In this article:
Sporting lessons from Hawthorn coach Alistair Clarkson that can be applied to financial planning.
Could Alistair Clarkson be your inspiration for proper financial planning? The Hawthorn coach is arguably the greatest of the modern era, winning three titles in a row and effectively resurrecting the AFL club after a low period.
But he isn't just someone to look to for sporting inspiration. At Yellow Brick Road, we think there's plenty to learn from his storied career that can be applicable to financial advice in Australia.
1) Don't be afraid to change your strategy
Buddy's Box and the Clarkson Cluster are two ways of playing football that Alistair Clarkson created, and are great examples of how changing your strategy in times of turmoil can pull you out of the red. It's important for financial advice as well.
When times get tough for your finances, working with an advisor to develop a new strategy can be much more effective than sticking with what you know. This could mean changing your home loan interest rate, salary sacrificing for your super or even investing in term deposits. When your income or investment performance changes, you and your advisor have to be prepared to change your strategy to come out on top.
2) Planning for the long term pays off
Over the last decade, Alistair Clarkson has been renowned for buying young players and growing them into seasoned, award-winning professionals. This long-term strategy should also apply to your money.
A Legg Mason survey recently found that 62 per cent of investors think a financial planner is key to understanding their superannuation, and that they are more trusted than any other source of financial advice. Using a professional that knows the importance of planning for your retirement and implementing a long-term financial strategy can pay dividends down the line.
3) You need to choose a coach that has a plan
If an AFL coach doesn't have proven experience, they are unlikely to get the top job managing teams like Hawthorn or Sydney. Similarly, you need to choose a financial advisor with a strong history and a plan for you. The Australian Securities and Investments Commission recommends the following:
- Researching the Australian Financial Services license holder behind them
- Investigating their qualifications and work history
- Reading their financial services guide
While Legg Mason reports that only 33 per cent of people use financial planners in Australia, this number is on the rise. That means if you're looking for financial advice, don't settle for a James Hird - get someone with a history like Alistair Clarkson on your side.
We might not have the best left (or right) boot here at Yellow Brick Road, but we do have years of experience helping people achieve their financial goals. Get in touch to find out how you can go pro.