Earlier this year the entire Harbour Wealth team held a strategic planning session for 2017 and beyond. We also spent a lot of time discussing the markets at our Investment Committee meeting where we received detailed feedback, attribution analysis and historic reporting on our investment strategies. It was extremely pleasing for all involved to view the positive results and track record now extending behind our rapidly maturing company as we deliver on our objectives and philosophies.
While these positive results (what we do) clearly show that our Processes (how we do things) are working! It is more rewarding for all of us to reflect and reaffirm Why we do what we do. In a Ted Talk delivered by Simon Sinek, titled “How great leaders inspire action” Simon simplifies the Why, How and What into what he terms his “Golden Circle” and if you have a free moment it is a Ted Talk well worth watching.
The concept of Harbour Wealth, the vision, the passion and the ultimate creation of this Advisory Business has always been driven by Why! Our firm belief in being able to provide a unique offering emboldened our endeavour to enter an established market and compete against massive established Brands and Household names. We have always believed, implicitly, that we could deliver a better; more client focused financial advisory business than those we had experienced in our collective time spent in the many facets of the financial services industry.
Providing Simplified and Transparent Solutions: Why? Because we identified the vital need for Simplicity and Transparency in the intimidating and complex environment of Investments, Retirement Planning, Estate Planning and Long Term Insurance. An environment where for too long “product pushers” have developed shiny new plans and policies layered in costs and confusion that, often, have been of more benefit to the companies that developed them and the agents that sold them than to the families and individuals that bought into them.
Delivering Expert Independent Advice: Why? Because it allows us to operate with no conflicts of interest. Our independence allows us to provide objective and unbiased advice. We don’t produce any financial products and we are not owned, controlled or incentivised by any asset manager, bank, life or short-term insurer. Allowing Harbour to focus purely on giving the best advice and solutions for our clients. Our independence allows us access to all the best Administrative Platforms, Unit Trust Managers, ETF (passive) Products, Structured Product Manufacturers and Life Insurance providers available.
Growing with our Clients – Not off our Clients: Why? You would think it obvious but sadly, many services and salesforces in our industry are established with the primary aim of making profit off their clients. Our business model and focus on low fees and costs is directed by our client facing objective. As our clients growth their wealth so we grow our business alongside them.
Focus on Reducing Fees and Costs: Why? Coupled to simplicity, transparency and placing the clients’ interests first, any cost saving is passed on to the clients. In an industry renowned for layers of complex fee structures, “hidden penalties” and exorbitant commissions, our focus is on challenging the accepted and sourcing the best pricing options for our clients. A small saving in investment fees makes a huge difference to your ultimate return over the duration of your investment!
Provide all Clients with our “Collective Best Thinking”: Why? In pooling our experience, knowledge and research we deliver consistent “Best Thinking” to all our clients. While each Client is unique and individual treated as such, their time frames for investing and objectives do align to specific shared strategies for which we provide the collective solutions or combination of solutions to best suit every client’s needs.
Passion and Commitment to our Clients: Why? We, at Harbour, are passionate about why we do what we do. Understanding why enables us to conduct the extensive research and implement processes that confidently deliver the best solutions for our clients. We want all clients to understand why we do what we do, and we encourage all clients to ask the question “Why?” themselves, to ensure we are all focused on the best solutions for each individual client.
Why Clients should be asking ‘why’?
Why am I investing?
A seemingly innocuous little question that many investors believe they have the answer to but when challenged are left floundering. Why am I investing? If you do not have absolute clarity on your objectives, time horizons and outcome expectations you will ultimately be disappointed.
Why do I need advice or guidance?
It is a massive and murky space to confront on your own, we as a group are constantly researching, questioning, learning across the spectrum of options and alternatives. Remember not all advice is independent so always pose the further question.
Why is my adviser / broker / agent providing this advice?
If the advice is linked or affiliated to a single product provider there could be an incentive for this advice to be given. This could mean you are limited to the options the “tied advisor” has at their disposal.
Why is this advice right for me?
A vital question to ask – the graphs, diagrams and large numbers presented can be enticing but does it suit your specific need? Is the risk worth the reward? Do the proposed outcomes meet you actual requirements?
Why and what fees are being charged?
Simplicity and transparency! If you do not fully understand the implications of the Fees and Charges STOP and take time to get these clearly explained and justified.
When the clients “why’s” and our “why’s” are aligned we are sure to flourish!