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And the winner is…

In the midst of the world cup soccer hype, Neymar memes and speculation on which team will be crowned as the winners of World Cup 2018, the role of soccer coaches sometimes fades into the background as star players are praised for the results. Soccer coaches are, however, key in creating the right platform for players to utilise their ball skills as well as guide them on how to perform under pressure.

In a recent Personal Finance article Lizl Budhram, head of advice at Old Mutual Personal Finance, compares the role of the soccer coach with a financial adviser. “The value of a good football coach is similar to that of a good financial adviser. It’s about their understanding of strengths and weaknesses, and their ability to put a strategic plan in place that will deliver winning goals,” says Budhram.

In 2017 at a Momentum Consult event, CFP® Nigel Willmott also suggested that financial coaching will need to play a bigger role. “With coaching you find that goals become more attainable and measurable. Clients gain more confidence through seeing their financial achievements. Their financial knowledge improves and they become more engaged. Ultimately they become better buyers and more sustainable clients with improved lapse rates because they are more in control of their money.”

Consumer education is not only the duty of the regulatory authorities – we play a very important role in this regard.

So in the same way that a soccer coach guides his team through the ups and downs, losses and victories, a financial adviser also guides his or her customer in the planning and arrangement of their financial affairs.

The trust factor is therefore important between coach and player. It’s how they care, trust, and respect their players as people. About treating their players fairly and making the players feel good about themselves in order to make the right decision on the playing field.

In some way this also links to the “treating customers fairly” regulation of the financial industry.

Let’s recap the 6 TCF outcomes:

  1. Customers can be confident they are dealing with firms where TCF is central to the corporate culture.
  2. Products & services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
  3. Customers are provided with clear information and kept appropriately informed before, during and after point of sale.
  4. Where advice is given, it is suitable and takes account of customer circumstances.
  5. Products perform as firms have led customers to expect, and service is of an acceptable standard and as they have been led to expect.
  6. Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch providers, submit a claim or make a complaint.

Many of these outcomes also apply to the relationship between player and coach. It’s about confidence, understanding the players and guiding them with the best advice appropriate for their individual needs, keeping them informed about their performance and treating each player fairly.

May the best team win!

Click here to read the Personal Finance article titled “Football coaches and financial advisers have a lot in common.”

Click here to read the 2017 Moonstone article about financial coaching.

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