The countdown is well and truly underway to this summer’s Olympic and Paralympic Games in Paris when we are all sure to be watching in awe as the world’s leading elite athletes showcase their talents. And investors could boost their chances of success by emulating an Olympian’s mindset and thereby improving their financial wellbeing.
Attributes of an Olympian
Many of the attributes associated with successful Olympic or Paralympic athletes are the same as those required to be a successful investor. A growth mindset, for instance, is important, as is managing nerves, being confident and resilient, having a well-thought-out strategy, blocking out ‘noise’ or distractions, setting clear objectives and realistic attainable goals, displaying discipline, and making small alterations or rebalancing.
The coach’s role
There are also similarities in terms of the relationship between an athlete and their coach, and a financial adviser’s role with clients. Both relationships, for example, are based on trust and honesty, and rely on a coach or adviser imparting knowledge and experience. Indeed, the provision of quality financial advice, just like a good coaching relationship, should be empowering.
Taking advice
Just like elite athletes, clients who receive professional advice are typically better prepared, more focused, more likely to maintain a positive mindset and avoid behavioural mistakes that can derail any investor’s plans. So, make Olympic year the time you fully utilise the ongoing guidance and mentoring we can provide in order to ensure your investment plans stay firmly on track and give you the best chance of attaining your life goals.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
