When it comes to managing money, most people want to make smart, informed choices. But it’s easy to put off getting advice when you’ve heard that it’s only for the wealthy, too expensive, or something you can handle with a few online tools.
These ideas are common, and they often stop people from taking the next step toward feeling more financially confident and in control. The truth is that financial planning is not about exclusivity or complexity. It is about clarity, preparation and peace of mind.
Here are five common myths about financial planning, and the truth behind each one.
Myth 1: “Financial advice is only for the wealthy”
Reality: Financial advice can benefit people in all income and wealth brackets.
Research from Vanguard’s Value of Personalised Advice report found that, across a range of client scenarios, professional advice added between 0.6% and 3.5% in net annual value after fees. Yet the Royal London Advice Gap Report 2024 showed that only 9% of UK adults had taken advice in the last two years, meaning most people may be missing out on the financial and emotional benefits that personalised guidance can bring.
What it means for you: You do not need a large amount of savings to make advice worthwhile. Professional guidance can help you make small but meaningful improvements, such as reviewing your pensions or making the most of annual tax allowances, which can have a lasting impact on your longer term financial future.
Myth 2: “I can get the same results with online calculators”
Reality: Tools can give you a snapshot, but not a full picture.
Online calculators are useful for quick checks, but they cannot adapt when your circumstances or goals change. Those changes can often lead to financial stress or uncertainty, which is when having personal advice becomes most valuable.
Research from Vanguard’s Emotional and Time Value of Advice study found that 86% of advised clients reported greater peace of mind compared to managing their finances alone, and many said they spent less time worrying about financial decisions. This aligns with the FCA’s Financial Lives Survey 2024, which found that fewer than half of UK adults feel confident managing their finances alone, highlighting how personalised support and advice can ease financial worry and uncertainty.
What it means for you: A financial planner does more than crunch numbers. They help you define your objectives, prioritise, stay focused during uncertain events, and adjust your plan as your life evolves, whether that involves investment planning, protecting your income, or preparing for retirement.
Myth 3: “It’s too expensive”
Reality: In many cases, good advice pays for itself.
Research in the USA from shows that clients who work with a financial adviser tend to achieve significantly higher long-term wealth compared to those who go it alone. While outcomes vary depending on starting capital and how long someone receives advice, the evidence consistently points to measurable value over time.
In the UK, Which? reports that ongoing advice fees typically average around 0.8% of the assets managed each year. For many people, that cost is outweighed by the potential financial and emotional benefits of professional guidance, including greater confidence in decision-making and the reassurance of knowing your plan stays on track.
At Flying Colours, our own Personal Value Statement (PVS) outlines how expert advice can add measurable value beyond investment performance alone. When you combine the financial impact with the peace of mind that comes from long-term support, advice often proves to be one of the most worthwhile investments you can make.
What it means for you: Advice is not a luxury; it is a practical investment in better decision-making. It could help you avoid expensive mistakes and make confident financial choices that stand the test of time.
Myth 4: “It can wait”
Reality: The earlier you start, the more flexibility you’ll have later.
The Royal London Advice Gap Report 2024 found that access to advice is lowest among those who could benefit most from starting early, such as people beginning to save or build pensions for the first time. For these groups, early planning can make a significant difference to long-term financial outcomes.
Starting sooner also helps you get into good financial habits. Regularly reviewing your savings, investments and protection can make it easier to stay on track, adapt to changes and build lasting confidence in your decisions.
What it means for you: Every year you delay is a year of missed opportunity. Taking small steps now, even if it’s just reviewing your pensions, setting goals, or beginning some in-retirement planning, can create more freedom and control later on.
Myth 5: “It’s just about investing my money”
Reality: Financial planning looks at the whole picture, including your financial goals.
It includes how you save, spend, protect and pass on your wealth. In our Client Feedback Survey 2024, 96% of clients agreed we have helped or will help them achieve their financial goals, and 90% said they see value in having a competent person handling their financial affairs. These figures show that the benefits of advice reach far beyond investment performance.
What it means for you: A financial planner helps you see how everything connects: your income, tax allowances, savings, protection, retirement and estate planning. That might mean reviewing your life cover through protection and insurance or considering inheritance tax and estate planning to ensure your loved ones are supported in the future.
The real value of good advice
The myths around financial planning often come from uncertainty. Many people assume advice will be complicated, costly or simply not relevant to them. In reality, financial advice is about understanding where you stand, deciding where you want to be and creating a plan to help you get there.
When you have a clear, tailored plan, you are not just managing money. You are making your finances work in harmony with your life. That can mean confidence when things are uncertain, security when circumstances change, and reassurance that you are on track for the future you want.
At Flying Colours Advice, our advisers work with people who want clarity and confidence, not complication. We believe good advice should fit around your life, help you prepare for what is next and give you peace of mind knowing your finances are in order.
If any of these myths have held you back, now could be the time to find out what advice really looks like in practice. Book a free, no-obligation consultation to speak with a Flying Colours adviser and see how a clear, personal plan could bring confidence to your financial future.
Please note:
This article is for general information only and does not constitute advice. The information is aimed at retail clients only. All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term (a minimum of five years) and should fit in with your overall risk profile and financial circumstances.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
The Financial Conduct Authority does not regulate tax planning, estate planning, trusts or Will writing.