Michal Bodi explains what he believes a good financial planner should do to help clients create financial security
Perception really is reality. Someone important once said: ‘Give me the power to control the media and I will take over the world’. It is fascinating to watch how the media and our politicians mastered their selling process and how successful they are at altering the reality of everyday Australians.
Instant access to information of any kind makes it already difficult and confusing to make any kind of decision. Therefore, it is natural that we automatically delay decision making and throw it in the ‘too hard basket’.
Then, due to relentless lobbying via the media or the next door neighbour, we tend to go back and (without much consideration) to the imposed option. Without considering the consequences we then quite happily close the subject. There, the case is closed and filed.
If ever questioned about the decision in the future we often get somewhat defensive. It was us who made it in the first place and therefore we protectively don’t want to re-open the subject and potentially change the outcome. The power of our ego usually works its magic from there.
In various degrees I am confronted with this human behaviour on an almost daily basis. I don’t blame anyone for behaving in such way. It doesn’t happen consciously. But let’s think about it. Is an access to information and a little knowledge enough to make a good decision?
The difference between knowledge and wisdom is realising that a tomato is a fruit but we cannot add it to a fruit salad. Therefore, we need something else, something or rather someone that will guide us how to use that knowledge.
The point I am making here is that it is up to a financial professional, to clear the fog. To clear client’s mind from the heavy clouds of too much informational noise, advertising and confusion.
An experienced adviser can provide CLARITY, look at the bare facts and make a rational decision for our clients.
In the past we spent a lot of time on basic client education as the effective tool to raise our client’s awareness, it is no longer necessary. There is plenty of information out there and it is not hard to access it. What is important though is to choose the right information for each individual.
Only financial wisdom can provide the right direction, take the burden off a client’s shoulders and give them a solution that is right and unique to their situation. Once this happens, the reaction we get is usually quite amazing. Once the client realises that we want what they want and that we are going to make it happen for them and that they don’t have to worry about it anymore…it feels great on both sides.
And that is what I believe the financial planning profession should be about. To be there for our clients, to provide them with leadership and clarity they need, so they can rely on us with any important lifestyle decision. It is a noble profession that deserves this recognition.