How to Deal with {Pushy} Financial Advisors

If you are reading this, you (or your family or friends) have probably encountered a pushy financial advisor – you feel that it’s a waste of time and it’s never fun. They keep saying, “You need this NOW. Time is running out. You’ll save more if you buy it now, etc…” Many advisors sell commission-based products for a company, so of course they are “pushing” their product on you.

While this might not be the case for all financial advisors, I’m sure there are reasons (like the ones listed below) why you may not want to talk with a financial advisor. Before you go off trying to ignore financial advisors, let me show you why you would be much better financially if you didn’t.

“I’M NOT RICH. ONLY RICH PEOPLE NEED A FINANCIAL ADVISOR.”

It is a myth that only those with a lot of money can benefit from working with a financial advisor.  There are so many things an advisor can help a middle-income family or young professional with.  Do you have the correct insurance and estate planning documents in place?   Are you confident in the investments you chose will help you in reaching your dreams or goals?  The list goes on and on.

You may have recently graduated from college and just started a job, but it’s still helpful to get some general feedback and have a relationship with an advisor early on.  You can ask them very basic financial advice – budgets, a simple financial plan, advice about a basic investment portfolio and where to get it. That way, when you come to a decision, like getting your financial life in order, starting to invest or when you have a major financial event such a changing jobs, getting a promotion or having a baby, you will have someone to talk to.

“RETIREMENT IS SO FAR AWAY; I CAN FIGURE IT ALL OUT LATER.”

Just because you don’t want to deal with it doesn’t mean you shouldn’t.  It’s like saying “My health is fine for now, so I don’t have to worry about eating healthy until I have a heart attack.” It might not be fun to take a real look at your finances and plan ahead, but it is very important to do so you won’t regret it later on.  The earlier you start, the better (and easier) it will be.

“I’M EMBARRASSED TO HAVE A STRANGER KNOW HOW I MANAGE MY MONEY.”

You will reach a point in life where you decide you could use professional help with your money, insurance and/or investments.  Without talking about money, it would be hard to realize that you need to improve your financial situation. I understand that you may feel ashamed about your financial mistakes, or you may feel that you aren’t doing as well as others. But, try to keep in mind that it doesn’t really matter how you got in this financial mess – all that matters is that you acknowledge it needs fixing.

“AFTER THEY SELL ME A PRODUCT, I’M WORRIED I’LL NEVER HEAR FROM MY ADVISOR AGAIN.”

Whatever the case, it’s important to find an advisor that will keep up to date with your financial situation, hold you accountable to take appropriate actions, and provide the support and knowledge you deserve, not just upfront, but throughout your entire life. Work with a financial advisor who can not only support you, but also someone who has a holistic view of you and your goals.

“I DON’T TRUST A FINANCIAL ADVISOR WILL HAVE MY BEST INTERESTS IN MIND.”

Well, I hate to say it, but sometimes you shouldn’t.  Financial advisors that make money off of commissions may not have your best interests in mind, even if they don’t realize it.  Assess whether they share the same values as you. A good financial advisor will do what it takes to help make you more successful and this includes not only helping you with decisions, but also pointing you in the right direction.

So (okay), going back to the pushy financial advisors, how should you deal with them when you don’t want to buy from them for now? Here’s an idea…

Stay polite and maintain good manners – though being polite doesn’t mean being a pushover. You can be firm in saying no while maintaining your manners. Never say anything you wouldn’t say to someone you know personally. Don’t assume that all salespeople are pushy and aggressive. Most of them are decent people who have to earn a living just like the rest of us. You can say something like: “Thank you for thinking of me for this opportunity. I wish I am in a position to take advantage of it. However, I don’t think I am ready to commit to that yet.” Or something along that thought.

All in all, I firmly believe that we (Millennials) could benefit greatly from talking with a financial advisor especially when most of us are still trying to figure out the best way to make enough money and save enough money to live life in our own terms.

{The is the first of a two part series about financial advisors and millennials and how they could mutually benefit from each other. Part One is “How to Deal with Financial Advisors” for Millienials. Part Two is “What Millennials Really Want from Financial Advisors” for Financial Advisors.}

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