Your Financial Planner Should Be Like a Supportive Friend

Why are we all in such a hurry to accumulate wealth? Maybe it’s that life is expensive, and we want more sooner. Perhaps, it’s the speed at which time moves these days.

Investing is an endurance sport. It’s an ultra-marathon, but it’s easy to treat it like a 5k race. Lacing up your sneakers, pinning on your bib number, and stretching out before the starting bell rings. Before you know it, you’re at the finish line, munching on a bagel, checking your online accounts, and asking “are we there yet?”

Probably not, and that’s ok. Allowing investments to compound uninterrupted for decades requires a different approach. What I’m referring to is creating a process you can follow regardless of the economy and account values. Using this system can provide the structure necessary to get you to your destination.  

All goals will change over time as we’re human and we change. Personally, what I wanted in my 30s with a young family is different than what I desire now. Today, two kids are in college and the third is halfway through high school. I’ve had time to reflect on mistakes, opportunities, good decisions, and tough choices. Having a process to revisit has been a great compass.

I think there’s a general misunderstanding about how a financial process works. Some may feel a plan is necessary or goals must be defined before a process can begin. Others may follow a process unevenly or when things become difficult. So, what’s the point of creating a process if you know things will change?

A process provides a framework in getting you closer to what you want. This allows you to tell your story in a way you can be proud of. A story that can be revisited with updated characters, risks, rewards, and the hope that things are leading in a direction you are excited about.   

We can all benefit from sharing our story. This gives purpose to our day and encourages us to adopt positive habits. But guess what, not all days, weeks, and months are ideal. There are big obstacles to face, disappointments, and an ever-increasing level of uncertainty. This can take us off the rails and knock us down if we let it. 

To make the most of our process, we need to make a choice. That starts by deliberately sharing our story with a friend. A friend can remind us of what we want and our why regardless of how things are going in the moment. We can’t do this on our own. We need a friend. Human nature being what it is, it’s just too easy to let ourselves off the hook. There’s got to be another individual, not an algorithm, invested in our current and future success.

Technology and AI is great for things such as portfolio management and rebalancing, cashflow movements, and account integration. That’s not a process, that’s technology at work. A process is built and delivered by humans. Why? Personal finance is personal.   

A friend will listen and provide feedback along with perspective. Being honest and direct with someone you trust matters. I’m reminded of this as we connect with clients in our second strategy session. I’d like to think we’re that friend who’s there whenever our clients have a need, question, or opportunity to discuss. Not a BFF, but someone who’s ready to chat whenever.    

Our strategy sessions are our process which leads to better stories and engagement, both for us and clients. Clarity continues to be gained as ongoing communication is the key to a successful process.

As wealth expands so does complexity. Connecting on a human level with a friend is what helps investors achieve what they want. Following a process with a friend/planner can make things work better together. 

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