When I’m not being a financial planner or a dad to my two children I’m a rugby coach.  I coach the village team where my two children attend school. Now you might think that rugby and financial planning have very little in common, but that’s not the case.

Effective and successful rugby coaches empower their players to make effective decisions during the game.  Sounds obvious but how do you do it? Well this is where it get’s difficult.  With 15 players, each with their own learning styles, physical attributes, mental agility and skill set, one size doesn’t fit all.

If a front row forward makes a break with 80m to go the outcome may be very different than if a full back were in the same position.  So how do I empower my players to deal with the range of outcomes?

Easy. I tell them that there are no bad decisions.  Every decision made is based on a snap shot assessment of the current situation and the physical and mental capabilities of the player making the decision.  No one sets out to make a bad decision.

That the decision turns out not to have been optimal is of no consequence.  We can’t turn the clock back. We have to face what’s in front of us. The decision that has been made is one the rest of the team have to deal with.

And so it is with our financial past. We can’t turn the clock back. No one deliberately sets out to make a poor decision about their money.

As a financial planner I believe it is vital to understand our clients’ decision making framework and to deal with the decisions that have been made without passing judgement.  There are no wrong decisions, only the ones we have to deal with.

Whether it’s rugby or financial planning my aim is to help people make better decisions.

Unfortunately my decision making as a dad is not as well developed as it could be. It would seem that my rugby and financial planning skills are not easily transferable to looking after the children as they might be. Although I keep telling my wife that there are no bad decisions, the female population in the house including my four-year old daughter seem to be able to point out numerous other options that would have been preferred.  Still, I’m learning and whilst I do, two out of three ain’t bad.