Top Objections to Working with a 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.