Every now and then, something happens in a client conversation that makes us stop and reflect.
A client mentions that they are thinking of selling a business. Another is helping an ageing parent move into a retirement village. Someone else has experienced the loss of a loved one. Often, these are important life events that can have a significant financial impact, yet clients sometimes only raise them in passing or long after the event has occurred.
It reminds us that not everyone fully understands the role Veritas can play or the range of ways we can help.
The Premier Gym Membership Analogy
Imagine joining a world-class gym.
You pay for the membership. The facilities are excellent. The equipment is state-of-the-art. But every time you visit, you spend 20 to 30 minutes on the warm-up bike, take a shower, buy yourself a smoothie and head home. You are using the gym, but only a fraction of what is available to you.
The alternative is to work with an experienced biokineticist or personal trainer – a qualified specialist who understands your goals, designs a personalised programme, tracks your progress, keeps you accountable and helps you make the most of every visit.
The difference between those two experiences is enormous. Consider that you have paid the same gym membership fee. The same principle applies to your relationship with Veritas.
An Annual Review Is About More Than Investments
Many people think of an annual review as an opportunity to check how their investments have performed. That is certainly part of the conversation, but it is far from the whole story.
A review gives us the opportunity to step back and ask bigger questions:
- What has changed in your life?
- What changes are likely to occur in the coming years?
- Are you facing a major career decision?
- Are you considering retirement?
- Have your children become financially independent?
- Are you thinking about downsizing your home?
- Are you planning to sell a business?
- Has there been illness or loss in your family?
- Have your goals or priorities shifted?
Life rarely stands still. Your financial plan should evolve with it. The best financial planning often happens before a major life event, not after it.
What We Really Do
One of the biggest misconceptions about our profession is that financial planners are simply investment advisers. Investments are important and we do provide investment advice. However, investments are only one piece of a much bigger picture.
That means helping you answer questions such as:
- Will I be financially secure in retirement?
- Can I afford the lifestyle I want?
- What happens if something happens to me?
- Is my family protected?
- Am I on track to achieve the goals that matter most to me?
We help bring all the moving parts together into a coherent plan.
What We Are Not
It is equally important to understand what we are not.
We are not salespeople representing large financial institutions. Our responsibility is to represent you and your family.
When we make recommendations, our focus is on helping you achieve your goals, rather than promoting a particular product.
We are also not attorneys who draft Wills or specialists who establish trusts. But we do assist in making sure that the Will is in place and that the trust is run properly. We do help ensure these important tasks do not remain on your to-do list indefinitely.
Part of our role is providing the accountability needed to make sure important financial housekeeping does actually get done. The fact that you have another person aware of the things you wanted to have done or committed to, increases the chances of completing the task at hand.
The Value of Accountability
One of the most overlooked benefits of financial planning is accountability. A saying we heard recently, “if action followed knowledge, then we would all have a six pack!”. Most people understand what they should do financially. The challenge is often following through consistently. Just like a fitness coach helps keep you on track with exercise and nutrition, a financial planner helps keep you focused on your long-term objectives.
We help you:
- Stay disciplined when markets are volatile.
- Keep sight of long-term goals.
- Review important decisions before acting.
- Monitor progress against your financial targets.
- Adjust plans when circumstances change.
Sometimes the most valuable advice is not about what to do next. It is about avoiding decisions that could derail years of careful planning.
Preparing for Whatever Life Brings
None of us can predict exactly what life has in store – careers change, businesses are bought and sold, children grow up and leave home, health challenges emerge, parents age, retirement arrives sooner than expected.
While we cannot control these events, we can prepare for them. Our overarching goal is to help ensure that you and your family are organised, informed and financially prepared for whatever life may bring. That preparation often provides something more valuable than investment returns. It provides peace of mind.
Are You Using Your Full Membership?
Are you just riding the exercise bike and buying the smoothie or are you making use of the full coaching experience available to you?
The clients who derive the greatest value from financial planning are those who keep us informed about the changes happening in their lives, involve us early in important decisions and use us as a sounding board throughout the year. The more we understand about your circumstances, goals, concerns and aspirations, the better positioned we are to help.
Your Next Step
If there has been a significant change in your life recently, or if you simply have not had a meaningful planning conversation for some time, we encourage you to reach out. An annual review is not only about your portfolio. Importantly, you do not have to wait for the review. Please contact us whenever you feel the need to talk.
It is an opportunity to revisit your goals, discuss life’s transitions and ensure that your financial plan remains aligned with the future you want to create.
Our role is simple: to help get your financial side of your life organised, so that you can spend less time worrying about money and more time living the life you want.
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