Why being a ‘good adviser’ isn’t enough

Alex Burke,  Senior Writer,  No More Practice Education

Did you predict Donald Trump's election?

It's fair to say most people didn't. While we can talk about the Overton window shifting to the right, or the disenfranchisement of the working class - in retrospect, obviously - the fact remains the majority of pundits, regardless of political persuasion, called the 2016 presidential election in Hillary Clinton's favour.

What, you might ask, does this have to do with financial advice? I must admit I wondered the same when Australian National University academic Michael Wesley gave his speech at the 2018 Financial Planning Association congress.

As it turns out, though, there's a clear lesson in there for the planning profession.

Winning the battle, losing the war

Wesley referred to the Napoleonic Wars, wherein Napoleon, despite being “good at winning battles,” ended up losing in the end. This saw France return to monarchy and never fully recovering its sphere of military influence.

What this suggests, he said, is that

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