Top 3 Financial Mistakes Sales Professionals Make
1) Embrace Too Much (or Too Little) Risk: The sales profession is a risky one. High job volatility, a lack of corporate loyalty, incentive compensation structures, or even an overconcentration of equity in a single firm, all make this profession quite unique, from a financial planning standpoint. It is these risks inherent in the profession that make designing and implementing an appropriate, customized financial plan of the utmost importance.
Since many of the above circumstances could change at a moment’s notice, it’s imperative that we take them into serious consideration when developing the proper protection and risk management strategies for your financial plan. The advice we provide on behalf of your investments, including the determination of your risk profile, will be customized to specifically align with the unique challenges your profession presents. At times, when appropriate, we will help you position yourself to be compensated for that risk, and other times offset that risk as is appropriate for your unique situation.
2) Fail to Monitor Their Progress Toward Retirement: With retirees enjoying increased longevity, individuals are charged with much heftier accumulation responsibilities. As a result, the majority of Americans are drastically underprepared for funding this phase of their lives, leaving individuals in their forties and fifties with a great deal of catching up to do. But when you wait too late to plan or save for retirement, or fail to monitor your progress to stay on-track, you run the risk of living with undue financial stress, postponing your projected retirement date, or living a diminished lifestyle.
Unfortunately, it has been my experience that sales professionals have a difficult time pulling themselves away from the short-term tunnel vision that allows them an edge in the workplace, to step back for a moment and take a look at the big picture. It’s difficult for these heavily goal-oriented individuals to borrow the time and energy from their sales targets, and their busy personal lives to devote to other financial concerns.
Appropriate investing advice for your unique situation is of paramount importance for increasing your probability of retirement success. You’ll want to ensure your investment strategies are continuously on track, with a strong financial plan in place, to reach your retirement goals so you can optimize how hard your money is able to work for you in your accumulation years. The sooner you get serious about your investment management with a customized retirement plan, the more likely you’ll be able to achieve the retirement lifestyle you desire.
3) Miss the Big Picture: It is not uncommon for sales professionals to allow short-term sales goals to take precedence over long-term financial planning. While this short-term focus is a favorable trait when it comes to achieving sales goals, the opposite long-term view is needed for the effective management of your “big picture” financial plan to achieve lifelong success.
The high stress and rigorous time demands of the sales profession can drain the energy and time you need to implement, monitor, and intermittently adjust the framework supporting your long-term financial goals. But in the face of unexpected life events, possible employment changes, or market volatility, time is of the essence. Delaying reactionary measures can cost you; sometimes you simply cannot afford to wait.
We focus on your big picture and handle any crucial, time-sensitive, and on-going adjustments your financial plan needs, allowing you to remain focused on the more micro level of achieving peak success in sales.
With over twenty years providing solutions to high performing sales professionals and executives across nearly every industry sector, I found these three financial mistakes were the most common even amongst the most successful sales professionals. It wasn’t for a lack of responsibility, intelligence, or even concern that my colleagues often overlooked these areas. At the end of the day, it was simply a lack of time and energy to handle all the work involved with the planning that caused financial concerns to be postponed again and again.
With this in mind, I founded Meenes Wealth Partners to provide this clientele with a trusted partner who could help handle the long-term, big picture financial planning matters while they focused on the near-term achievement of meeting and exceeding sales goals. I concentrate on increasing the probability of success of your financial plan and investment management while you make the most of your working years.
If you are a working or retired sales professional seeking a completely customized financial plan and an ally who will monitor the success and growth of your accumulated wealth, or need a partner to help assist with the decumulation phase of retirement, Meenes Wealth may be the right fit for you. Contact me today for a complimentary initial conversation to discuss your possibilities.