits back into your business.
  2. Cody says:
    I was in the "Too Young" and "Not Enough Time" categories up until about a month ago. I sat next to a Financial Adviser during a marketing meeting and learned a whole bunch of important info. I've since started preparing for investments.
  3. Mohamed Osam says:
    Great insight there Ahmed. I believe there is still a big part of it about lack of trust, people don't say that though just to first, avoid an awkward situation; second to avoid a long conversation. You see, from my experience, most if not all telemarketing calls I receive (including financial planning calls), they already have a pre-defined answer for any excuse I may throw out there and to me, the minute I sense the caller reading a response or have a standard pre-defined answer that s/he tells everybody, I see myself going nowhere with that conversation. I believe what would reduce the mistrust factor there is for the caller to focus more into listening to the concerns of her/his potential client, and not to dwell on a conversation that I may believe is focused more into how s/he can make money out of me. I remember one time I had a caller offering me a 50% discount on their Internet service for the first 3 months, I kept telling him that I get that for free through my company, but he kept on going telling me how great deal that 50% off is! I am not kidding, I had to repeat myself like about five or six time till the guy finally gave up. It was very clear that he doesn’t have the “I get it for free” use case in his sheet and not sure how to answer! :)
  4. Jens says:
    When dealing with financial advisors, it's easy to get swayed especially when you have little knowledge about financial goobledygook. I agree with Andreas to ask them what they personally use to get what you think would also be best for you. Consulting more than one financial advisor is advisable, too.
  5. Sonny says:
    You mentioned something about people using their lunch periods to meet with a consultant. There are many employees that, even during breaks, cannot leave their jobs (I was one of them). I was wondering if it was typical of a fiscal consultant to have money discussions over the phone...
  6. Andreas says:
    Be careful when dealing with a financial advisor. Do not just buy all the things the financial advisor offers you. Instead ask him or her which financial products she uses him or herself because they usually pick the products that work best.