Financial planning is an emotionally challenging, rewarding and fast-paced role. When clients are trusting you with their life savings, or calling you to find out the details of their tax bill when a loved one has passed away, you are required to wear many hats. Often, it can be easy to get caught up in the whirlwind of a 24/7 work culture and forget to look after your mental and physical health, which can ultimately impact your performance and career trajectory. When hosting Jade Rose from Reddings Wealth Management on our podcast, she shared her story on how important it is to make time for yourself, and beat burnout.
Simple things such as going to the gym before work, journaling and reviewing her days have enabled her to keep a balance and stay focused with her clients. Reddings Wealth Management embraces this way of working, and the practice also works with a mindfulness coach, so that they are improving their service to their clients. This in turn encourages health and wellness alongside financial literacy, too. A study by Gallup on burnout found that two-thirds of full-time workers are dealing with burnout, so it’s important to be self-aware and practice self-care to ensure you don’t fall into the 24/7 work culture trap.
“We are meeting with someone to work on what mindfulness means as a team and mindfulness with clients too… the ‘managing the money’ part is a small part of what a financial planner does”
Now, health and wellness doesn’t just mean going to the gym and getting enough sleep. Jade highlights that having an honest conversation with yourself about your capabilities in your role will ensure you can maximise your potential as a financial planner. Outsourcing work such as branding and blogging which isn’t a strength, and putting more time into face to face connections with clients will have a positive impact on your progression as well as how you balance your time.
One of the key things that a financial planner must be able to do, educates clients on their finances and advise them on the best route possible, even if the scenario looks bleak. Jade explains that financial literacy is something that should be taught in schools, as there are a number of young people who are still blissfully unaware (for example) of the impact of student loan fees, as well as how to successfully pay off a credit card without incurring unmanageable debt. The statistics don’t lie – a study by the University of Cambridge showed that England has one of the lowest levels of financial literacy, with one in three adults aged 16-24 were unable to work out change from a shopping trip; how can they manage serious financial decisions later on down the line?. It all boils down to education, and if it isn’t being taught in schools, then there needs to be material out there for today’s generation to educate themselves on how to manage their money, and grow it quicker.
She also highlighted that there is a particular lack of education for women when it comes to financial literacy, as males, for example, take more ‘risk’ on investments whereas women are more cautious. It isn’t just young adults who are struggling, women are falling into this category too!
“The female pension pot is worth 20% of the male pension pot. I would suggest that women are not as financially literate as they could have been otherwise it would have matched.”
This might sound like a tough pill to swallow for some readers, but Jade raises a valid point. With the statistics clearly showing that there is a lack of financial education available for women, conversations with people like Jade need to happen more in the industry to break the cycle. Going back to the earlier topic of investment, Jade mentioned that the reason why the gender wealth gap is bigger is because women have different motivations when investing, and these need to be catered too as well as male counterparts.
She summarises that it was only when she educated herself on how to do a tax return that she realised that a career in financial planning was what she wanted to do. Originally she had carved out a career in fashion, and despite enjoying it she knew it wasn’t going to be a career path for the long term. It was a frustration for her at the time, because financial planning wasn’t a career path that she realised she could take. She urged on the podcast for more options to be available, in particular to women who are still a minority in the industry. Reddings Wealth Management is currently an all-female practice, and it was a pleasure speaking to an inspiring and strong individual on this episode.
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Financial Planning Qualifications guide
2021 Financial planning Salary Guide
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