Everyone knows Roger Federer is one of the best ...
Everyone knows Roger Federer is one of the best tennis players of all time. But he still has a tennis coach! It’s the same for a financial adviser. Despite how good they are, they still benefit from financial advice. At Money Over 50, while we are well equipped to deal with our own finances, we still value input from other advisers. Michael is Dallas’s adviser; Dallas is Michael’s. 
Why is it good for us to seek help from another adviser? Michael sums it up in three points:

  1. The second adviser acts as a sounding board. They add diversity, and decision-making power goes up. Alternate viewpoints and suggestions are offered in what has become a team approach. Studies have shown that diversity leads to better decision making (check out Episode 112: Diversity Leads to Better Decision Making).
  2. With another adviser, the meetings become process-driven. Usually, we meet with our clients every 6 months. These meetings are frequent enough to put the right steps in place in order to achieve success; so we do the same for each other. It’s a little like the old saying about builders’ homes falling down – often, they have no time to work on their own properties. This is because they don’t have a process or routine in place. We meet every 6 months formally, so instead of saying I’ll deal with my finances when I have time (which is often never!) we put a meeting time in the calendar, where we focus on our situation and our situation alone. Usually, we are really busy and would end up putting our clients first, instead of sorting out our own plans. And we find it’s a great chance for quality communication, especially with our partners – rather than an informal chat interrupted every five minutes by kids at dinner time! Without distractions, it’s easier to put proper steps in place, and to analyse how those steps are going. 
  3. Advisers add accountability. We might already have some steps in place, but they are easier to stick to if there are regular meetings. It’s like downloading an app to train like a pro athlete – anyone can do it, but putting it into action and sticking to it is not so easy. Also, the other adviser can stay impartial – regardless of what steps the plan constitutes (buying a house / renting in a new area / going on a holiday) the adviser can remain neutral and not be affected emotionally.
That sums up why we go to each other for financial advice. It adds diversity, takes away the emotional aspect, and makes everything process-driven. Together with another adviser, it’s Game. Set. Match.

Listen to the related podcast here!