Personal Finance

I spoke with a financial advisor. Twice.

I spoke with my first financial advisor at the start of my ‘adult’ journey. By that I mean, soon after I signed my life away for a mortgage in return. She suggested I purchase TPD, Trauma and Life insurance. I didn’t realise it at the time, but she was precisely the type of Financial Advisor I would later learn to avoid as her only agenda was really just to flog insurance policies. No wonder I didn’t have to pay for her!

Fast forward 5 years or so, I then made an initial appointment with an independent financial advisor. This time I was confident I had made the right decision as their site boldly proclaimed not to flog any products. And true to their word, they didn’t. They also told me that I was too poor to be thinking about using their services and to come back when I had at least $25k up my sleeve to burn. The meeting ended before it really started.

Okay.

Either I am sorely mistaken as to what services a Financial Advisor provides, or I am really bad at finding good financial advisors. After all, what I am after is investing advice, wealth creation and personal finance advice. I think I will stick to online blogs and reading books from now on.

 

Any advice for the really quite clueless person? Would love to hear if you have found any use for Financial Advisors!

2 thoughts on “I spoke with a financial advisor. Twice.”

  1. “They also told me that I was too poor to be thinking about using their services and to come back when I had at least $25k up my sleeve to burn.” – Wow! I thought they’d try their best to sign up a new client. I guess financial advisors are for people with money? I’ve never used one or considered using one and this post just told me I made the right decision.

    Have you checked MoneySmart’s page on Financial Advisers? They usually have good resources. Good luck!

    1. I have! Multiple times in fact but there aren’t that many independent financial advisers in my town so I think for now, I will stick to the online FI community and lots and lots of reading.

      I too thought they’d try their best to sign a new client up, but I guess at least they were honest?

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