Susie Foottit, Director and Wealth Management Adviser: What is my job all about?
What is my job all about?
Well that depends….
Being a financial adviser is a privilege. It is so rewarding when someone reaches a planned point in their lives with the financial plan I arranged bearing fruit enabling them to make a lifestyle change. Of course, it's not just being there for the good times – it's also making sure that the financial arrangements are set up properly so that there is appropriate protection in place should the worst happen.
Sometimes my job is to get you to look at the big picture, sometimes it's to get you to look at the details. Sometimes all of the issues are because of your childhood issues with money. Sometimes you're just too busy for me to do anything to help. Sometimes you're just over-thinking it and need to press the button.
Sometimes it is easier to say what my job is not about. It's not about picking funds or simply arranging investments although of course that is often part of the process. You might fancy the idea of chasing a 10% positive return each and every year, irrespective of world markets without any risk (who wouldn't?!) but is that likely to be achievable? We need to make a distinction between risk appetite and capacity for loss. These are not just different ways of saying the same thing! The amount of risk an investor is willing to take can be seen as your risk appetite, the amount of risk an investor is able to take, is your capacity for loss and we need to be on the same page when arranging your financial plan.
So what is my job all about? It's following a process to identify areas of weaknesses and strengths, it's about understanding the risks and identifying realistic and achievable financial goals. It's about clear and open communication and implementing the programme of savings, investments and protection in the right order of priority. It's about being always ready to listen and offer an opinion and guidance and to hopefully become your financial best friend!