The new trend, maybe not so new, is that of coaches. I have seen examples of this as business coach, voice coach, career coach, health coach and in my case the investor coach. There are many others but you get the idea.
Most of us associate coach with sports. Our Green Bay Packers have many coaches from head coach Mike McCarthy to all the assistant coaches. Coach McCarthy is responsible for the plan for the entire team. Each assistant was hired to guide the players in a specific area. Altogether it will lead to the completion of Coach McCarthys overall plan.
To win the Super Bowl is the ultimate goal for all NFL teams.
Imagine the chaos if each player did whatever they wanted. What if the coaches listened to the fans and changed their plan after every bad play or bad game?
Many of us have had coaches who have guided us in our sport. We listened to our coach because we trusted their wisdom and knowledge.
We were told what to do and we did it without question, well almost all of us.
A great example of a coach for us avid Packer fans has been most recently Mike Holmgren and Mike McCarthy. These coaches provided their players with the proper knowledge and discipline to succeed. But our most famous coach was Vince Lombardi.
Can you imagine one of Lombardis players questioning his directions? What do you suppose would have been his reaction? I believe he would have told the player that the players ideas might work but the player would have to find a different team to implement them.
Lombardi demanded attention to detail and discipline. He believed that with proper execution and teamwork success was inevitable. During his time in Green Bay many if not most of his players hated him at times.
But in the end his Lombardis players loved him and there was success long term.
An investor coach will provide you with the process AND the discipline necessary to succeed long term in investing. Many times your investor coach will ask you to do something that you do not like. After all you want to avoid all pain, such as during markets. These down markets can be prolonged and quite painful. But your coach will keep you focused on your long term financial goals. This is also true when investors chase the hot sectors/asset classes. Your coaches role is to again keep you focused on the long term.
Unless of course you are able to consistently and accurately predict the future.
If you are interested in investing for success by following a process and remaining disciplined with confidence hire an investor coach. Be prepared to hear NO on your requests to stock pick, market time or invest in the hot track records.
You should not worry about being invested correctly if you are working a fiduciary adviser (investor coach).
The Wall Street bullies hope you continue trading as their profits swell when you continually trade. Stop being a victim and hire an investor coach.
A part of the process is three simple rules of investing:
Risk cannot be avoided, however you can control how much risk is right for you. Your investor coach will help you control this risk, as well as control your emotions.
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The Four Pillars of Retirement Plans: The Fiduciary Guide to Participant Directed Retirement Plans
If you are a trustee, plan sponsor, or financial advisor serious about the retirement plan marketplace, you MUST read this book, or you will be ill-equipped to deal with the fiduciary meltdown non-readers will be facing. John Lohr, ERISA attorney and author