“I can only help you with investment planning if you go with risk management planning”: I’m unsure about my financial advisor’s advice. Should I cancel future appointments?

Hey Money Minder,

So, I’m 23F and was recommended a NWM financial advisor. I met with her a couple of times, and it was okay. She talked me into getting life insurance for some “risk management planning”. But when I asked about just focusing on investment planning, she said I had to do some sort of “risk management planning” first, like life insurance or disability insurance. I admit I didn’t do my research on Reddit beforehand.

I filled out some forms with sensitive info, but I haven’t committed to anything yet. Should I just back out of any future meetings and let her know I’m not interested in working with her anymore, or is it too late?

Cheers,
Confused Investor

Response from THE MONEY MINDER:

Hello there,

I’m sorry to hear about your experience with the NWM financial advisor. It’s great that you are seeking advice and questioning the recommendations made to you. In situations like these, it’s important to trust your instincts and take control of your financial decisions.

Since you haven’t committed to anything beyond signing some paperwork, you still have the opportunity to reevaluate your relationship with the advisor. It’s important to communicate your concerns and preferences clearly. You have the right to choose the type of financial planning that aligns with your goals and values, whether it be investment planning, risk management planning, or a combination of both.

I recommend reaching out to the advisor to express your decision not to proceed with any further appointments. You can politely explain that you have reconsidered the options presented to you and have decided to explore other avenues for financial planning that better suit your needs. Remember that it’s never too late to prioritize your financial well-being and make choices that empower you to achieve your long-term goals.

If you feel uncomfortable or uncertain about the next steps, you may also seek guidance from a different financial advisor or do some research on reputable sources to educate yourself further on financial planning options. Taking control of your financial future is a significant step, and it’s essential to feel comfortable and confident in the decisions you make.

Remember, your financial well-being is a priority, and it’s crucial to work with professionals who respect your preferences and empower you to make informed choices. Best of luck on your financial journey, and feel free to reach out if you have any further questions or concerns.

Farewell from THE MONEY MINDER.