The impact on these world-class athletes cannot be understated. Countless hours in the gym, on the track or in the pool, ensuring they were at the peak of their abilities; only for the event to be postponed, seemingly indefinitely, must have been a difficult blow.
In this time of incredible uncertainty, athletes would have looked to one person for support—their coach.
The ability to motivate, inspire, and encourage their charges to get back on the track and perform at their best after such a knock, takes great skill.
Yet, with over 11,000 athletes set to compete this year, it’s clear it can be done.
What Makes a Good Coach?
The best coaches inspire confidence. They are a respected source of knowledge and advice. They’ve been there, done that, and share their wisdom to ensure the best outcome for their clients.
They are the experts in their field and take the time to adopt a holistic approach, accounting for individual circumstances instead of a one size fits all approach, resulting in a deep understanding of each of their client’s needs.
The Financial Advisor as a Coach
We can apply these traits and techniques to the role of a financial advisor.
Like an athletics coach, they will develop a close relationship with you and take the time to get to know your financial goals, future aspirations and personal needs.
If you’re not sure what your goals may be, they are highly qualified to help you establish these and the steps you should be taking to achieve them.
An Impartial Advisor
Having a trusted third party can often save you from decisions that can be fraught with emotion.
From wanting to buy your dream property or supporting your children to pay the deposit on their first home, deciding on what to do with your money can often impact those you love the most.
You want to ensure your investments can support your lifestyle yet still provide your children with a healthy inheritance, so it can be invaluable to seek advice from someone whose primary concern is helping you maximise the performance of your finances.
The Benefit of Experience
Over the last 15 years, there have been many financial upsets to navigate. From the 2008 recession to the uncertainty of Brexit, and more recently, the devastating impact of Covid-19. Through times like these, it can be challenging to know what to do with your money and investments.
A skilled financial advisor, often with a great many years of experience, will be able to guide you how you through these events. They’ll then work with you and help you weather any financial storms and avoiding any knee-jerk decisions that could backfire in the long run.
As with an athletics coach, a financial advisor has years of training and experience behind them. In addition, there are various legislations they must abide by, such as the Insurance Distribution Directive (IDD) and the Markets in Financial Instruments Directive (MiFID).
This high-level experience is essential, of course, but you can’t underestimate the benefit of local knowledge and expertise. How you structure your finances, how local legislation impacts you and your money, and where you are registered to pay tax all have huge implications on your liabilities and exposure. The right advice can potentially save you money and help you avoid unexpected tax bills or penalties.
The team at Blacktower Financial Management have been giving expert, localised advice in Portugal for the last 20 years. Like many of our clients, we also have a deep understanding of the unique circumstances that affect those who have chosen to make Portgual their home.
So if you need expert local financial advice, then give us a call.
We’ll leave the athletics coaching to the experts.
Blacktower Financial Management can help with specialist, independent advice on securing your financial future. Get in touch with us on (+351) 289 355 685 or email us at email@example.com.
The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.