Listening to clients and weekend chats
One of the best parts of my job is getting to sit down with clients and hear their stories – where they’ve been, what they’ve been up to and most importantly what their ambitions and goals are in life.
Like most people, there’s usually a standard question that gets recycled every week, whether internally among the team or at the end of a client meeting:
“Have you got any plans this weekend?”
Particularly this summer, my answer has typically been “Golf.”
Why golf?
For me, golf provides an opportunity to connect with friends, share some laughs, and enjoy being outdoors (even if it involves the occasional shank or a shouted “FORE!”).
Although all the golf I’ve played this summer hasn’t reduced my handicap, it’s made me realize how much the game relates to financial planning.
Introducing the 9-hole series
Now that summer – and those light evenings on the course – have faded, I thought I’d kick off a 9-hole golf series that highlights lessons from golf that apply to money and life.
Hole 1 – Using the correct clubs (a.k.a. financial tools)
No golfer would dream of standing on the first tee with just a putter in hand. Every shot requires the right club, chosen carefully for distance, terrain, and conditions.
The same principle applies to financial planning; you need the right tools for the right goals.
The Driver, the wedge, and the putter
- Driver = Growth Investments:
When you need to cover a lot of ground quickly, the driver is your go-to. In financial terms, that’s your growth-oriented investments, like a high-equity weighted portfolio. They carry more risk, but they’re designed to take you further over the long haul.
- Sand Wedge = Emergency Fund:
On the other hand, a sand wedge helps you get out of trouble spots, think of that as your emergency fund, there to save you when life doesn’t go according to plan but equally as important.
- Putter = Stability:
And of course, your putter is all about precision and consistency just like a savings account or steady bond investment, meant for reliability rather than speed.
Here’s the catch: having a full bag of clubs doesn’t guarantee a great score. What matters most is knowing when and how to use each one. Too many investors either overload on one type of financial tool or use the wrong one for the situation. For example, putting all your savings into a high-risk portfolio when you’re about to retire is like trying to putt your way down the fairway technically possible, but not very wise.
The best golfers aren’t just strong hitters; they’re smart decision-makers. They study the course, weigh the risks, and choose the right club with intention.
Financial planning works the same way. With guidance and strategy, you can make sure you’re using the right mix of “clubs” to reach your goals, whether that’s saving for a home, funding education, or planning for retirement.
– Thomas Lovill
