1. That Only ‘Rich People’ Need Financial Planning

This one is incredibly prevalent, despite countless attempts to put right a risky assumption made by many people who consider their financial background to be relatively straightforward.

The idea that investing any real time or attention into getting bespoke financial advice is only important if you’ve got a rich investment portfolio, a long list of high value assets, if you own a business (or multiple businesses), or, more simply, have a lot more in your savings than the ‘average’ person, is not only wrong, but very damaging.

The thing to keep in mind about financial advice and planning is that there is no ‘average’. To the right advisor, every single client is different, and has a unique financial background that requires a highly personalised approach. The financial plans that advisors create with their clients are there to provide a framework for the present and future, and there is no ‘minimum requirement’ for benefitting from a plan that specifically addresses your needs, and your family’s.

    1. That You’re Too Young to Benefit from Financial Advice Just Yet

Our finances evolve over time; that much is absolutely true. And, as we get older, the importance of planning for the future – particularly regarding retirement and pensions, and estate planning for our loved ones’ futures – becomes all the more pressing.

But there is no age at which we suddenly spring into action regarding our finances. In fact, in 2021, the Pensions Policy Institute and the Centre for Ageing Better found that five million people currently approaching retirement risk not having adequate pension income.* It’s not that these people missed a particular ‘deadline’ to get their financial future in order. Instead, it’s an issue with much deeper roots – an issue that could have been avoided if the importance of planning had been realised decades ago.

In short, it’s never too early to start planning for the future. And, at the same time, your pension and retirement are not the only things a strong financial plan will take into account. There are plenty of aspects, such as investments and savings – considerations like insurance and protection – that stand to benefit from professional insight now, rather than at some indeterminate point in the future.

    1. Investing isn’t for You

As of August 2021, around a third of Brits owned shares,* despite the fact that there are more opportunities than ever before to make those pivotal investments. A large part of this stems from scepticism, or the fear that we will lose hours of free time to building a strong portfolio.

After all, for someone who has never given much thought to investments, it can feel like a very unfamiliar and intimidating world. A world of stock charts, Wallstreet ‘wolves’, dizzying highs and terrifying lows. The reality can be very different, however, and represent a truly valuable opportunity to accrue wealth, and avoid the stagnation of a traditional savings account.

This is where financial advice becomes so important. Getting the right investment strategy sorted before you launch in can be the difference between success and failure, and having an expert to take you through those early steps (and stay by your side going forward, as you grow and diversify your portfolio) is key.

    1. You Can Work Out a Plan as You Go

While this one isn’t a literal myth, and it is possible for you to handle your finances alone, or on an ad hoc basis, doing so is definitely far from ideal.

Why? Because no matter how many ‘do it yourself’ guides you check out online, you will never find an article that is tailored to your unique financial background, to seeing your aspirations through and addressing every one of your concerns.

So, while it’s not a ‘myth’ that you can work things out for yourself as you go along, it is definitely a risky misconception that tackling things alone is preferable to working through your finances with an experienced advisor. Yes, it requires more of an investment in terms of time and money, but the long-term benefits are incredibly valuable – provided you choose the right person to turn to for advice.

    1. Financial Advice is Necessary Once in a Blue Moon/At Certain Points in Your Life

Even if you haven’t fallen prey to the misconception that financial planning is only necessary when you reach a certain age, you may still be working under the assumption that financial advice is a ‘one and done’ situation – or, in the very least, something that only becomes important when you’re preparing for a big life change, such as buying a home or starting a business.

The truth is that financial advice should act as an ongoing support throughout your lifetime, as your finances evolve and meet new demands over time. Building a longstanding, strong relationship with your advisor means always having that key line of support, whenever you need it, without feeling like you’re starting again each time you feel you need that personalised, bespoke advice from an expert.

Financial advice should always be unique to the individual – a fact which means that, even from your initial consultation, you will feel the process adjusting to your own pace, and your own financial situation. Don’t be deterred by assumptions.