written by KCLau @ KCLau’s Money Tips

Engaging a financial planner to look after your financial matters is an essential step towards better money management. But don’t expect the consultant to turn all your pennies into gold.


A magician is a person skilled in the mysterious and hidden art of magic, the ability to attain objectives, acquire knowledge, or perform works of wonder using supernatural or non-rational means. Still recall a popular magic trick, where the illusionist asks a dollar note from you and turn it into 50 dollar bill? When a person can pull off that kind of trick, provided that it is real that $1 become $50, he might make himself rich instead of entertaining others.

The magician is often symbolic of having strength of will to create a great life for you. But financial planners are unable to make the magic real for you. It’s totally out of their control if you can’t compromise on your cash flow. Let’s look at several myths people misunderstood about the main role of financial planners.

Figure 1: Magician?
Photo by krestia

Why Financial Advisers are not Magicians?

1. They won’t make money for you out of thin air
Financial planners’ responsibility is to advice you on methods to maximize your existing wealth, no matter how much it is. At the other end, it’s your responsibility to make more money, not theirs. All the financial goals in your mind need resources allocated for it. Everyone’s resources are limited, unless you are Bill Gates. The advisers’ role is to properly plan your money resources to accomplish your goals.

2. They are architects that design your financial house, not a genie who gives dream house as you wish.
You want comfortable retirement. You want adequate education funds for your children. Financial planners only help by providing you the safest plan available. However, don’t always expect the plan to work if you can’t cooperate.

3. They won’t make your money disappear
Some people are afraid to talk to financial planners. This is because they think that planners take their money away. They ask you to buy more insurance. They ask you to invest more in unit trust. They ask you to reallocate your money. They even tighten your cash flow. But why fear them? They are not magicians. They won’t make money out of thin air for you. They won’t make your money disappear either.

4. They turn your ordinary income into long-term return
Magic happens in a split second. That’s what amazes the audience. The unreal become real just after a blink. A financial plan is a long term plan. This means it takes a long time to accomplish! Any plan that promises a high return in short term is simply a scam.


Please bear in mind that a financial adviser won’t create money for you out of no where. They are no magicians.
But you are your own money magician if you desire to be the main role of your money success story.
Talk to your financial planner as if they are the architect, the designer, the planner, but definitely not the magician that turns your nickels into gold .

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Personal finance author and trainer

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