Is Your Financial Advisor Making You Sick?
Not having enough money or being concerned about debt is an age-old reason for stress in people’s lives. But what about the stress related to entrusting the wrong person with your hard-earned dollars?
According to the 2016 “Stress in America” Survey, money and finances remain at the top of the list. 72 percent of Americans said that they felt stress about money at least once in the last month. This high percentage tells us that financial stress isn’t just for those with low levels of income and net worth. This survey also explores the health impacts that financial stress can have on people.
It is human nature to trust a professional, right? So, when a “financial professional” gives advice most people take it as good advice at face value. Unfortunately, the world of finance is filled with companies and individuals who have made a living off of other people’s losses. When not bound by a fiduciary obligation to first act in the interests of their clients, financial advisers and brokers give into the temptation to use their clients’ assets as guinea pigs for the next “big find” or by selling them products that, while suitable for their clients, are not necessarily the most advisable option for their particular circumstances.
What can happen in predatory relationships like these is that your hard-earned savings can dissolve into poor investment choices, depreciation, losses, and fees, fees, fees. Sadly, it takes quite some time for most people to realize that they’ve been duped because it is in our nature to trust the “professionals.” No one would want to think that a financial adviser would be so careless with something that meant so much and was relied upon so deeply. By the time some people finally get wise to what’s happened, they not only have lost their wealth, but also their well-being.
Financial loss, coupled with feelings of betrayal, plus unexpected financial burdens caused by these types of circumstances can add up to tremendous amounts of stress in a short period of time. Financial uncertainty and the resulting stress can be the cause of a whole slew of health issues.
Health and Stress
When you’re under stress, the body reacts in a myriad of ways. Decreased cognitive functioning, high blood pressure, decreased metabolism and difficulty breathing are just a few of the short-term symptoms of stress. Over a long period of time, however, these physical reactions can increase your risk of heart disease and stroke, cause digestive issues, lead to unhealthy weight and/or gain, result in sleep issues, cause increased muscle and joint pain and even exacerbate chronic conditions like diabetes and thyroid problems.
Financial loss when people are nearing or in retirement, when there is scant ability to earn that nest egg back, can have a lasting impact on people’s physical and emotional well-being. The domino effect of the stress caused by the financial loss, then leading to health problems can lead to even more financial and emotional stress.
Our Fiduciary Oath
There is one thing that can be done to help avoid these catastrophes, although, it should be mentioned that all investing comes with some degree of risk. Understanding the fiduciary obligation that your financial advisor is willing to undertake can help you make an informed decision when selecting who to entrust your retirement savings with. While there are many out there who refer to themselves as advisors, planners, investment managers, etc., some are simply sales people. They are brokers who are bound only by what is referred to as the suitability standard.
As a fiduciary advisor, we act in the interest of our clients first and always. We are bound by this to do not just what is suitable with your money, but what has the highest likelihood of building and protecting your nest egg. For a no-obligation discovery meeting to determine if Stuart Financial Group is the right fit for your future, contact us at email@example.com or call us today at (301) 345-1635.