Myth busting: breaking down financial advice stereotypes

4 min read 17 Oct 24

We can all be guilty of casting stereotypes. These can manifest themselves from the societies we live in, or the news and stories we’ve heard in the past. Problem is, stereotypes often don’t paint an accurate (or even flattering) picture of the person, idea, culture or business they’re aimed at. And this couldn’t be truer when it comes to financial advice. Ask a few friends what they think it involves and there’s a good chance you’ll get some pretty similar answers. Some of which we’d bet aren’t very accurate. So let’s dispel some common misconceptions.

1. It's just for the wealthy

Many people assume that financial advice is reserved for the rich – think CEOs, celebrities or footballers. These people tend to have a vast amount of money, so they need expert advice to manage it, especially around taxes and investments. Financial advisers must only concern themselves with helping clients like these then, right? Wrong.

In reality, the average person can benefit greatly from financial advice. You don’t need to have swathes of money to qualify; it’s all about making what you do have work as hard as possible. Regardless of whether someone runs a business or works as a NHS nurse, their goals are still likely to be broadly similar – to secure a bright future for themselves and their family. Money can be a key tool in making that a reality, meaning financial advice can offer value for people from all walks of life.

2. It's only for older people

This is largely connected to the belief that financial advice is just for the rich. After all, older people tend to have accumulated more wealth because they’ve had more time to do so. The truth is that financial advice can offer great value at different stages in life. While older people may benefit from direction around the likes of retirement income and pension access, young people can find just as much value in other areas – perhaps in saving towards a first property, or investing wisely for their future selves. Life is full of challenges which span different age brackets, most of which can have a direct or indirect effect on one’s finances. As a financial adviser, you’ll be helping a broad spectrum of people – from those just starting out in life, to others thinking about passing on their legacy.

3. It's all grey suits and briefcases

While this was the case to some extent many years ago, it couldn’t be further from the truth now. The days of smoke-filled gentleman’s clubs in financial services is a bygone era – one that’s been replaced by a better reflection of the modern world we live in. Now, more than ever, you’ll find financial advisers from all backgrounds, ages, genders, ethnicities and faiths. And while there will always be a degree of formality when it comes to being entrusted with someone’s money, the way in which financial advisers reflect the people they’re helping trying to help, is now better aligned than ever before.

4. It's just pie charts, spreadsheets and equations

While a portion of the job does involve this, many people have an exaggerated image of what this looks like. They might picture a mathematical boffin, knee-deep in financial calculations for hours on end. You get the idea. But in reality, this is just a caricature – an overblown picture of just one element of being a financial adviser.

While it’s important to have a competent level of numeracy, there’s now technology and online tools to help when it comes to that part of the job. You by no means need to be a genius with numbers. What’s just as important, and which many people don’t realise, is that a key part of being a financial adviser is making connections with people. That covers a wide range of things, from the ability to attract and nurture clients to articulating the reasoning behind the recommendations you’re making. You’ll spend just as much time doing this as you will crafting financial plans.

It’s your potential that counts

At the M&G Wealth Advice Academy, you’ll have the backing of an experienced and dedicated team who are devoted to helping you become a financial adviser. Once fully qualified, you’ll have the freedom to put your own unique stamp on things. That means putting your personality front and centre, offering potentially life changing help to people while breaking some of the common stereotypes we’ve covered. Interested? Learn more and contact us about kick-starting your new exciting career.

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