9. Protecting you from yourself. People sometimes take on too much. It might be obsessive dieting. Taking on lots of credit card debt. Someone needs to be the adult.
Trainers: They keep you from lifting too much. They correct bad form.
Advisors: They warn you about buying on margin, day trading and spending money without a plan of how you will pay it back.
10. Understand the science. It’s important to know why something is expected to work. Trust plays a role, but you don’t make decisions based solely on it.
Trainers: They show you the proper way to lift a weight to get the maximum effect. They teach you about controlling your breathing.
Advisors: They explain why a certain stock is a good investment, what we hope will happen that will cause the stock to go higher. Clients understand what they bought and why they own it.
11. Warming up and cooling down. It takes time to get results. It’s tempting to think you can allot a minimum amount of time or attention and get what you want.
Trainers: You can’t just run in and out of the gym. You need to stretch beforehand, warm up your muscles. You need to cool down afterwards before changing clothing and going to work.
Advisors: Investing isn’t something to put on automatic pilot. You don’t set it and forget it, or only focus on your portfolio at review meetings. You play an active part between reviews. Clients need to take the advisor’s calls, especially in stressful times. They need to add the money to portfolios when they said they would.
12. Being supportive. The unexpected happens. They are on your side. They are working on your behalf.
Trainers: You pull a muscle. You injure yourself over the weekend. They take this into account, advising what you can and can’t do as you recover.
Advisors: The stock market falls. You think you have been set back months. You are prepared to give up. They help you focus on your goals, adapting your financial plan for moving forward.
Many investors and gym goers wonder why they aren’t getting results. It pays to pay someone to develop a plan with you and help get you there.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor can be found on Amazon.