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30 May 2024
Lee Hancox, Head of Channel and Segment Marketing at Sanlam, says that although this mindset can be empowering, evolving financial complexities require even the most capable individuals to collaborate with professionals for financial guidance and advice.
"This DIY approach to financial planning can sometimes do more harm than good – leading to several pitfalls. That’s why we want to empower South Africans with the support and expertise to make informed financial decisions. By embracing collaboration and professional advice, more South African heroes can achieve financial confidence and security, ensuring their financial future is as bright and stable as they envision."
Here, Hancox unpacks the Superhero Syndrome, exploring its impact on financial wellbeing and offering strategies to foster healthier approaches to money management.
Hancox says the allure of being a financial superhero is strong, with the idea of independently managing all aspects of one’s finances empowering. However, this mindset can result in emotional decision-making. “Humans are emotional, which can lead to poor financial choices due to emotional bias. Limited knowledge and resources can also hinder the effective management of complex financial tasks. Additionally, taking on the full burden of financial management can lead to overwhelming stress and burnout, ultimately decreasing financial confidence.”
Hancox emphasises the importance of recognising one's limitations, “Managing a simple budget is very different from managing investment strategies, wealth protection, and wealth creation strategies. The latter requires taking a long, hard look realistically from a time, knowledge, and resources perspective to determine your strengths and weaknesses. An individual’s past relationship with money can also influence this decision-making process."
Collaboration with financial professionals alleviates the burden of financial management but also builds financial confidence. This confidence allows individuals to focus on their personal and professional goals, contributing to overall wellbeing.
Hancox adds, "Even as a certified financial planner (CFP)®, I know I'm too close to my finances. So, having an adviser gives me the confidence that I am doing the best for my family without any of my biases affecting decisions."
Advisers can help individuals overcome Superhero Syndrome through:
Seeking support and collaboration in financial matters does not diminish one's superhero status. Just as iconic superheroes rely on their sidekicks and teams, recognising the value of partnership is a sign of strength and self-awareness.
Hancox concludes, "Even financial advisers have financial advisers. We know we need a sidekick to help us make impartial financial decisions about our future. Asking for help doesn't detract from your superhero status. It indicates self-awareness and the courage to say, ‘I need to put my trust in a different process besides mine so I can live with confidence’."