You’ll never walk alone with the right financial adviser

There’s nothing like the goose-bump inducing sound of an entire stadium of Liverpool supporters passionately belting out ‘You’ll Never Walk Alone’. To some, it’s just a classic hit. To true Liverpool fans, it is an anthem that signifies so much more… From their inception in 1892, the journey of the team to date has had its fair share of ups and downs. Whether you’re a soccer fan or not, the Liverpool Football Club’s story of ups and downs are an apt analogy for many aspects of life – including your walk with a trusted financial adviser.

In fact, the Liverpool fan song “You’ll Never Walk Alone” rings true for your financial planning journey.

Liverpool for the bulk of their existence was England’s most successful football club, but the Premier League Trophy has eluded this great club with them last winning England’s topflight 30 years ago. It’s taken a long-term vision, systematic planning and long-term commitments to get the team back on track. Much of that comes down to coach Jürgen Klopp. The same applies to one’s finances.

Here, Moodley uses the Liverpool success story to give insights into how to take back control of your money matters.

1. Set the right goals from day one
It has taken a strong vision to get Liverpool to where it is today. It’s imperative to articulate short-, medium- and long-term goals from day-one so there’s a cohesive vision upfront for everyone to work toward. Of course, it’s impossible to accurately forecast the future, but you can have a granular idea of where you want to be, and the building blocks you need to get there – on the field and with your money. 

2. Get the right team in place

One of the biggest responsibilities Jürgen Klopp has is choosing the right players to bring his long-term vision for the team to life. There’s the team on the field and then there’s the team behind the scenes. The dietitians, physios, doctors and other specialists who keep each player in tip-top condition. These are often the unsung heroes of the beautiful game. Same goes for financial planning. It can make a pivotal difference having the right partners in place to offer objective advice and a holistic plan, with incremental steps to get you to where you need to be.  

3.  Create a style of play

You need to define your style of play early on – on the field and in financial markets. Are you more aggressive or conservative in your investing risk? While your style may not change, you need to be able to adapt to the changing state of play or where you are in the game. Rules and regulations change. Markets may go through a downturn. You must adapt your behaviour to maximise the opportunities?

4. Check in with your coach  

Just like a coach checks in with his star player, you want your financial adviser to keep checking in with you. You want someone who will keep monitoring your financial fitness and helping you build on strengths and work on weaknesses. But don’t be afraid to take charge of this interaction – engage them when you need guidance.

5.  Ensure you have the right tools

The pitch, the ball, and your kit all help to optimise your performance – much like it makes a huge difference having the right products in your financial portfolio. Your ‘coach’ can help you select diverse products that align with your long-term strategy and investment profile.  

6. Trust

The biggest change to the Liverpool team? Perhaps the unbreakable trust between Klopp and his team. A trusted coach can make a team. And a trusted financial adviser can go a long way to helping you ‘fix’ your finances and set yourself up for the best possible financial future.

A successful team is the result of many factors coming together and delivering the desired result. It takes continuous practice and ongoing interaction between the coach and the players – aka you and your financial adviser.