I am writing this after an amazing weekend in Anglesey where four families were staying at the new holiday home belonging to one of the group. It’s a five minute drive from the beach with amazing weather, fantastic food and great company - everything that life is and should be about.
The first evening, we were chatting about the house which the couple had bought a few months back. One of them said we didn’t want to speak to a financial adviser (aka me) about buying it as they would have told us not to.
I wasn’t hurt. In fact, I understood what he meant. From a financial perspective, it maybe didn’t make perfect financial sense. It isn’t an amazing return on the investment (right now - who knows) and is a big financial outlay. I am not their adviser nor do I know the specifics of their financial situation so I can’t comment on that. What I did say is that “I think what you mean is that you didn’t want to speak to the ‘wrong sort of financial adviser’”.
There is a perception of working with a financial adviser - that it is solely focused on the money, not on spending, investment returns and building capital. This is still the perception for most people I imagine.
Let’s flip this on its head. This is how I run my business. My responsibility is to help my clients live an amazing life, doing what they enjoy and what really matters to them. I help them to use their money to create a life worth living. In this case, I said that’s because you’re looking at buying the property from the wrong angle. To borrow a phrase, focus on the ‘return on life’ you get from this property, not the return on investment. They both love the beach, are into water sports and had been thinking about buying a place for a few years. Like many people, it was accelerated through lockdown and the decision on what they really wanted fell into place.
You can’t put a price on the weekends away they will have with their families. The time in the summer, being able to invite friends and their kids over - to build memories. The fun, laughter and experiences they will form and the joy of watching the children all play together on the beach are what it’s all about. For me, it was a memorable weekend for myself and my family. I know that the kids will always have that memory which I am so grateful for.
If you are speaking to the ‘right’ sort of financial adviser who does REAL financial planning then you will find the conversation is more about your life than your money. The money piece is important but only in the context of what it enables you to do. Remember, money is just the fuel.
They are so happy with their holiday home and I believe that the memories they will create there will be truly priceless. I just feel so lucky to have the opportunity to go and be part of it. Fingers crossed I get invited back in the future. I can’t speak for them but I imagine that their conversation yesterday evening was all about the wonderful weekend and not about money.
Make sure when making financial decisions that you also focus on the ‘return on life’ and not just on the investment return!
