Do you ever catch yourself saying, “I don’t need a financial planner”? You’re not alone. Many Australians hold onto this belief, often due to misconceptions about financial planners and the services they offer. Let’s address some of these common assumptions head-on.

1. Conflict of Interest: One prevailing myth is that financial planners are too conflicted to act in their clients’ best interests. However, in Australia, regulations are stringent, especially regarding commissions. Commissions on super and investment accounts are illegal, leaving only commissions for insurance products. This means that the majority of financial planners operate on a fee-for-service basis, aligning their interests with yours.
2. High Fixed Fees: Some believe that financial planners charge exorbitant fixed fees, making their services inaccessible. While financial planning does incur costs, these fees are often reasonable when considering the value provided. Moreover, the benefits of sound financial advice can far outweigh the initial investment.
3. Loss of Control: Another misconception is that working with a financial planner means relinquishing control of your investments. In reality, financial planners aim to empower their clients, guiding them towards informed decisions while respecting their autonomy. It’s a collaborative effort aimed at achieving your financial goals.
4. Biased Advice: There’s a perception that financial planners favor certain investments, particularly shares, over others like property. While diversification is a cornerstone of sound financial planning, reputable planners tailor their advice to suit your individual circumstances and preferences. Whether it’s shares, property, or a combination thereof, the focus is on what aligns best with your goals and risk tolerance.

So, why might you actually need a financial planner, even if you think you don’t? The answer lies in the “middle ground” — a space where you’re predominantly self-directed but still seek guidance from a professional. This is where the Service Cube® concept comes into play, illustrating the journey from needing extensive advice to desiring occasional input from an adviser.

Financial planning isn’t just for the wealthy or the financially inept. It’s for anyone who wants to make informed decisions about their money and secure their financial future. So, before dismissing the idea of working with a financial planner, consider the value they could bring to your financial journey. After all, a little guidance can go a long way toward achieving your goals.