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Take Control of Your Finances

By Theesan Moodley, 5 February 2020

There’s nothing like the goose-bump inducing sound of an entire stadium of Liverpool supporters belting out ‘You’ll Never Walk Alone’.

To some, it’s just a classic hit. To true Liverpool fans, it means so much more… The journey of the team to date has had its ups and downs. Whether you’re a soccer fan or not, the Liverpool Football Club’s story of ups and downs is an apt analogy for many aspects of life – including your walk with a trusted financial adviser. Theesan Moodley, General Manager: Intermediaries at Sanlam, says the Liverpool fan song, ‘You’ll Never Walk Alone’ rings true on your financial planning journey.

“Founded in 1892, Liverpool was England’s most successful football club right up until 2010, when things started going off course. It’s taken a strong long-term vision and systematic planning to get the team back on track. Much of that comes down to the coach, Jürgen Klopp. The same applies to one’s finances. Pick the right financial adviser and you’ll never walk alone.”

Moodley uses the Liverpool success story to give insights into how to take back control of your money matters.

1. Set the Right Goals from Day One

It has taken a strong vision to get Liverpool to where it is today. It’s imperative to articulate short-, medium- and long-term goals from day one so there’s a cohesive vision upfront for everyone to work towards. Of course, it’s impossible to accurately forecast the future, but you can have a granular idea of where you want to be, and the building blocks you need to get there – on the field and with your money.

2. Get the Right Team in Place

One of the biggest responsibilities Jürgen Klopp has is choosing the right players to bring his long-term vision for the team to life. There’s the team on the field and then there’s the team behind the scenes – the dietitians, physios, doctors and other specialists who keep each player in tip-top condition. These are often the unsung heroes of the beautiful game. The same goes for financial planning. It can make a pivotal difference having the right partners in place to offer objective advice and a holistic plan, with incremental steps to get you to where you need to be.

3. Create a Style of Play

You need to define your style of play early on – on the field and in financial markets. Are you more aggressive or conservative when it comes to investment risk? While your style will probably stay standard, you need to be able to adapt to the changing state of play. Rules and regulations change. Markets may go through a downturn. How do you adapt your behaviour to maximise opportunity?

4. Check in with Your Coach

Just like a coach checks in with his star player, you want your financial adviser to keep checking in with you. You want someone who will keep monitoring your performance and helping you build on strengths and work on weaknesses.

5. Ensure You Have the Right Products

The pitch, the ball and your kit all help to optimise your performance – much like it makes a huge difference having the right products in your financial portfolio. Your ‘coach’ can help select diverse products to align with your long-term strategy and investment profile.

6. Trust

The biggest change to the Liverpool team? Perhaps the unbreakable trust between Klopp and his team. A trusted coach can make a team. And a trusted financial adviser can go a long way to helping you ‘fix’ your finances and set yourself up for the best possible financial future.

Conclusion

Moodley concludes, “A successful team is the result of many factors coming together and delivering the desired result. It takes continuous practice and ongoing interaction between the coach and the players – aka you and your financial adviser.”


Sanlam Life Insurance is a licensed financial service provider.
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