Stress Near a Bolted Connector

I will be reviewing the stresses in a member that is bolted, which forces me to take into account the compressive stress applied by the bolt. I see that the bolted connector states the following warning:

"Reported stress in the 1-diameter vicinity of the bolt will usually be higher than the actual stress."

Is that to say that the stress in the applied region of the bolted connector (where the rigid links tie to) should be regarded as inaccurate? If so, what is a good way to go about reviewing the member stress resulting from the combination of clamping force and body loads?

Thank you.

SolidworksSimulation