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!