How do you know when to sack the coach? Of course, when we say ‘coach’, we mean financial adviser. Our job can, in a way, be compared to that of a sports coach except our focus is on the financial wellbeing of our clients.
In order to win a footy game, for example, you need to train hard. But you also need a coach to guide you along the way. Similarly, in order for your money to work best for you, you need to be efficient with it and you need good financial advice. Do you see where we are going with this?
Using this example, you could compare us to a footy coach. A footy coach can’t get on the field and win a game for you, but they can certainly tell you what exercises and drills you should do. Likewise, we can’t go to work for you and earn your money, but we can, and do, help channel your money in the right direction.
A financial adviser is also similar to a footy coach in that sometimes, you will have a negative outcome. A footy team might lose a game every now and then. It’s almost certain that at some stage during the season, even the best teams will lose a game.
But if you lose your first ever game as the footy coach, it might not look so good. So how do you know when to sack the coach? Or in our case, how do you know when to fire your financial adviser? On one hand, sticking it out might be the best option since investing is a long-term game. On the other, what if you do nothing and continue to get bad results?
We’ve put together a list to help you with your decision.
When shouldn’t you sack the financial adviser?
When should you sack the adviser?
And finally, we’ll leave you with this: trust your intuition. Relationships are built on trust. If you walk into that office, and your first impression isn’t a good one, leave. You won’t make financial decisions easily if you don’t trust your adviser.
Okay, we lied, there’s one more. If the ad shows a picture of the financial adviser pointing to a pie chart with a sly-looking, suspiciously-white-toothed-smile, run. Pie charts are the lowest form of charts. You’re better than that.
Dallas Davison, Michael Hogue and Ali Hogue.