Attending a financial seminar might seem like a quick fix for financial problems. Drop in, learn some skills, get some current information, and apply it in your everyday life. Easy, right?
Seminars can be informative, but they don’t have the same effect as individualized financial advice.
The Problem with Seminars
Seminars are appealing because they typically cost less than personalized financial advising.
However, skimping on financial advice is not the way to protect and expand your assets. For high wage earners, it’s worth investing money in a tailored approach.
Seminars are generalized. In a seminar, everyone receives the same advice. There is typically no opportunity to examine everyone’s financial situation, motivations, and goals in depth. Seminars aren’t focused on helping one person. They are necessarily general.
You may find that a seminar touches on many topics, briefly. This can be interesting and lead you to further study, but none of this can compare to digging deep into a few pressing concerns with a financial expert.
Also, seminars also require a chunk of time, which is in short supply for professional athletes. Sitting and listening to the advice, then taking it home and implementing it is more time- and energy-consuming than outsourcing financial management to readily-available advisor.
Choosing an Advisor (Avoiding a Seminar!)
Financial seminars are often used as a way for financial advisors and wealth managers to find new clients. That means that, as a potential client, you are being chosen by the advisor, rather than the other way around.
Please don’t be passive about your future. And don’t risk falling prey to someone who sees not your potential but your potential to make them money.
When it comes to your personal wealth, you should have as much input and control over who you involve as possible. Choose your advisor; don’t wait for an advisor to target you.
For athletes who are earning a lot of money in a short period, look for a focused approach, commitment, and trust on a personal level. Quick tip: you won’t find this combination in a seminar.
Set yourself up for long-term success by avoiding advisors selling finance courses. A seminar is no replacement for hands-on work with a trusted advisor. Partner with an advisor who will be dedicated to and invested in you.
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