Blue Chip Issue 85

BLUE
CHIP
COACHING
Shifting the way people think,
feel and behave with money
Convincing my 14-year-old to hug me is as frustrating
as getting my name removed from a cold-calling
sales database. I am beginning to wonder if either
is worth fighting for. Raising my teen to become her
own person, and satisfying my own parental needs is a balance
I am yet to master. Everything is a negotiation or requires some
sort of explanation. So, how do I even convince her to give me
a simple hug?
I decided to approach this challenge by reflecting on some
of the lessons I have learnt when trying to shift my own clients
to change their behaviour and thinking.
Persuading others is not as easy as I thought
One thing is clear and that is my passion for what I do. This is
evident when I walked away from a secure income as a single
mom amidst a pandemic to pursue my passion. My naivety
made me realise that not everyone is as enthusiastic about
this topic as I am, people have different priorities and are
motivated by their own agendas. I realise that passion must
be accompanied by persistence and patience.
Authenticity and vulnerability are key to building trust
Strong connections are forged when others can resonate
with you. It took me a long time to embrace being vulnerable
and share my money story openly. As Brené Brown says,
“Imperfections are not inadequacies; they are reminders
that we’re all in this together.” Clients prefer to learn from
someone they can relate to, someone who they share common
experiences with and someone who has erred and overcome.
Real success stories are easier to sell. As I continue to share my
feelings and experiences, I know it gives others the courage
and permission to do the same.
Coaching is by far the most effective tool in shifting behaviour
While my proposition includes a range of solutions to suit client
needs, learning styles and affordability, I am reminded of the
irreplaceable value of human conversation and engagement.
Changing behaviour is reliant on the individual’s level of drive.
Coaching is the most effective approach in yielding results.
However, the limited hours in a day makes coaching difficult
to scale.
Cut-and-paste approaches are ineffective
To change behaviour, we must consider the individual’s
personal circumstances, needs and goals. Cut-and-paste
solutions are tick-box approaches that provide a false sense of
satisfaction that we are performing our fiduciary responsibility
as financial service providers to improve financial wellness, but
are we really? We need to adapt our approach. My approach
initially focused on teaching the technical skills required to
manage money and now includes our emotional relationship
with it. I am now including a third dimension, the spiritual
connection we have with money.
Shifting mindsets is
not an easy task.
Prevention is better than cure, but ignorance is still bliss
We all know that smoking is bad and over-indulging will cause
health problems down the line, yet we still do it. We also know
that not saving adequately will prevent us living our dream
retirement, yet we continue to delay this.
While many are living below the breadline they simply
cannot afford to save for tomorrow when they are struggling
to survive today. But there are also those who can afford to save
but the rewards of instant gratification are far more appealing
than saving for something that will only occur decades down
the line. Shifting mindsets is not an easy task.
Not all clients can be helped, or can they?
The market I deal with is primarily those who do not have
access to financial advice or cannot afford financial advice.
Fortunately for them, my services are funded by their
employers. The toughest part of my day is dealing with those
clients who are doing all they can with the little they have. It
is these clients that need our help the most. While many of
these clients’ situations are dire, they are
not helpless or hopeless and we need to
find creative solutions that will help them.
Changing behaviour requires constant
engagement, persistent action and various
approaches. Each of us are motivated by
different drivers. And while I may never
convince my teen to give me a hug, I know
that I love her enough to continue to meet
her where she is at.
And when it comes to my clients, I pray
that my journey is made sustainable by
those who see value in what I do so that
I can continue to help those that need it
the most.
Jean Archary CFP®, Author,
Speaker, Founder, Financial
Wellness Coach
88 www.bluechipdigital.co.za