A recent survey conducted by PWC determined that 45% of American workers attribute money matters as their number one source of stress. That ranked higher than their jobs (20%), relationships (15%), and health concerns (15%), by a wide margin.
With its far-reaching effects, and controlling influence on other areas of life, it's no wonder that unresolved financial stress continues to be a leading cause of concern for many adults.
Traditionally speaking, stress management has been more closely aligned with the medical or mental health professions, than the financial services industry.
And this is for good reason.
Generally, stress of any kind can lead to a host of health related issues to which a healthcare provider is certainly best suited to address.
But what if the root cause of stress was resolved before it ballooned into a contributor to health problems? While we’re at it, what if instead of looking to the field of medicine for answers to stress relief, we sought solutions in financial professionals that understood the nuances of money management and could provide a ‘prescription’ for relief?
We believe it could completely change the lives of people all over the world!
Financial planners are uniquely positioned to provide the knowledge, resources, and processes to help clients decrease financial stress. In this regard, financial planners are not much different than the revered healers of the medical and mental health professions.
Merriam-Webster defines a ‘healer’ as one “to cause (an undesirable condition) to be overcome.” In our field, that undesirable condition is stress and financial uncertainty. Our goal in every client relationship is to be the primary resource that helps relieve the emotional distress related to money.
We believe that trust is a key element to this equation.
Over the years, we’ve come to learn that the trust earned from our clients has instilled a sense of hope in their financial situation that serves as an antidote to persistent doubt and despair. They are more flexible when adjusting to setbacks and more likely to persist in the face of adversity.
While this may not be the norm at every financial planning firm, if you’re a Fox Financial client, then you’re all too familiar with this approach. .
Having financial fears is nothing unusual. In fact, most people have them -- particularly regarding running out of money later in life. A perfect example is when fluctuations in the stock market cause panic, leading some to consider selling out of preferred positions.
While it may feel uncertain in the moment, it’s our responsibility to help clients step away, take a deep breath, and put things into context.
Conversely, there are moments when clients become overly fascinated by a particular investment and consider moving a significant portion of their portfolio in that direction. By emphasizing the importance of a disciplined approach and the benefit of sticking to their long-term financial plan, we help clients prevent self injury by becoming too concentrated in any one position.
Among the primary benefits of engaging a third party, whether that is a physician, therapist, or financial planner, is their ability to come into a situation with an objective perspective. At Fox Financial, this allows us the ability to identify things that our client might not yet see.
In order for a client to change their behavior, they must first be aware of it. By taking an objective position, we are able to identify any behaviors that run contrary to our clients long-term goals and provide evidence to show the impact of continuing on that course of action.
At Fox Financial, we believe that it is our job to act as a ‘financial health physician’ and get to the source of financial ailments. For us, that means diagnosing problems, assessing needs, and prescribing the appropriate treatment(s) for financial stress.
If you're stressed about your finances -- whether that's debt, savings, or retirement preparedness -- you’re not alone. In fact, many of our clients started out sharing a similar sentiment.
But that’s not where the story ends.
As many of our current clients can attest, over the years our conversations will flip flop from pretty focused attention on investment makeup and performance to other things of interest: sports, movies, vacations, grandchildren -- real world stuff.
What has happened -- and perhaps what you’ll find most gratifying -- is the financial stress that had become so commonplace, has subsided. You now understand the level of control you have over achieving a positive investment outcome and know that we’re here to help with whatever new financial challenges or decisions lie ahead.
We call this the Fox Financial difference.