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Robin Powell: Some people treat their financial adviser like an order taker. They go to them with set ideas about what they want. The adviser’s job, as they see it, is to carry out their instructions. But it shouldn’t be like that at all. You need an adviser who will challenge you, and ask you searching questions.
Chris Budd used to run a financial advice business. He now writes about personal finance.
Chris Budd: The general public will tend to invest in the stock market when they feel good. And that
"Self-limiting beliefs" is the phrase we use for this. It’s beliefs that we have that are not actually true or not necessarily true because beliefs are not the same as truths. And that’s a great phrase that I come back to all the time: “Beliefs are not truths.” So, you might have somebody that will come to see you that doesn’t like the stock market, is risk-averse, because they went in once at the top and it went down and therefore, they think it’s not for them. So, what we need to do as financial planners is we need to help those clients to overcome some of those self-limiting beliefs. In fact, to be aware of them, first of all.
Robin Powell: A helpful analogy for a good financial adviser is that of a sports coach. They’re absolutely on your side, and sometimes that might mean being tough with you.
Chris Budd: For that reason, I’m a big advocate of financial planners being experienced and preferably trained in coaching. So that we can challenge clients, but challenge them in a non-threatening way; challenge them in a way that will get them thinking about their lives, thinking about their self-limiting beliefs, thinking about things
Robin Powell: Self-limiting beliefs can stop us living life to the full. One of the reasons we fail to
Chris Budd: We have a client who we were trying to get to spend some money. Again, a lot of financial planners will have this experience. It’s hard to get people to spend money when they’ve got it. So this particular lady we were getting very excited about golf, she likes her golf, so we were trying to
Robin Powell: So, don’t be offended when your financial adviser really challenges you. They’re probably doing you a big