Financial planningInvesting

Why Successful Investing is No Fantasy

I am so excited for the World Cup kick off. It already seems a long way away from the end of the football season. For me, this year’s Premier League campaign will linger a little longer in the memory because I won the Progeny Fantasy Football league and I want to make the most of the bragging rights before next season starts!

Office banter aside, being a paraplanner I can’t help thinking of how many similarities there are between selecting and managing a football team – fantasy or otherwise – and putting together a financial plan. As the world prepares to go football mad for the next month, what better time to expand on my theory…

Joshua Castle receiving his Fantasy Football trophy from Alex Shaw

Receiving my Fantasy Football trophy from Alex Shaw, Director of Progeny Wealth

Being In It for the Long Term

‘We’ll just take it one game at a time’ goes the old footballing cliché, but most of us who know even a little about football know that the best managers will think far further ahead than that. While concentrating only on the next match might work in relieving the pressure on your players, if you want to build success you need to think about the future. The same goes for your finances. At Progeny we help our clients put a financial plan in place for long-term success. While there might be market fluctuations and regulation changes day to day, it’s important to remember that you’re in it for the long term.

Having a Game Plan

To give yourself the best chance of long-term success, you need to have a good financial plan. We help you put together your plan based on what you want to achieve with your investments and over what time scale, and  in keeping with the level of risk you are comfortable with. Once we have taken these factors into account and your plan is in place, you will have the confidence to ride out the short-term blips and be secure in the knowledge that the right tactics are in place to achieve your objectives.

Setting Goals

Your financial objectives are connected to your personal goals. For a football manager, his objective might be to win a certain amount of games in a season, his personal goal might be to win the Champions League. As an investor, your goal might be to travel the world on your retirement so your financial objective would be to achieve a certain level of return from your wealth to allow you to do so. We help our clients to identify their life goals and to understand how their financial decisions can help make them a reality.

Making your Selection

After the time and thought I put into selecting my fantasy football team, it was satisfying to beat all my colleagues. Using your judgment to assemble a fantasy team which will provide the best points tally over the 38-week season is a big part of the challenge, and the most rewarding when it works. Selecting the right components of a financial plan for our clients is no different. They will all have differing objectives, goals and attitudes to risk. They may even have preferences on the types of fund or businesses they may or may not like to invest in. Our job is to assemble a plan that matches all their requirements and delivers the results they want.

Reviewing Progress

A manager who tinkers with his team selection or chops and changes too much is unlikely to see success. The same goes for financial planning. Of course, we sit down with clients once a year to review progress of their plan, to check it’s performing and remains on track to meet their requirements and achieve their goals. However, we recommend investments with a minimum five-year cycle, and our financial plans and portfolios are designed to ride out any fluctuations in the markets. Being patient, sticking with your plan and staying invested is the best way to get results.

At Progeny, we’re committed to helping our clients to achieve their financial and lifestyle goals. The multi-service nature of Progeny, and the expertise across all of our team, allows us to provide a level of service which is unique in our sector.

If you would like some help with your financial game plan, please get in touch.

This article does not constitute financial advice. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult your financial planner to take into account your particular investment objectives, financial situation and individual needs. Please remember that the value of investments and income from them may go down as well as up and you may not get back the amount originally invested.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

Joshua Castle

Chartered Financial Planner

Josh joined Progeny in June 2017 as a Paraplanner.

Learn more about Joshua Castle