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Common Misconceptions about Consulting a Wealth Advisor

Updated: Jun 22, 2023

Wealth Advisor: Common misconceptions debunked

“I wish I started this sooner” is something Park City Wealth Advisors hear from a majority of our clients.

There are several misconceptions that hold many individuals back from consulting a wealth advisor. After some time collaborating with Park City Wealth Advisors, our clients almost always express that they wish they had seen past the misconceptions earlier.

For this reason, Park City Wealth Advisors would like to refute some common misconceptions that leave individuals thinking they are not “fit” for a wealth advisor.

By clearing up these misunderstandings, we hope you can start creating, building, and maintaining your financial legacy to be passed down to future generations.

Common Misconceptions Before Consulting a Wealth Advisor

What keeps you from speaking to a wealth advisor about your financial goals? I think we can guess. Below are some common statements that typically hinder an individual from reaching out for guidance.

“I Don’t Think I Have Enough”

Many people remain under the impression that financial advice is reserved for the ultra-wealthy. However, every family should have the opportunity to create, protect, and preserve their wealth. Your family’s hard work is entitled to a personalized and carefully crafted strategy that ensures a financial legacy to be passed down to future generations.

At Park City Wealth Advisors, our financial planning is based on your unique goals. To curate a personalized plan, we consider your needs, objectives, and risk tolerance in correlation to the market’s volatility. There is no “enough” regarding your family’s hard work, simply where to begin.

“I’m Not Sure I Am a Good Fit”

When it comes to financial guidance, transparency is a crucial component. To combat the “I’m not sure if I am a good fit” feeling, Park City Wealth Advisors offers financial guidance with complete transparency and a consistent aim for your best interest. We strive to answer all of your questions and then some.

“My Picture is Too Complicated”

Park City Wealth Advisors is proud to offer the services of a Family Office.

No matter how “complicated” you think your picture is, a Family Office is able to consider your family’s entire financial picture and reimagine your legacy.

When we consider your family’s financial health as a whole, creating a seamless plan that covers all aspects of your family’s picture. Whether your balance sheet is filled with investable assets, assets concentrated in your business, real estate, or alternatives, our team of experts can partner with you to advise. Sophisticated wealth pictures allow our team to put their experience to work.

“I Wish I Hadn’t Waited So Long,” - Said every client ever.

If any of the previously discussed worries sound like something that holds you back from speaking with a wealth advisor, here are some common expressions we hear from clients after working with us for almost a year. We can pretty much guarantee you will say the same things too!

“I Feel Like I Finally Have a Plan”

A wealth advisor has the knowledge and experience to plan for the unexpected.

Forbes explains a significant benefit of working with a wealth advisor: “having a plan that considers factors you might not be considering. You might be looking at what investments to add to your portfolio, and that’s no doubt an important piece of the puzzle. But have you considered tax planning? What about developing a spending plan or combatting inflation during your retirement?”

You are probably doing a great job with the knowledge that you have. Adding a wealth advisor to your team amplifies your strategies and prepares you for factors you might still need to consider.

“I Finally Have Peace Knowing My Family Has Someone We Can Trust”

When describing a wealth advisor, Forbes states: “Not only do they know you, but they’re proactively working to bring [your goals] to fruition.”

The feeling that your family has guidance that can be trusted comes with many benefits: “Just knowing that someone cares about you in this way is psychologically impactful. It’s part of the reason people hire personal trainers or business coaches.”

At Park City Wealth Advisors, your best interest is always the priority of our mission. We build trust through transparent guidance.

Choosing the Best Wealth Advisor For You

At Park City Wealth Advisors, we are used to hearing feedback from our clients wishing they had started their financial strategy plans earlier.

Our clients express that collaborating with a financial planner has shed light on their future and ultimately has given their family a sense of security by having a well-crafted plan.

These misunderstandings have held you back for long enough. Consult with a wealth advisor today to build, protect, and preserve your financial legacy for generations.

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