Everyone needs a coach

I was recently watching a tennis tournament on television when I saw star Novak Djokovic's coach urging him on from the side lines. I asked myself, if one of the world's greatest tennis players has a coach, why shouldn't coaches be able to help anyone, in any profession?

“Everyone needs a coach. It doesn’t matter whether you’re a basketball player, a tennis player, a gymnast or a bridge player.” – Bill Gates

I have worked in the Financial Services industry for over 20 years, and have been a financial adviser for 15 years, holding a B Com. (Hons) CFP^©. Most importantly, I love what I do!

A part of the financial advice process I particularly enjoy doing is sitting down with my clients and going through a Financial Review. I really value the engagement that takes place, which ranges across a variety of topics of conversation from politics, macro-economics, market observations to portfolio specific discussions. These Reviews offer solace that the plan to achieve the client’s objectives is firmly on course and can also be seen as a financial ‘health check’.

Approximately once a year I conduct my own financial ‘health check’ and while being fully qualified to do so, I have realised that I may have some ‘blind spots’. I feel that this year perhaps, I should seek out a financial adviser to address these. This got me thinking. “How do I choose one, or indeed, what are the attributes of a great financial adviser?”

Attributes of great financial advisers

Choosing a trusted and knowledgeable financial adviser is one of the most important investment decisions you can make. Important qualities that I need in a financial adviser include the following:

• Trustworthiness: must be able to be relied on as honest and truthful.
• Integrity: must be a model of rectitude.
• Reliability: must perform consistently well.
• Track record: must have a record of previous achievements or accomplishments.
• Compassion: must be able to demonstrate the necessary empathy, understanding, care and concern.
• Credible optimism: must be believable about his/her hopefulness and confidence about the future or the success of something.
• Sense of humour: must have the trait of appreciating and being able to express the humorous.

There are many things we can do ourselves. Paint a ceiling, mow the lawn, or assemble some flat-pack furniture, but we’d never attempt to take our own appendix out or perform our own dentistry. There’s just too much at stake, that’s when we seek expert help.

Nobel laureate Daniel Kahneman’s seminal book, Thinking Fast and Slow, begins as follows: “The premise of this book is that it is easier to recognize other people’s mistakes than your own.” Whether we’re talking about Lennon and McCartney or Warren Buffett and Charlie Munger, we all tend to work better with help, advice, support, correction, criticism, and accountability.

Most people — even those who are experts in their fields — could benefit from the objectivity and honest evaluation that is an integral part of regular coaching.

The opinions expressed in this document are the opinions of the writer and not necessarily those of PSG. The information in this document is provided as general information. It does not constitute financial, tax, legal or investment advice and the PSG Konsult Group of Companies does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed.