Now that the 2024 Olympics have drawn to a close, the world’s eyes shift to Los Angeles where athletes will battle it out for glory in 2028. To mark the spirit of the games, we wanted to shed light on what parallels there are with financial advice.
It’s a marathon not a sprint
Events like the 100m usually draw the biggest crowds at the Olympics. It’s an adrenaline-fueled watch, competed by the fastest humans on earth. And while it might make things more interesting if financial advice was like the 100m, the reality is that it’s more like the marathon.
A big part of being a financial adviser is helping people see the bigger picture and how the actions we take with our finances now, can be beneficial for many years to come. Take retirement planning for example. This might start decades in advance, in order to build up a good amount of money that can be used as an income for you, and potentially your family as well. People sometimes want to see results instantly, but when it comes to our money, this can lead to poor decisions.
Financial advice is all about setting the right expectations, and is rarely a one-and-done approach. It can be long lasting, often requiring ongoing reviews to ensure everything’s on the right track. So while the marathon might not be as pulse racing as the 100m, slow and steady often wins the race when it comes to helping people achieve their financial goals.
Life can be full of hurdles
Hurdles can add an element of excitement to a race. How an athlete approaches them can make a big difference to how well they do – it’s all about expertise, technique and execution. Just like
hurdles, life’s full of ups and downs that can have an impact on our money. People often seek financial advice when faced with challenges, and as a financial adviser, it’ll be your job to help prepare them in the best way possible.
Picture for a second, that someone has recently inherited a large sum of money following the death of a loved one. It’s an emotional time, and on the financial front, a complex one. What’s the best thing to do with the money? What are the implications of each option? As a financial adviser your help can be invaluable, allowing them the headspace they need during a difficult period, while you decide on the best steps for them to take.
Because of this, the adviser/client relationship can be very close and built on trust, as you navigate life’s various milestones together, through thick and thin. There’re not many professions which touch so many parts of people’s lives.
There’s no ‘i’ in ‘team’
Sport is all about teamwork. Even in solo sports like boxing or running, athletes have a team of coaching staff behind the scenes – advising, supporting and preparing them for success. Financial advice is a bit like that. It’s all about working closely as a team – as adviser and client – to establish goals and overcome financial challenges together. Being a people person will help greatly here. That involves being open, a fantastic communicator, with a willingness to compromise – all hallmarks of a great team player.
It’s perfectly natural for a financial adviser or any other trained professional, to want to prove their knowledge and worth. But this shouldn’t come at the expense of developing a connection with a client. Imagine attending a meeting with a financial adviser only to be spoken to at about the service they offer – doesn’t sound very engaging, or personal. Now imagine attending a meeting
where the financial adviser is more keen to hear from you; your aspirations, worries and challenges. All of a sudden it sounds less about them, and an environment where you’re in this together as equals. In short, financial advice is as much about people bonding as it is about financial planning.
Practice makes perfect
A commitment to training and putting the hours in is key to sporting success. And that’s where we can support you in becoming a financial adviser. The M&G Wealth Advice Academy was set up help you on your journey, providing all the necessary support and qualifications. You don’t need any background whatsoever in financial services, just a desire to kick-start a new and rewarding career. So if you feel like you’re ready to hit the starting blocks, click here to find out more.
