If you struggle with saving and investing for retirement, a financial adviser could be the missing link to help you achieve your financial goals. Science proves that accountability makes a huge difference to goal achievement. Is it time to work with an adviser who will hold you accountable for your financial decisions?
The challenge of saving and investing for retirement
Are you finding it challenging to save and invest for your retirement?
Do you feel like you’re falling short in managing your finances effectively?
If so, you’re not alone.
Our advisers have helped many individuals who have struggled with financial planning to achieve their long-term goals.
One thing they bring to the process that can make all the difference is accountability.
Goal setting and accountability: the science
It is often said that writing down your goals enhances goal achievement, but a study has proved that there is a much more effective tool to do this: accountability.
The study, carried out at Dominican University divided participants into five groups. The first group had to simply think about their goals, the second had to write them down, the third had to write them down and formulate action commitments, the fourth had to send the goals and action commitments to a friend, the fifth had to do all that and provide weekly progress reports to the friend.
No prizes for guessing that the fifth group ‘achieved significantly more than all the other groups.’.
So there you have it: empirical evidence that accountability works. But why?
Five ways accountability will help you achieve your financial goals
1. Accountability increases motivation
When we are held accountable to someone else, whether it’s a friend, mentor, colleague or coach, we often feel a greater sense of motivation to follow through on our commitments.
When you know you have a review with your financial adviser in 3 or 6 months, it will galvanise you into implementing the actions they recommended. Who wants to have to sheepishly admit to ignoring perfectly good advice and making zero progress?
2. Accountability helps in setting goals
At Infinity we are always highlighting the importance of financial goal setting although we totally get how difficult it can be to work out exactly what those goals are. Having been through the process with many clients, our advisers know the questions to ask to help you to articulate your objectives. They will challenge unrealistic expectations, push you out of your comfort zone and increase your likelihood of success.
3. Accountability provides feedback and support
Whether it’s constructive criticism or words of encouragement, having a third party support us in our financial planning giving feedback and questioning or validating our choices, is empowering.
4. Accountability gives an external perspective
Sometimes, we can get too close to our goals and lose sight of the bigger picture. An objective eye offers insights that we might not have considered left to our own devices. An experienced professional who has helped many clients with similar objectives to our own has valuable knowledge to bring to the table, not to mention powerful financial planning tools to help us see exactly how the choices we make now will play out in the future.
5. Accountability pushes us to establish habits
Accountability can help us establish new habits by providing a structure and routine to our efforts. When we know that someone else is monitoring our progress, we’re more likely to stick to our commitments and integrate new behaviours – like regular saving – into our daily lives.
Finding a financial adviser to hold you accountable
Don’t let a lack of accountability hold you back any longer. If you are serious about your financial planning and are based in Asia, why not work with an Infinity adviser who will hold you accountable for your financial decisions?
What could be better than a personal, financial coach who motivates you, helps you set goals, provides feedback and support, gives an objective view, and helps you establish habits to build wealth and secure your financial future?
Our professional and knowledgeable advisers across Asia are ready and waiting to make your financial dreams for the future a reality. Get in touch today.
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A leading provider of expat financial services and wealth management services across Asia.
