The Financial Caddy

I have worked in financial services for 25 years and one of the most common problems clients face is not knowing the best way to manage their money, especially when thinking ahead for different stages across their lifetime.

From a golfer’s point of view, you need to have the right clubs in your bag, and from a financial aspect, you need the right pots for your money. Money can be really simple if you are organised, but if you pick the wrong clubs in golf, the results could be disastrous!

I use the ‘Three Pots of Money’ rule, to simplify the approach to saving. The three pots are comprised of instant access, medium access, and long-term access.

We can compare the three money pots in relation to the basic clubs you would use in a round of golf.

The Driver – Long-Term Access

Imagine not having a driver to get you from the tee to the fairway, (or if you're better than I am - the green.) This is similar to not having anything saved into your long-term access pot, for example, your pension or retirement fund. The idea of a driver is to move the ball the furthest, and the long-term access pot means it should be ready ahead of time. Long-term access pots should provide for the future, where you have the potential to achieve compound growth in the process. The earlier you contribute to your pension the better, even if it does feel like it’s a long time away.

The Iron – Medium Term Access

You would use an iron for a range of different uses during a game as a middle club between the driver and the putter. The irons correlate to your medium access pot; the reserve allowance to act as a buffer. Perhaps you’re saving up for a new car or you have that special holiday or event coming up.

The Putter – Instant Access

Finally, the putter. Imagine trying to putt that final shot with a driver! You need the precision of the putter to make sure that you sink that putt. This is similar to the very last money pot; instant access. The instant access pot is for emergencies or last-minute payments and should hold emergency cash, as the money is there to protect you against unexpected events. It’s important to have this contingency fund that you can access immediately to pay for those unexpected bills, Christmas expenses or even trips away.

A financial adviser is not unlike a caddy, instead of selecting the correct golf clubs, we select the best strategies to manage your finances. As advisers, we will constantly monitor your accounts and allocate the funds to the correct pot, keeping this under review and aiming for your future plans to be fulfilled.

Picture us as your “Financial Caddy” and you’re on the right track. Catherine and Jennie have over three decades of combined financial experience and spend a lot of their time as advisers helping women achieve their financial goals. Within the female golfing community, Catherine and Jennie can share their passion and advocate the benefits of financial protection and the value and importance of financial planning. If you wish to get in touch, please contact Catherine or Jennie at [email protected] or [email protected]

Contact Catherine Scard or Jennie Bailey

Please reach out to Catherine or Jennie for a non-obligatory and informal discussion about how we, at Lester Brunt, can help you.

Catherine and Jennie have over three decades of combined financial experience and spend a lot of their time as advisers helping women achieve their financial goals. Within the female golfing community, Jennie and Catherine can share their passion and advocate the benefits of financial protection and the value and importance of financial planning. If you wish to get in touch, please contact Catherine or Jennie at [email protected] or [email protected]

Contact details:

Jennie Bailey
07980 870 913
[email protected]

Catherine Scard
07763 833 474
[email protected]

Lester Brunt Wealth Management is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website http://www.sjp.co.uk/products. Lester Brunt Wealth Management is a trading name of Lester Brunt Wealth Management Ltd.