The last two years have been turbulent – to say the least. Across the UK most businesses had to close their doors at some stage during the pandemic. It wasn’t always clear just how long the doors would remain closed – and even if they would ever open again. With a continually changing landscape, SMEs found themselves having to balance and adjust. However terrible and frightening this was, at Wilcocks & Wilcocks it gave us some time to reflect on our goals – introspection that eventually allowed us to grow by about 110% in the past 15 months.
Run towards your dreams
We get one shot at this life. Just one. Then that’s it. So why on earth isn’t everyone hurtling towards a life of their dreams?
People come to us, usually at the age of between 50 and 60. The majority have one of three types of retirement plan. A bad plan, with too much money in cash or fixed income which means they won’t outpace inflation. The wrong plan, which could mean that they unknowingly have enough money and could’ve retired ten years ago. Or perhaps, worst of all, no plan!
The pandemic has given people a real shock and made many think about things differently. For those who were either accustomed to a busy life running on a hamster wheel, stuck in a bad relationship or leading an unhealthy lifestyle, the last two years have been a blessing in disguise and prompted some much-needed time to reflect and make the changes that were necessary.
As financial planners we noticed a shift in new prospective clients’ thought processes. There seemed to have been a realisation that any reason for procrastinating on life goals is a waste of time. Instead of asking when they can retire, we now hear clients asking more nuanced questions on whether or not they can afford to slow down and focus more on passion projects or charity work or if they can bestow capital to children now to see the benefit while they are still alive. This changing attitude is a reassessment, reset and refresh of life goals, core values and purpose.
With only one life to live, we’re always asking ourselves and our clients, ‘Are you running towards your dreams?!’ If the answer is no or maybe, we know there is more we can do.
Money should never be an excuse to not live your dream. A good financial planner is a life coach, sounding board and accountability partner as much as an investment adviser, all rolled into one.
It’s all about the detail
Our unique brand of coaching and wealth strategy engineering helps clients plan their best life, reach their goals, strip away financial anxiety, and it helps them connect meaningfully with their money. Our process is best described by one of our clients, Hilary Walker:
“We first chatted on the phone and then met up in person. I was really impressed with all the detail they went into; how I’m living my life and what I still wanted to do. We went through what I wanted and needed and the best way forward for me – before we even got to my finances! I received help with my tax returns, setting up a will and power of attorney but, most importantly, I am now assured that I’ll not run out of money and that I can spend what I want on myself. This is not only useful but also gives me the confidence to lead the sort of life I want! While the essence of the advice is financial, it’s also so much more. It’s peace of mind and knowing I’m in a safe pair of hands. This personal touch makes all the difference.”
It is this attention to detail, listening and being actively involved with the individual client’s situation and needs that gave us the edge to grow the business the way we did over the last few months. In a sense, the pandemic helped new clients be more receptive to our form of wealth planning and strategy than they might otherwise normally be. One of the coaching questions we ask clients is: ‘What would you change in your life if you found out you only had 24 hours left to live?’ It helps some existing clients to reinforce the work we have already done with them – and for others it gives the push needed to go after their ideal lifestyle. One of our clients decided to sell her business and divide her free time between teaching and charity work. This might never have happened if the pandemic didn’t occur.
The human touch
Given the situation of the last almost three years, we have done a lot to be even more present and in touch than usual. We knew people were worried – as we know they still are today. In March/April of 2020, the markets dropped around 37%, with the sharpest decline in history. The sudden shift to a new way of virtual working took a lot of people by surprise. We kept checking in on clients and found that people were truly much more worried for their and their loved ones’ health and well-being and not so much about their portfolio. Our clients know our portfolios are built to withstand these kinds of shocks and recover quickly.
We solidified relationships and trust through this human touch in a very virtual space. Through this we were also able to make new connections. Personally, this was the silver lining of the last two years: that we became more human in an increasingly tech-focused world. People are always more interested in people. Trust, built up by doing the right thing over and over, is the bedrock of lifelong and very meaningful relationships. Why not ask yourself the question now: “Am I running towards my dreams?”
By Robert Wilcocks, Managing Director at Wilcocks & Wilcocks, and member of the London chapter of Entrepreneurs Organisation. Wilcocks & Wilcocks was voted one of the best Independent Financial Planning firms in the UK in 2022 by Vouched For. You can get in touch via www.wilcocksandwilcocks.co.uk
