Close

8 December 2023

Breaking the Silence: Overcoming the Stigma of Seeking Financial Guidance

Financial advice is often seen as a luxury reserved for the wealthy or those facing dire financial straits.

However, the truth is that everyone can benefit from seeking financial guidance, regardless of their income or net worth.

Why the Shame?

There are many reasons why business owners may feel ashamed about seeking financial advice. Some of the most common reasons include:

  • Fear of being judged: Many business owners feel like they should be able to handle their finances on their own. They may worry that seeking help will make them look incompetent or incapable of managing their business.
 
  • Pride: Business owners often take pride in being self-made and independent. Seeking help with finances may feel like a sign of weakness or failure.
 
  • Lack of awareness: Some business owners simply do not know that financial advice is available to them. They may not realize that there are professionals who can help them achieve their financial goals.
 
  • Cost: Financial advice is an expense, which can deter some business owners from seeking help. However, there are many affordable options available, such as online resources, government programs, and pro bono services.

Overcoming the Barriers

There are several things that business owners can do to overcome the stigma of seeking financial guidance:

 

  • Educate yourself: The more you know about personal finance, the less likely you are to feel overwhelmed or ashamed about seeking help. There are many resources available online and in libraries that can help you learn about budgeting, investing, and other financial topics.
 
  • Talk to other business owners: You are not alone in feeling hesitant to seek financial advice. Talk to other business owners about their experiences and see if they have any recommendations.
 
  • Find a financial advisor who you trust: It is important to find a financial advisor who you feel comfortable with and who understands your unique needs and goals. Ask for recommendations from friends, family, or other business owners.
 
  • Start small: You don’t have to make a big commitment right away. Start by meeting with a financial advisor for a consultation to discuss your goals and get some general advice.
 
  • Focus on the benefits: Remember that seeking financial advice is an investment in your future. A good financial advisor can help you save money, make better investment decisions, and achieve your financial goals.

Seeking financial guidance is a smart decision for any business owner. It can help you save money, make better investment decisions, and achieve your financial goals. Don’t let the stigma of seeking help prevent you from getting the advice you need to succeed.

Here are a few additional tips for overcoming the stigma of seeking financial guidance:

 

  • Focus on the positive outcomes: Instead of thinking about the negative aspects of seeking help, focus on the positive outcomes. Think about how financial advice can help you achieve your goals and improve your financial security.
  • Be proactive: Don’t wait until you are facing financial difficulties to seek help. By taking a proactive approach to your finances, you can avoid problems down the road.
  • Celebrate your successes: When you achieve a financial goal, take some time to celebrate your success. This will help you stay motivated and on track.

 

Phil Hall, Head of Financial Planning, Senior Adviser

Freedom = Travel and the Beach 

Phil is an experienced planner who enjoys working with clients to meet their financial goals now and into the future. Having previously been a teacher, Phil educates and guides clients; enabling them to make informed decisions to build, protect and manage wealth through a broad range of financial strategies.

Phil grew up in Hobart, but has worked and travelled overseas and interstate prior to returning and settling in Tasmania. He commenced working in the Financial Services industry in 2002 and has completed a Masters of Financial Planning, Bachelor of Education (Honours), and several specialist courses in ASX listed products, SMSF, margin lending and is a Certified Financial Planner®. Phil enjoys travel, getting outdoors and spending time at the beach with his family. LinkedIn

Masters of Financial Planning, Bachelor of Education (Honours), CFP®.