Working with a financial planner is an important step in anybody’s financial journey. It’s the key, in fact, to taking your wealth further and enabling you to do the things that are important to you.
That’s why we do everything we can to help you and financial planners to get the maximum value out of the financial planning process. Including encouraging you to have useful, no-holds-barred conversations with your financial planner.
What is a Hard Question?
A hard question is one that confronts biases and norms that are prevalent in our industry. Questions that others are afraid to ask or answer. Here you’ll find important questions, as well as some interesting – and in some cases controversial – points of view from people who’ve been creating wealth for decades. We hope it makes for interesting reading and prompts richer financial conversations in every sense.
Do you think I’m tripping myself up?
An investor needs to learn to manage their emotions. Feeling nervous when investment values drop or anxious when you realise you’ve missed out on a big investment opportunity are normal emotional responses. The trick is not to respond to these feelings with a knee jerk decision. That’s why our team of financial planning coaches train financial planners to understand and recognise these behaviours.
We have developed an advice framework called Integrated Wealth Planning. This lifestyle financial planning process is designed to work through these layers with you. Your financial planner can be your voice of reason and take the emotion out of the moment. This means that together, you can co-create a financial plan underpinned by your lifestyle and financial goals. Not your emotions.
Integrated Wealth Planning takes you on a journey from where you are now to where you want to be, managing your emotions along the way.
This approach:
- Lifestyle: Understanding who you are and your ideal lifestyle, including your hopes, fears and future goals is at the core of your financial plan.
- Return: Once we understand your desired lifestyle, it’s then possible to calculate the returns required to attain and sustain it.
- Asset Allocation: Your required investment return will help us to determine what asset allocation (and what associated risks) will best suit your investment strategy.
- Risk: When you understand the risks you need and can afford to take, and the risks you’re willing to take, you’re able to make rational investment decisions.
Do you think I’m tripping myself up?
Coaching: An integral part of our advice process
For answers to more Hard Questions click here
Old Mutual Wealth is an advice-led wealth management business, aimed at providing financial planners and their clients with a full suite of industry-leading strategies and services. For more information please visit our website: https://www.oldmutual.co.za/wealth
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