What’s the difference between getting a financial adviser and finance forum comments?
The WE Gladiators (financial coaches!) are at it again, busting some financial advice myths.
This week, Christine Dang, Freya Poynton, Garry Millburn, Rebecca Pritchard and Rebecca Walker discuss the difference between getting a financial adviser and finance forum comments.
“Most people on money forums have different opinions, and those opinions usually come from their personal experience (as opposed to strict financial education required to be an adviser, and experience based on other clients).
Furthermore, what those commenters want their future to look like might be very different to what you want yours to look like. So, what might work for them with their money, might not work for you.
Would you follow the same strategy as someone in their 60s if you’re in your 20s? Umm, nooo…! And rightly so.
An adviser’s advice will come from experience with many people – at WE, this sits in the thousands.”
“Having goals is a great start.
And yes, it is possible to build your own strategy from using resources you find online.
It will take work and a high level of understanding to ensure the strategy is the right fit.
But the next step is taking action, and this is where most of us trip up.
I had a financial strategy as a financial adviser, but was I sticking to it? Noo!
I didn’t have someone to keep me accountable and give me the kick I sometimes needed to get back on track.
It’s definitely worth while to use resources and educate yourself, but education is often not enough to make the changes required to start building your dream life.”
– Freya Poynton
“I like to think about it in a sporting and cycling sense.
I know how to train, and I know how to do well in competition, but there’s an added motivation and accountability when working with a coach.
You’ll always give that little extra because you know someone is there, looking over your shoulder.”
“The difference between an adviser and looking online is the difference between reading a manual, and then jumping into the cockpit and flying the plane!
Or perhaps watching a YouTube workout video and actually sweating it out yourself.
If you have any questions, you’re fucked.
If it hurts, you’re fucked.
And if you forget something, you lose momentum and might just give up – or crash the plane and die!
Having a sounding board is so important, helping you with your confidence and resilience.
Also, speaking to someone to get tailored advice is critical. You’re probably not exactly the same as the person in the YT video (or maybe your plane is a different model to the manual!).”
“There are so many resources out there telling you what should do with your money – so how do you know what’s right for you?
Articles and forum posts just don’t take into account YOUR life and YOUR circumstances.
Having an adviser vs online research is like comparing chalk and cheese.
An adviser will help you identify what’s important to you. They’ll help you to get crystal clear about the life you want to live and what you want to achieve.
From there, they’ll work with you to create a rock-solid strategy so that you can achieve all those things and more.
They’ll be there by your side to keep you on track and make sure it gets done!”
To chat to any of our Financial Coaches about your finances and your life, book in a free Financial Possibilities Consultation here:
Disclaimer: all information contained within this article is of a general nature. Do not rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.