14 Myths About Seeking Family Financial Advice For The First Time
"Without counsel plans fail, but with many advisers they succeed." Proverbs 15:22 ESV
Myth #1: Financial Advisors Only Work with Wealthy People
This used to be true, but not anymore. Good quality financial advice is something that fits within the means of many families.
What about at Intrepid Eagle Finance?
We structure our pricing and fees in a way we believe opens up financial advice for many families traditional finance did not serve well in past generations.
Myth #2: Financial Advisors are for Only for Couples With Gray Hair
This myth is the fault of too many ads and commercials. Traditionally, the financial advice industry has focused (many still do) on more mature households. We focus on families who are in another season of life.
What about at Intrepid Eagle Finance?
We focus on serving Christian families. An important part of our planning process and expertise is helping families navigate the challenge of raising children and balancing finances.
Myth #3: Your Family Finances are Too Simple to Benefit
Somehow people got the idea that if you are still working, your finances are simpler than that of a retired household. That is just not true. Couples raising children and facing challenges like paying down debt/student loans, buying a first home, navigating careers, and more are plenty complicated. Don’t talk yourself into the idea that your situation is simple when it might not be.
What about at Intrepid Eagle Finance?
We know the complexity of the stage of life you’re in. Why? We’re there too!
Myth #4: Financial Advisors Only Help with Investments
Some people who call themselves financial advisors only help you with investments. While that’s important, good financial advisors, will focus on a more holistic approach to help families with a host of financial challenges beyond just investments so you can get help with insurance, estate planning, paying less taxes, and more.
What about at Intrepid Eagle Finance?
Your entire financial life is important to you. That’s why we use an approach geared around all parts of your household’s financial life.
Myth #5: Financial planning won’t fit in our budget
Financial planning is more accessible now than it has ever been. There’s different ways to fit financial help into your budget. One of those ways is with a monthly fee. Budgeting monthly is how most of us think about money. Financial advice can fit into monthly budget like Netflix, utilities, and groceries. Be sure to investigate your options, but know there are different options now than in the past.
What about at Intrepid Eagle Finance?
We offer fee-based options that are monthly in nature designed to fit in many families’ budgets.
Myth #6: Financial advisors only want to sell a product
Some people who call themselves financial advisors or portray themselves as such do just want to sell you something. A real financial advisor, who is a fiduciary, puts your interests ahead of their own and their company. Make the distinction about who you are talking with.
What about at Intrepid Eagle Finance?
We are a fiduciary. We don’t sell commissioned products like mutual funds, insurance, or other stuff.
Myth #7: Google and the internet have all the answers
Don’t be shocked by this, but the internet has some information that’s not reliable. I know, crazy. Medical information abounds on the internet and we still need doctors and nurses. The same is true for good quality financial help.
What about at Intrepid Eagle Finance?
If you find something on WebMD and have a question, a good doctor should be happy to discuss it with you. We feel the same way about when our clients find an article or resource on money online. We’re always happy to talk it over with our client families.
Myth #8: Financial advisors can’t help with things that affect families with children
Some financial advisors won’t help with issues like paying for college, budgeting for preschool, or saving on sports costs. An advisor who understands how children (young and old) dramatically affect your financial life will help with these important questions.
What about at Intrepid Eagle Finance?
We have kids too! We understand the joys and challenges that come along. Part of that is a financial life that supports your entire family’s life, not just the adults.
Myth #9: An advisor can’t help with financial questions and our faith, like tithing
Some advisors do offer little or no help here. If you work with an advisor who specialized in helping Christian families you’ll get guidance in these areas.
What about at Intrepid Eagle Finance?
We help our client families who want to balance their Christian beliefs with finance. It’s not easy, but it’s important. Money is one of the most mentioned topics in the Bible. If the topic is that important in scripture, we think it’s important to make those principles a bedrock of a financial plan.
Myth #10: If my family gets advice once then we won’t need it again
Getting a one-time plan from a professional or some one-off advice help works for some folks. There’s options out there for folks that want that kind of help. There’s also some households that are best served by that kind of targeted or short term guidance. That’s not everyone. Your family is different now than it was 5 years ago. It will be different in the years to come. The world will change including tax laws, financial rules, estate planning practices, financial markets, and everything else. Because of these ever-changing factors, many families have circumstances that benefit from ongoing help.
What about at Intrepid Eagle Finance?
We focus on working with families we believe can benefit from our help for years to come. If there’s a case where someone is better served by a one-time plan or situational guidance, we help that family find an appropriate option.
Myth #11: If we ask an insurance representative or banker, the advice will be just as good
This should be true. It’s not. First, folks who sell financial products should (sometimes they don’t) have expertise on that specific area. A loan officer at the bank may be able to help you get a mortgage but is probably not thinking about how your taxes or saving for kids’ college will be affected by that decision. Second, incentives often cloud the guidance you receive. A hammer salesman will tell you about the wonders of problems nails can solve. An insurance salesman will often tell you about all the problems insurance can solve, even if that’s not the best solution.
What about at Intrepid Eagle Finance?
The advice we provide our client families is based on their entire or holistic financial situation. Because that is our starting place, we make every effort to recommend solutions that are optimized for your family, not someone else.
Myth #12: Financial advice doesn’t fit in with my family’s busy schedule
This is partly true, but less so than it used to be. Forward thinking financial advice is offered, in many cases, without a requirement to drive somewhere and take half a day.
What about at Intrepid Eagle Finance?
We understand that our client families are busy. We meet with folks at convenient times built around their schedule. We also offer services virtually so you can get our help anywhere with a tablet or phone that has Wi-Fi.
Myth #13: If I get a financial advisor down the road, it’ll be just as good in a few years
If you get started on something positive or end something negative in your financial life sooner rather than later, it could be life changing. Some financial challenges can be much easier when you get started sooner rather than later.
What about at Intrepid Eagle Finance?
We think financial advice, geared to the season of life you’re in right now, can make a huge difference in stress and your ability accomplish what’s important to your family. We always meet folks where there at, but starting earlier can make a difference over the years. Would we prefer talking to family about paying for college when the child is 7 or 17? Easy answer, but we’re happy to help both.
Myth #14: All financial advisors are the same
Unfortunately, the term “financial advisor” is not standardized like credentials for attorneys or doctors. Two people who use this term can have different qualifications and backgrounds. Ask about someone’s training, experience, education, and any professional credentials.
What about at Intrepid Eagle Finance?
Our client families are served by an experienced advisor who is a Certified Financial Planner™ (CFP®) professional. Their experience is also geared toward the specific needs of the families we serve. Our expertise is also regularly sought out by media outlets such as U.S. News and World Report, Bloomberg, MarketWatch, The Wall Street Journal, and more. When you work with a Christian financial advisor armed with the right expertise and focused on families like yours, it makes a difference.
“Commit your work to the LORD, and your plans will be established.” Proverbs 16:3 ESV
Beyond the Myths
Are there more myths about first time financial advice? Absolutely. We've heard many. Don't let a misconception hold your family back from getting financial help when you truly need it.