Misconceptions About Working with a Wealth Advisor

Common Misconceptions About Working with a Wealth Advisor

Has it happened to you that you said you needed a wealth advisor, and your distant uncle caused an uproar?  

“Oh, wealth advisors are worthless!”

Or a friend of yours whispered in your ear that she took advice from someone and lost money?

If yes, you know that you have been skeptical since then, but the above stories have stemmed from hiring an incompetent financial advisor whose focus was on making money rather than saving it for their clients.

A wealth advisor is your greatest strength if you don’t know how to manage your money. An expert who is proficient in every financial field knows how best you can enhance your wealth. 

This blog attempts to help you deal with the common misconceptions about working with a wealth advisor in Phoenix.

They’re Only for the Wealthy

If you have always believed that wealth advisors are only for the wealthy, you couldn’t be more wrong. 

Money need not be in piles for a wealth manager to manage. A wealth advisor is needed if you have little money but don’t know how to invest or manage it.

Wealth advisors can help you increase your wealth if you trust them. Usually, they charge by the hour, and yes, some of them have minimum requirements, but the times are changing, and so are the business models. 

There are different work structures for wealth advisors: 

No matter your wealth size, at Heroes Financial Group, you will get the best advice you need concerning your wealth. 

They Work for a Company and Don’t Care About You

It is a common misconception that wealth advisors have their own agenda to earn money, and they have nothing to do with your growth. It is not a baseless accusation, as in history, there have been several instances where financial advisors became selfish and put their interests before their clients. 

But it is not true for every wealth advisor in Phoenix. You only need to choose the right one for yourself. There are a few things you must check.

Remember, your growth is linked to your wealth advisor’s reputation. So, if his strategies work for you, it’s a win-win for you both, and this is what we believe at Heroes Financial Group, establishing us as the first choice for wealth management in Phoenix. 

“They Will Charge Me A Fortune”

If this is what you think, you must rethink.

Think of it this way. The financial advisors charge you as much as 1% of the assets they are managing, while the returns their strategies produce are worth it in the long run. Some wealth advisors might charge an upfront fee, and you might feel like they are charging when they have done nothing, but in the long run, it will prove worthwhile.

You Need to Hand Over Your Money to Someone Else

It is not true. You are not required to transfer your money to your wealth advisor. You have overall control over your money. The wealth advisor documents all financial aspects and recommends the best course of action. You might not have the required knowledge, but the last decision will always be yours whether you wish to invest in a specific stock, transfer your estate in your children’s name, or sell it.  

Your money is always yours, and to decide what to do with it. You can be assured of it.

“I Don’t Need a Wealth Advisor, as I Invest in Funds”

Do you share the view? Investing in various funds is a good way to save money, but it is not called financial planning. You have assets, funds, and debts, and you might believe investing in a few funds is good, but you need help.

Even if you are on track regarding your savings and assets, having professional help will further benefit you.

Wealth Management in Phoenix

It is still considered a term for the “rich,” but it is not. It is just another misconception that we already covered in the blog above.

The misconceptions above are not exclusive, and you might hear some new ones, but you cannot expect your wealth to grow unless you hire a professional wealth advisor in Phoenix. 

Heroes Financial Group was established with our clients in mind and how best we can help them. Our wealth advisors put your interests first. 

Give us a chance to help you out. Visit us for more details! 

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