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| 1954: Race for Life - Terence Fisher |
I'm sometimes asked why someone that is successful in their field (by which is meant, financially successful) would need a financial adviser. The question really being asked, is why would you be able to help me, I've done well enough on my own.
I suggest that one considers some of the top sports players - in any field. The best invariably have a coach, which on the face of it may seem rather odd - surely if the coach was any good, they would be a competitor not a partner. Being a coach or an adviser is about being trusted to challenge and to take the subject further. Possessing something does not make one a master of it. A great coach will help ensure that perfect practice is achieved, that fine-tuning is conducted and that the overall objectives are clarified. A great financial planner will help you to identify what is truly important and help demonstrate what is needed to get there. Of course the partnership needs to work and be of benefit, delivering better results - but results may be a broad term - perhaps simply being better.
I was reminded of this as I across a story of some luxury sports car owners, who managed to crash their convoy of top end Ferrari's at the relatively modest speed of 80mph (if you believe that was the speed they were travelling at). Having the Ferrari did not make them good drivers, just the owners. That's not to say that perhaps they were not good drivers anyway - but I would suggest that without someone that is interested in the long-term welfare of these drivers, this probably would not have happened.
Having a set of golf clubs and a knowledge of golf sadly does not turn you into a Pro. Having a Ferrari does not make you a good driver. Having money does not make you good at managing it. Great coaches are like great financial planners - they help protect you from... you.
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