One of my favorite memories growing up is playing golf with my Dad. During the summer months, we would eat a quick dinner with the family then sneak out to the golf course to play 3 or 4 holes before the sun set. To this day, I still love golf and have tried to take our oldest daughter (Hallie) out with me. She hasn’t fallen in love with golf yet, but she will say her favorite part of golf is “driving the golf cart in Daddy’s lap and eating ice cubes.”
Golf is a funny game. You look at the professionals on TV and you might think, “it is not that hard.” But when you are on the course… it is MUCH harder to swing consistently and score. There are so many things that can go wrong when playing golf. You can make bad contact with the ball. You can leave yourself in a bad position for your next shot. You can hit a shot with the wrong club. You can forget to factor the wind into your distance. You can misread a putt on the green. You can become nervous when standing over a putt. You can think about your score too much. You can let your emotions get in the way of your process. And the list goes on.
It is well documented that having a caddie will help improve your golf scores. When playing an unfamiliar course, a caddie can easily be worth 5 to 10 strokes a round. On a course that you are familiar with, that number is probably closer to 1 to 3 stokes a round. So this begs the question… How can a caddie provide that much value to a golfer?
A caddie helps a golfer in many different aspects of their golf game. They help with club selection. They help read your putts. They help tell you where not to miss. They keep you away from trouble. They keep you focused on the next shot. They are an ear to listen. And most importantly… They serve as a coach that is rooting for you and doing everything possible to see you succeed.
In a similar fashion, a good wealth coach can provide tremendous value before and especially during your retirement. How much can you spend each month? How much stock should you own? What type(s) of stock should you own? How much can you gift to your grandkid’s 529 college saving plan? How do you work out of a concentrated company stock? Should you take the monthly annuity or the lump-sum option? When should you apply for Social Security benefits? How do you plan for long-term care? And the list goes on.
Bottom line… Having a fiduciary-centric coach (i.e. someone who has aligned their interests with your interests) can better position you and your family to meet your goals before and during retirement. In addition to the quantifiable value that a wealth coach can provide, a wealth coach should also afford you with comfort, confidence, and clarity about your financial future!
About the Author
Matt Price serves as a Partner and Senior Vice President for The Price Group of Steward Partners. He resides in Houston with his wife, Emily, their three children and the family golden retriever. Matt studied at the University of Pennsylvania – Wharton School of Business for his Certified Investment Management Analyst (CIMA®) designation after receiving his undergraduate degree from the University of Tennessee - Knoxville. Over the past 10 years, Matt has helped families make high quality, common sense decisions regarding their wealth and their legacy. Matt firmly believes that everyone needs a wealth coach!
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Investing involves risk and you may incur a profit or a loss regardless of strategy selected. Source: 3784062