A LITTLE HELP CAN GO A LONG WAY
Just as a good coach will support you to be at your best, the right financial adviser will have your back when it comes to your financial fitness, as RYAN FENNELL explains
In our column last fortnight, my business partner, Shane, revealed that I provide financial advice for his family, and he does the same for mine.
Whenever we mention this arrangement, it raises a few eyebrows. Initially, it seems odd that a financial adviser would need a financial adviser. There is sound reasoning behind it.
The first is the one that none of us like to admit, but probably will concede. We’re all tempted to make some questionable decisions with our money.
Knowing that there’s a cop on the beat, someone who might politely ask us what we were thinking, often keeps us from making those spending decisions we would likely have regretted later.
The second reason is more like good coaching. Having someone who can take an honest view of what your current position is, and keep you focused on where you want to go, is motivating. And if they can give you independent and solid advice on how to get there, it is really effective.
Having someone help you sort through the problems and share the wins can really lift your financial game
Jobs like reviewing your personal insurance, superannuation or investments can be tiresome at best and easy to defer from month to month. The issue here is that putting it off can cost you a significant amount.
Having someone whose advice you trust helping you keep to a routine of reviewing these things will not only make sure that you’re not spending where you shouldn’t, but also that you’re getting the most where you can.
The upsides to reviewing regularly are normally well worthwhile in the short-term but the benefits over the longer term can be really significant.
Regardless of who it is, the role of the financial adviser should always be far more weighted towards coach than cop.
For that reason, it pays to be particular about whose advice you take.
Like any coach, they should be knowledgeable, but more importantly, they need to be in your corner.
We didn’t choose Shane as our family’s financial adviser simply because he’s knowledgeable. That plays a role but it’s because we trust that he absolutely has our best interests at heart.
He’s not afraid to have the direct conversation about our spending when required. But more so, he knows what we are trying to achieve financially and is enthusiastic about helping us get there.
The financial aspects of any of our lives can be worrying and monotonous.
Having someone who can help you sort through the problems and share the wins can really lift your financial game.
At Fennell West we invest in our clients to deliver the best results for them. If you are unsure whether you are getting the right advice, come and chat to us.
Ryan Fennell, Shane West and Jarrod Owen of The Fennell West Unit Trust trading as Fennell West are Authorised Representative(s) of GWM Adviser Services Limited ABN 96 002 071 749, an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. Licensee No. 230692. Any advice in this article is of a general nature only and has not been tailored to your personal circumstances. Before acting on this advice, you should consider whether it is appropriate having regards to your personal objectives, financial situation and needs.