Football Goals, Financial Goals

With the excitement of the European Football Championship still in the air, I can see the parallels between football goals and financial goals. At first glance, these two areas may seem worlds apart, but a closer look reveals striking similarities in the principles that drive success.

In football, scoring goals is the ultimate objective. Similarly, in financial planning, setting clear and achievable goals is crucial. Whether you're saving for retirement, buying a house, or funding a child's education, having defined financial goals is the first step to implementing a successful plan. However, sometimes this is easier said than done. On paper a plan may look good, but it needs to be properly structured.

Look at this year's England squad; it was made up of 11 talented players, all of whom have done well for their clubs, but their performance was inconsistent. We saw players not playing in their best position and right-footed players playing on the left, which was not the best strategy.

Just like the squad, the plans can on the face of it look okay, but is the strategy performing at its best? I see clients with various pensions, ISAs, bonds, bank accounts, and life cover in place. All the things that should make for a good plan, but I often see them wrongly structured and invested, and open to unnecessary tax.

Teamwork and strategic thinking are vital. Just as football teams work together to score goals, individuals work with financial advisers and professionals to navigate their investments, savings, and wealth. My back-office support team of Researchers and Investment Managers work together to make the required changes to a client’s plans to help achieve their objectives.

Risk management is another shared aspect. In football, players and coaches assess and mitigate risks on the pitch; in financial planning, a client establishes their appetite for risk, and we then select the most appropriate investment choices and diversified portfolios to suit them.

Performance evaluation is critical in both football and finance. Just as we fix our eyes on the VAR and teams analyse their matches to improve future outcomes, we review clients’ financial plans. Our in-house Investment Team constantly monitors and reacts to market conditions to ensure investments are in the right place, at the right time.

While the thrill of a football victory and the satisfaction of reaching financial milestones may be different, the principles for success are similar. If you want help to create a successful financial plan to help you achieve your goals, get in touch with our team.