Blue Chip Issue 85

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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
Let our people take care of your people. Taking care of your company’s employee benefits is as easy as getting in touch with us. From that moment on, you’ll be in the highly-skilled and capable hands of our business development managers and specialist advisers, who will sit down with you to truly understand your individual business challenges and your goals for your employees. They will then consult with you to create a tailor-made umbrella fund solution that will benefit not just your business, but your people too. Because people are the heart of our business, and yours. Speak to a Liberty Accredited Financial Adviser or 2018 SUNDAY TIMES TOP BRAND AWARD 2021 PMR AFRICA GOLDEN ARROW AWARD TBWA\HUNT\LASCARIS 935100 Liberty Group Limited (Reg. no. 1957/002788/06) is a licensed Life Insurer and an Authorised Financial Services Provider (FAIS no.2409). Terms and Conditions, risks and limitations apply. For more details about benefits, guarantees, fees, tax, limitations, charges, contributions or other conditions and associated risks, please speak to a Liberty Accredited Adviser or visit our website.
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Issue 85 • Oct/Nov/Dec 2022 BLUE
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CONTENTS ISSUE 85 OCT/NOV/DEC 2022
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JEAN MINNAAR - MANAGING DIRECTOR -
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We look forward to seeing you at th
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A massive thank you to all our atte
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Connect with a Momentum Financial A
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Advice software. Built for better p
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The power of balance Equilibrium is
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BLUE CHIP COLUMN PASSION FOR OUR PR
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BLUE CHIP FPI THE VALUE OF A FINANC
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BLUE CHIP FPI FPI as our members ar
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BLUE CHIP FPI B-BBEE points to cons
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BLUE CHIP FINANCIAL PLANNER OF THE
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The smart solution for financial ad
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Tax Planning 2022
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BLUE CHIP INVESTMENT RISKY BUSINESS
Page 40 and 41: BLUE CHIP INVESTMENT Upside without
Page 42 and 43: BLUE CHIP DFM Choosing a Discretion
Page 44 and 45: BLUE CHIP INVESTMENT Imagine the fu
Page 46 and 47: BLUE CHIP OIL AND GAS Good news for
Page 48 and 49: BLUE CHIP INVESTMENT THE UNLOVED OF
Page 50 and 51: BLUE CHIP HEDGE FUNDS Is there stil
Page 52: BLUE CHIP HEDGE FUNDS For those who
Page 55 and 56: INVESTMENT BLUE CHIP partnering wit
Page 57 and 58: ESTATE PLANNING BLUE CHIP Do you ha
Page 59 and 60: NOMURA ASSET MANAGEMENT Beating the
Page 61 and 62: COMPREHENSIVE ASSISTANCE WITH ALL K
Page 63 and 64: INVESTMENT BLUE CHIP CoreShares Inv
Page 65 and 66: INFLATION BLUE CHIP Chart 2: Growth
Page 67 and 68: 99.5% OF THE WORLD’S MARKETS ARE
Page 69 and 70: FINANCIAL PLANNING BLUE CHIP The tw
Page 71 and 72: YOUR BUSINESS IS ABOUT CREATING AND
Page 73 and 74: BLUE CHIP PORTFOLIO FINANCIAL PLANN
Page 75 and 76: Independent Specialist Advisers Spe
Page 77 and 78: ESTATE PLANNING BLUE CHIP savings a
Page 79 and 80: LEGAL BLUE CHIP If you fail to plan
Page 81 and 82: PRIVATE CLIENT HOLDINGS IS AN AUTHO
Page 83 and 84: TECHNOLOGY BLUE CHIP approach is va
Page 86 and 87: Momentum Financial Planning is recr
Page 88 and 89: BLUE CHIP RISK MANAGEMENT THE PANDE
Page 92: WE LOOK FORWARD, SO YOU KNOW WHO TO
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Blue Chip Issue 85

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