It is the key to all great relationships and where there is trust in place magic can happen. But to trust someone you have to open up and why on earth would anyone reveal their deepest desires and dreams and share the things that scare them?
I have discovered that as trust is developed in a relationship the role of a financial adviser expands from just providing tangible benefits, such as putting financial strategies in place that make a quantifiable difference in peoples lives, to include many intangible benefits that are often hard to quantify but mean much more than dollars and cents.
The Nine intangible benefits that result from a trusted adviser relationship are:
1. Leadership, strategic direction and goal clarification
I have found that few people lead deliberate lives. Those who choose to, through putting a modicum of effort in identifying some objectives and developing a plan to achieve these, experience considerably more success.
As a trusted adviser I step into the role as a leader and I am your guide. I will make every effort to understand (and in many cases help you to understand) what you want and then set a course to get it.
2. Empathy, peace of mind, emotional support, perspective, confidence, accountability and behaviour management
Few of life’s journeys are smooth rides. Progress to most worthwhile goals – an academic qualification, running a marathon, saving for retirement – will be peppered with potholes and setbacks. Many people choose to fold their cards when the going gets too tough. Many people make inappropriate decisions when under pressure.
Everyone needs a coach to get the best results – ask any sportsperson. Over time it is possible to become weak and grow impatient when making decisions. People can and often will be scared, which is natural. Sometimes people forget fear and can become greedy. My goal is to always be there for my clients. I am a coach and your financial partner and take the role of team captain when needed. I will enable you to make the best decisions in line with your unique position and objectives.
3. A trusted resource
These times are truly the Golden Age of misinformation. The media, investment managers, companies and governments all have their own agenda’s. Sometimes they align with the cause of the individual. Often not.
As a trusted resource, I possess the experience and education necessary to cut through the hype and the noise. I can (and will) provide a filtered, unbiased interpretation of events that may affect your goals.
The sophistication behind a financial plan can often be underestimated. This is because the financial advice I provide includes intangible benefits and these are most often only apparent after the passing of many years. There is a high level of expertise and experience required to help with planning investment goals and the strategies behind tax and other strategic planning.
But many trade-offs exist. There are often many permutations to get from today to some future goal. I aim to bring capability to our relationship. I am to bring options. My highest purpose is to bring solutions.
5. Time saving
In life I have found one often complain that ones life is too busy. But few people respect their time and focus on doing the thing that truly bring them joy and happiness. They may simply not be aware of the massive benefits of outsourcing.
Many of my clients have commented that after several years of multiple spreadsheets and bursting lever-arch files, they decided that the time and stress involved in managing their personal financial affairs was best outsourced. What a blessing! The filing, the research, the compliance, the administration – it is no longer your problem.
6. Framing and simplifying important decisions
Who do you talk to when making important decisions? Do you have the time, knowledge and perspective to make good calls?
What impact will it have on your finances if you bought a new car, helped my kids with a deposit for their first home, wanted to take that overseas trip, wanted to renovate my home? Or any number of potentially important financial decisions.
7. Education and empowerment
I am continually learning in order to be the best adviser I can. Taken into account, before formulating my advice to you is all the education I have gained since joining the industry in 2001, in order to provide you with valuable information that can empower you in your decision making.
8. Monitoring, scorekeeping and course correcting
This world is not suitable for the set-and-forget crowd. A great plan can soon become obsolete if some important assumptions change.
I have discovered that sometimes, clients tend to believe that the chances of a successful outcome are much higher than they actually are. This is a common bias found in behavioural psychology called “Optimism Bias” (or locally “She’ll be right”). No, she won’t be right. This pot needs to be watched. Water needs to be added, it needs to be stirred and the temperature checked regularly. Failure to do so will result in a burnt stew and an unpalatable retirement.
9. Ongoing discovery, new priorities, awareness of threats and opportunities
Goals change, attitudes change, relationships change. Not only must the plan be monitored (previous point), but the goals and relevancy of the blueprint must be tested. I will bring relevancy and currency to our relationship through sophisticated questions and conversations to help you achieve your goals.
When you consider the benefits that occur when a trusted relationship is in place it is easy to see how it is the secret ingredient to achieving and living your dreams. By opening up and sharing the things that are truly important to you it allows trust to be built and this in turn is repaid over many years both financially and emotionally.