A Further Look: The 5-Point Creed of A Financial Planning Coach


By David Root, Founder & CEO

"If you don't have time to do it right, when will you have time to do it over?"

- John Wooden

The great basketball coaching legend, John Wooden lived a long and rewarding life – dying at age 99 in 2010. As someone who has served as a ‘financial coach’ for clients for more than 30 years, I have a special respect for what ‘The Wizard’ instilled in his players both on and off the court. He is well known for his various creeds dealing with one’s whole life beyond sports.

The concept of making your whole life what it should be is also the cornerstone of financial planning. I’ve broken down 5 key areas that I hope to instill in my client relationships. I’ve added some other quotes from Coach Wooden that seem profoundly appropriate in making my case for the importance of a Financial Planning coach.

1. Discipline

“It’s the little details that are vital. Little things make big things happen.”

A financial planning coach can inspire you to set aside the money to invest, save or allocate to your financial goals and protection.

2. Preparation

“It’s better to look back on life and say: “I can’t believe I did that.” Than to look back and say, “I wish I did that.”

Your financial future is in your hands. But the right advice can help you plan with more clarity and accountability.

3. Prioritization

“Today is the only day. Yesterday is gone.”

As you get busy building your family, business and your career, we’ll focus on keeping you on track to meet your long-term goals for each.

4. Perspective

“Never mistake activity for achievement.”

Just because you crossed another box off your financial to-do list, doesn’t mean you haven’t explored the best solution for your unique situation. When an advisor gets to know you personally, it becomes all about you – not the task.

5. Endurance

“It takes time to create excellence. If it could be done quickly, more people would do it.”

A trusted, ongoing relationship with an advisor makes your journey a step-by- step process with continual reviews, updates and improvements for long-term success.

There are a lot of options facing clients including a trend toward doing things themselves. Investors have also become more educated to help answer their own questions about their finances. But this only represents an important first step. There will come a time when a more complex issue arises - a family issue, retirement, etc. A Financial Planning coach will help you accelerate the learning process, optimize the impact of your financial decisions and bring a multi-disciplinary approach to your financial plan’s performance.

I’ll call on coach Wooden one more time to summarize the client/financial planning coach relationship:

“Be true to yourself. Make each day a masterpiece. Help others. Make friendship a fine art. Build a shelter against a rainy day.”

Thanks for reading,

Dave

To learn more about D.B. Root’s client segments and service offerings, contact David Root d.rootjr@dbroot.com

As a reminder, many articles, including "A Further Look," contain opinions and observations that can shape or advance a viewpoint. However, when it comes to portfolio management, the challenge is to filter and translate opinions and observations into actionable items and to resist straying off course with, or within, a portfolio. To learn how DB Root’s approach to asset management attempts to meet this challenge for clients, please feel free to contact us: 412-227-2800.

This material has been provided for general, informational purposes only and it not suitable for everyone. The information contained herein should not be construed as personalized investment advice. Past performance is no guarantee of future results. There is no guarantee that the views and opinions expressed in this newsletter will come to pass. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.

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