Many investors face financial advisor anxiety

You have heard of a fear of flying and you have heard of a fear of spiders, but have you heard of a fear of the financial advisor?

According to an article in USA Today, many Americans are embarrassed to seek the help of a financial advisor.

Financial Advisor Anxiety

Common reasons people fear discussions with financial advisors

There can be many factors at play when it comes to what experts call “financial advisor anxiety.”

Disclosure anxiety – fear of sharing personal information

One is called disclosure anxiety — feelings of discomfort at the prospect of sharing personal information with a professional advisor, according to a just-published study on the subject.

Many share the common hesitation to share intimate information with others. Some are guided by taboos against discussing religion, politics, and money as social etiquette.

Evaluation anxiety – fear or embarrassment of being judged

Another common reason is evaluation anxiety — expectations of being negatively judged by the financial professional. Many would-be investors may be embarrassed and ashamed to discuss mistakes they have made in their financial history or to admit that they have limited knowledge of the financial world.

The embarrassment people have about revealing personal details to financial advisors is similar to the reluctance many people experience while disclosing their health problems to medical professionals, according to the co-authors of a report, Douglas Hershey, a professor at Oklahoma State University, and Paul Gerrans, a professor at the University of Western Australia.

Have you ever cringed when you go to the Doctor’s office and the nurse asks you to step on the scale? Logic will tell you that there are people in worse shape than you and there are people in better shape than you, yet you still feel self-conscience when you see the scale hover and stop on your “magic number”!

Your “magic number” in your finances and your health may be a culmination of budgeting, lack of discipline, or possibly overindulgence. Whatever the reason, your financial advisor can help you determine where you are on your unique financial plan – in addition to suggested changes to help achieve your financial goals.

No-judgement zone: How to replace fear with peace of mind

A Worth Asset Management advisor will help you feel comfortable and will interact with you in a genuine and non-judgmental manner.

One suggestion is to ask yourself what it would be worth to have peace of mind for you and your family. “Talking to a qualified financial advisor about saving for retirement is like talking to your doctor about your health and longevity,” Hershey says. “Each one is there to examine your assets and liabilities, and work with you on a plan that you can — literally — live with, and help you sleep better at night.”

You have the right to ask questions and you have the right to be educated about your financial goals!

Contact us if you would like to discuss your financial goals with a Worth Asset Management Advisor.


About Worth Asset Management

Worth is an independent and diversified financial services company providing a wide range of wealth management services to help clients build wealth no matter where their financial journey begins.

Worth Asset Management is an RIA (Registered Investment Advisor) firm. Expert financial services include retirement planning, asset & portfolio management, and investment management.

Worth Asset Management
16660 Dallas Parkway
Suite 2200
Dallas, TX 75248-6808

Tel: 877-397-7011
jclark@worthassetmgmt.com


Disclosure: Worth Asset Management, LLC is an investment advisory firm whose principal place of business is in Texas.  We may only conduct business in states in which we are registered or qualify for an exemption from registration requirements.  Please realize that this website is provided for informational purposes only and should not be construed as a solicitation to buy or sell a security or the delivery of personalized investment advice.

Worth Asset Management – “Financial Advice Worth Talking About!”

Jim Clark

Jim Clark

I have been managing client's portfolios since 1983 when I moved to the Dallas area. I am a co-founder, managing member, and investment advisor with Worth Asset Management since its inception in 2013. I live in Frisco with my beautiful wife, Julie. We have two daughters who live in Dallas, and we love spending time with them, our son-in-law, and our grandchildren. My hobbies are golf, tennis, and hunting feral hogs that are a real nuisance to area farmers and ranchers.

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