No matter how good a swimmer Michael Phelps was, he would have never reached his level of success without a patient and willing coach like Bob Bowman. The coach-athlete interaction, which includes accountability, camaraderie and hard work, pays off in all aspect of sports. No one would question that Syracuse University’s basketball success was in large part due to Jim Boeheim!
The benefits of coaching can be easily translated into financial planning.
Goal Setting – Goal setting is an art and a financial planner can help focus the goals to create a tailored individual plan. All too often, people set their financial savings goals far below their retirement needs. By identifying an achievable savings goal, an advisor can illuminate the correct path for every client.
Accountability – Stephen Covey’s famous quote “Accountability breeds response-ability” rings true in financial planning. By interacting with a financial advisor, the thought of saving is always at the forefront of your mind; creating a favorable saving response. The adherence to a saving habit increases greatly by just reviewing the past, talking about the present, and planning for the future.
Focus on Items that Matter – It is human nature to tinker and try to improve oneself. It happens in golf when elite athletes disassemble their swings in pursuit of perfection. It also happens when saving for retirement. By utilizing the optimal mix of available investment vehicles, (401k, IRA, Roth IRA, brokerage accounts, CDs, etc.) a financial planner will add significant value to the final retirement picture.
Coaching applies to a much broader spectrum of life than just athletics, so consider adding a financial coach to your life!
Other articles filed under Family Finances
November 28, 2016
As a financial planner with a young daughter, I want her to learn about personal finance at the same time she learns about other concepts in the world. The question in my mind has always been, "What is the right age?"...
November 23, 2016
There are many things to consider when you are looking to hire a financial advisor, and many people are not sure which questions to ask. This article from Inc.com shares a few items to keep in mind when looking for...
November 9, 2016
Whether you find the election results exciting or shocking, we are now faced with the question, "What's next?" With respect to your investments, here’s a quick reminder of how we feel about that: Ample evidence informs us that it is...
October 24, 2016
Stock Markets It was a pretty good quarter for stocks, with the riskier small-cap and emerging market stocks leading the way. REIT’s gave back some of their robust returns of prior periods. The year-to-date numbers for stocks are solid as...
October 21, 2016
Managing clients’ financial assets is at the heart of what we do here at Rockbridge. However, having a well thought out investment portfolio will only get you so far if every facet of your financial life is not addressed correctly...