If you were the coach of the Vancouver Canucks today, what would you be telling your team? Professional advisors get paid to give the right advice, when it counts. Whether coaching a hockey team in an all-important final game, or a family whose retirement planning has gone awry, the principle is the same: to get the results needed, there is great value in superb coaching.
It’s probable that the coach of any championship team will have covered many aspects of plan execution in anticipation of such an important end result. In fact, he or she will have done so all along the way. Winning teams evolve. The right team members are chosen, inspired with vision, values and a disciplined process, and motivated with performance goals that are not only achievable, but have the potential to be exceeded. External experts will have been engaged, as required, to cover unusual or one-time events, all as part of the overall winning strategy. Individuals will have been coached on sharpening their skills and mastering their mental resolve. Winning coaches, in short, are superb at managing each component to the end game. They will have instilled the confidence their team needs to face the fiercest of challengers, by helping them consistently stick to the strategy, process and execution plan.
How true this is of a financial environment as well: the landscape is constantly changing; as a result, there can be gaps and failures in performance of a financial plan, further skewed by changes in lifecycles and lifestyles, and unexpected catastrophes that require both readiness and immediate management. Disasters happen; recoveries are about getting back on your feet and resuming the journey. Investors who need to achieve specific results, can’t quit. Rather, they need to forget about the past and focus on the future. They need to come back strongly and seize new opportunities. And, they need to rely on experienced professional advisors to help them execute, especially when they are in a deep rut.
It’s Your Money. Your Life. It’s impossible to win the Stanley Cup alone. Investors and hockey players who win big, have both: great teams and great professional advisors. Do you? Go Canucks Go
Evelyn Jacks is President of the national financial education institute, Knowledge Bureau and best-selling author of 46 books on tax preparation, planning and wealth management, including Master Your Taxes. She was a member of the Federal Task Force on Financial Literacy.