6 Common Misconceptions About Working With A Financial Adviser


When your car breaks down, what do you do? We hope you’d take it to a trusted, affordable mechanic as soon as possible.

Obviously, if your primary method of transportation doesn’t work, that throws a pretty annoying spanner in your routine. Not to mention the fact that you most likely don’t have the skills to fix your car.

What about when your finances keep you up at night? When you can’t seem to avoid deeper and deeper debt? Or when you know you need to do something with your cash, but you just don’t know where to start?

We’d hope you’d seek advice from a Financial Adviser, but for the average millennial, that usually isn’t the case.

Why? They don’t know what it would really be like to work with one.

Since starting WE in 2012, we’ve heard the most common misconceptions about working with a Financial Adviser, and we want to address those misconceptions one-by-one for millennials, to give you an understanding of what it’s really like to work with professionals like us.

We get it. We’ve been in your shoes.

Money is emotional and none of us wants to hand our hard-earned dollars over to just any old stranger. Which brings us to misconception number one:


1. Working with a Financial Adviser involves talking once a year to a total stranger.

Trust is high on the list of priorities for Financial Advisers – especially the good ones.

Usually, you can communicate with your adviser whenever you have a question or need advice and can get on a call at least a couple of times a year.

In some ways, talking to a Financial Adviser is a lot like talking to a therapist because the conversations around your money aren’t just about the numbers. They’re about your whole life and your aspirations.

Also, many Financial Advisers will offer at least one free initial discussion or consultation (like the one we offer!so you can meet them before choosing to build a long-term relationship.

As a WE member, you’ll build a relationship with one Financial Adviser, and you’ll also have our entire team working with you to ensure you reach your goals.

With WE, you don’t just get to work with us. You gain access to an entire community of millennials who are also working hard to achieve financial independence and be the best versions of themselves they can be. Surrounding yourself with like-minded people who inspire and motivate you is a proven way to stay accountable to your goals.


2. I’m worried about my privacy, and working with an Adviser will put my financial information at risk.

Your privacy is another top priority for Financial Advisers.

Not only will they be working to protect your money, but all information provided to them, whether data and facts or feelings and emotions you’ve disclosed to them remains confidential and protected.

At WE, all of your information is kept safe and secure in our password-protected online systems. We even use a highly secure online password manager to manage all of the passwords we use. Anything you discuss with your Financial Adviser during your initial Financial Possibilities Consultation or during a Coaching Session will always remain private and confidential.

Honestly, shopping online probably puts your credit card information and money at more risk than working with a Financial Adviser.


3. My finances are a mess. Financial Advisers don’t work with people who are disorganised like me.

A Financial Adviser is not there to judge your life choices, or how good you are at keeping your money organised.

They’re there to help, and providing organisation and guidance around how to manage the day-to-day administration that comes with money management is a big part of the value proposition of working with a Financial Adviser.

Even if you think we wouldn’t touch your bank accounts with a ten-foot pole, we promise we’ve seen it all and more, and have been there ourselves!

The truth is that most people don’t know how to automate their finances and make their cash flow run smoothly. Automation is one of the fundamental financial strategies we teach. It helps our members sleep better at night, knowing that all of their bill payments, savings and investments are just happening.


4. How do I know if a Financial Adviser is legitimate? What about certifications and awards?

Becoming a Financial Adviser takes a long time.

Like becoming a doctor or lawyer, it involves rigorous studying and specific certifications, along with experience. You can use the Australian government’s Financial Adviser register to search your financial adviser and find information relating to their education levels, professional memberships and even whether or not they have received any disciplinary action or banning from the regulating body (ASIC).

At WE, we grow primarily through personal referrals from existing members.

Yes, we’re all members of the Association of Financial Advisers, and yes, we’ve have been recognised for our work with many awards over the years, however we ultimately wouldn’t be here today if our members weren’t achieving financial freedom and introducing their friends to us.

Our purpose and passion is to create a financially free generation, who are living life driven by their personal goals and values. We help our members work out their number, and develop an airtight plan with them to help them reach it.


5. How can I trust anyone with my money after what happened during the GFC, especially when it comes to investing?

The bigger question may in actual fact be, “How can you not?”

Many people are so paralysed by the fear of losing money (often before they’ve even created any) that they’re not willing to even try to build wealth. Staying safe and secure in your inactivity is a sure-fire path in the opposite direction to that of financial freedom.

We lived through the GFC, too, and saw people in our own lives suffer.

Because of this we know that being cautious is a good thing. You just want to play it smart and we understand that. We play smart, too, with the investment strategies we’ve developed to keep our member’s money as stable and secure as possible.

Our WE Investment Philosophy is built firmly around the concept of taking on as little risk as possible to achieve the returns required to reach your goals. We also like to keep it simple and strongly warn against anything complicated when it comes to wealth creation.


6. What if I spend money on a Financial Adviser and it’s not worth it?

Here’s the truth: not working with a Financial Adviser can be the most expensive decision you ever make.

Different firms have different fees of course, but at the end of the day a Financial Adviser is there to help you make MORE money and ultimately, get rich (slowly). We’re aware that it takes courage to ask for help.

When it comes to seeking help for anything, whether it’s career advice, getting your car fixed or seeing a new dentist, there’s always a risk factor and we know that’s a scary process.

At WE we offer a no-cost, no-obligation Financial Possibilities Consultation for anyone interested in finding out more about what their financial future could look like with help from an expert, and whether or not we might be the right fit for them.


The bottom line

Your money situation is not like a broken pinky toe. It won’t just fix itself over time!

And the longer you wait, the harder it is to really grow your wealth. You’ll never be as free from responsibility as you are now.

You know what waits for you in the future. You might want to:

  • Own property.
  • Get married and start a family.
  • Take a year off and travel.
  • Start a business or take on more responsibility at work.
  • And of course, you’ll likely want to retire in some form eventually.


In order to handle and go through each of these milestones stress-free, your money needs to be working for you.

The healthier your financial situation, the more you’ll be able to make big decisions with confidence and manage any unexpected event that life throws at you with ease. That’s what Financial Advisers want for you above all else. But you have to make the decision to start now.

Could you learn how to invest and manage your money for free online? Absolutely. There’s a lot of information and resources online to learn from, but few teach the principles that we swear by.

Haven’t you ever read anything online about how to get rich in a week? Yeah, that’s the opposite of how we operate. Plus, it would take you a long time to learn everything you need to know on your own.

Do you really see yourself having time for that when you barely have time to make a doctor’s appoint or do laundry?

A Financial Adviser will provide information and solutions unique to your money situation, your needs, your goals and your lifestyle. The internet can offer a one-size-fits all solution, and that simply won’t work as well for you.


If you’re interested in discussing a strategy and plan tailored to you, book a no-cost, no-obligation Free strategy session today and experience what working with a Financial Adviser is really like.



Disclaimer: all information contained within this article is of a general nature. It should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.