Do You Have a Financial Caddy?

July 27, 2023 | Andy Rushenberg, CFP Foster Group

With golf season in full swing (see what I did there?), I think it’s time that we appreciate the unsung hero on the golf course, the Caddy. For those unfamiliar with the term, a Caddy is a golfer’s personal guide throughout the round. (They also wear fancy bibs, like the ones I put on my toddler at dinnertime).

A professional golfer would be incomplete without his or her Caddy. The same is true for you and your finances. I believe a good financial plan is incomplete without a Caddy, aka a Financial Advisor, to help you navigate life. Caddies and Financial Advisors play several key roles for their clients.:

1. Understanding the rules.
Golf is a complex game with many rules, written and unwritten. Whether it’s scoring, identifying out of bounds, or playing the ball as it lies vs. lifting and replacing, these rules can be confusing and change depending on the course or environment. It’s the Caddy’s job to ensure that he or she know these rules better than anyone.

The same is true with Financial Advisors. The financial landscape is complex, whether it’s navigating an ever-changing tax environment, understanding various investment vehicles, keeping up with estate law changes, etc. It’s your Financial Advisor’s job to be experts in these areas so that we can educate and advise our clients accordingly.

2. Understanding who their clients are.
Every golfer is unique and brings his or her own style to the game. They may hit different clubs better or further, have courses they prefer over others, or have a specific risk tolerance or confidence in certain shots. It’s the Caddy’s responsibility to understand their golfer’s tendencies and needs and tailor their advice accordingly.

Our Financial Advisors want to truly understand you and help you live a life of purpose and enjoyment. This includes knowing your financial situation, goals, values, concerns, and how hard your money needs to work. Everyone has their own unique financial plan because every person is unique. It’s not a one-size fits all approach. We want to understand and customize our advice around you.

3. Course preparation.
A professional golfer will play a different course every week during the season. His or her Caddy must know each course like the back of their hand. To do this, they typically arrive at the course a few days ahead of their golfer to understand each hole, pin locations, where the hazards and out-of-bounds markers are, speed of the greens, and thickness of the rough.

Our Financial Advisors do the same thing when they build your financial plan. Whatever course you’re currently on in life, they will search for planning opportunities, help you set and track goals, identify the hidden hazards, and implement a portfolio that works for you.

4. Round management
A Caddie’s job isn’t over when the round finally begins. In fact, this is where their job is most critical. The game of golf is full of unknowns. It’s the Caddy’s duty to offer advice on every shot a golfer faces. He or she helps determine how far their golfer is from the pin, how the wind will affect the shot, the best place to land the ball and instill confidence/peace of mind in their golfer.

Through our wide variety of services, we instill the same confidence and peace of mind for our clients as they walk through their financial decisions. Here at Foster Group, we’ve got numerous Financial Caddies ready to help you tee off. We truly care about our clients’ goals—whether they’re planning for their families’ futures or planning to make the future better for people on the other side of the world. Interested in learning more? We’d love to connect and see how we can help you shoot under par.

Bank Iowa has partnered with Foster Group to enhance our client experience and offerings, with the goal of serving you better. Investment products are: Not a deposit or other obligation of the bank and not guaranteed by the bank, Not FDIC insured, Not insured by any Federal Government Agency, and May lose value, including possible loss of principal. The scope of any financial planning and consulting services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. Foster Group does not serve as an attorney, accountant, or insurance agent. Foster Group does not prepare legal documents or tax returns, nor does it sell insurance products. Foster Group is not engaged in the practice of law or accounting. All investment strategies have the potential for profit or loss. Asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

 

Investment products are: Not a deposit or other obligation of the bank and not guaranteed by the bank, Not FDIC insured, Not insured by any Federal Government Agency, and May lose value, including possible loss of principal. The scope of any financial planning and consulting services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. Foster Group does not serve as an attorney, accountant, or insurance agent. Foster Group does not prepare legal documents or tax returns, nor does it sell insurance products. Foster Group is not engaged in the practice of law or accounting. All investment strategies have the potential for profit or loss. Asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. PLEASE SEE IMPORTANT DISCLOSURE INFORMATION at www.fostergrp.com/ disclosures. A copy of our written disclosure Brochure as set forth on Part 2A of Form ADV is available at www.fostergrp.com